Crypto Faces Pressure as JPMorgan Sees Weak Demand for Bitcoin (BTC) & Ethereum (ETH) Futures

Both bitcoin and ethereum momentum signals have been downshifting over the past couple of months with the ethereum momentum signal having shifted already into negative territory.

This analysis comes after JPMorgan earlier predicted that stablecoin issuer Tether could sell its non-compliant assets Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

Joining the discussion, an analyst identified as Jason Pizzino recently echoed a similar sentiment, highlighting that the market could be preparing for a downward trend. As detailed in our last news piece, this analyst confirmed that Bitcoins interest has significantly declined as Google search volume for the asset falls to 24 out of 100.

In the report, Pizzino pointed out that the general trading volume of Bitcoin on various exchanges has also dropped to $37 billion from the $130 billion recorded in the previous high.

In a different post, the current market trend was attributed to the ongoing repayment exercise by the infamous FTX exchange. As we covered in our latest report, FTX claims of under $50,000, representing $1.2 billion, are being distributed to creditors who may likely liquidate them after years of traumatizing experience.