On February 20, analysts such as JPMorgan Managing Director Nikolaos Panigirtzoglou wrote in a report on Wednesday that the total market value of cryptocurrencies has fallen 15% to 3.17 from an all-time high of $3.72 trillion set on December 17. About trillions of dollars. The decline caused Bitcoin and Ethereum futures on Chicago's commodity trading platform to be close to a "spot premium", that is, futures prices are lower than spot prices, exactly the same as in June and July last year. As institutions' demand for Chicago Commodity Trading Platform (CME) Bitcoin and Ether futures weakens, JPMorgan believes that the cryptocurrency market faces downside risks in the short term. Analysts explain that when demand for Bitcoin and Ethereum futures is strong, they usually trade at prices above the spot price, a state called a "positive spread." Futures may fall below spot prices when demand and price expectations weaken, as it did last June and July. JPMorgan analysts attributed the weakening demand for CME Bitcoin and Ether futures to two key factors. First, some institutional investors appear to be taking profits due to the lack of direct positive catalysts. Analysts say the new U.S. government is unlikely to launch major cryptocurrency-related initiatives by the second half of this year, and investors will be on the stand-by. Secondly, momentum-driven funds such as commodity trading consultants have been reducing exposure and further suppressing demand. "The momentum signal for Bitcoin and Ethereum has been declining over the past few months, and Ethereum's momentum signal has turned to negative areas," analysts said.