Bitcoin Bear Market Is Scaring Off Institutional Investors, Claims JPMorgan

Institutional investors are being scared off by the protracted crypto bear market. That’s the assessment of a team of JPMorgan Chase & Co. analysts, including global market strategist Nikolaos Panigirtzoglou.

“Participation by financial institutions in Bitcoin trading appears to be fading,” the JPMorgan team wrote in a December 14 research note.

“Key flow metrics have downshifted dramatically.”

Panigirtzoglou says crypto trading volumes have plummeted, as has interest in bitcoin futures. This has spawned a crushing fallout across the entire market, he observed.

JPM: Altcoins Are Getting Crushed

“Other cryptocurrencies continue to suffer disproportionately during this correction phase,” according to the JPM note.

Moreover, JPMorgan says the Crypto Winter has caused mass attrition among unprofitable miners as the hashrate has continued to unravel during the past few months.

“This suggests that prices have declined to a point where mining is becoming…