Cryptocurrency liquidations should weaken this month, with the market expected to rebound from August, JPMorgan Chase (JPM) said in a research note.

The bank lowered its year-to-date net cryptocurrency flow forecast to $8 billion from $12 billion previously.

The Wall Street firm said it doubts its $12 billion forecast for the rest of the year can be sustained, given Bitcoin’s (BTC) high price relative to its production costs or relative to the price of gold, the report said.

“The estimated decrease in net flows is largely due to a decline in Bitcoin reserves across exchanges over the past month,” the analysts wrote.

The bank said the drop in reserves could be the result of creditors of Gemini or defunct cryptocurrency exchange Mt. Gox liquidating bitcoin, or a sell-off by the German government, which has been selling cryptocurrency seized from criminal activities.

The bank’s reduced $8 billion estimate includes $14 billion in net inflows into crypto funds through July 9, $5 billion in futures inflows from the Chicago Mercantile Exchange (CME), $5.7 billion raised by crypto venture capital funds so far this year, minus a $17 billion adjustment to account for rotation from exchange wallets into new spot bitcoin exchange-traded funds (ETFs).