Institutional investors have not used risk-cutting strategies in Bitcoin futures, helping to support the price, according to JPMorgan. Bitcoin has rebounded quickly after a sharp decline on Monday.

While institutional investors supported the market recovery, individual investors appear to have contributed to the decline. According to JPMorgan analysts, the failure of institutional investors to use risk reduction strategies in Bitcoin (BTC) futures contributed to the Bitcoin price’s resurgence. This recovery in the cryptocurrency market requires cautious optimism.

On Monday, the cryptocurrency market experienced its steepest decline since the FTX crisis, with Bitcoin’s price falling by more than 15% to $48,800. However, the price quickly recovered to above $57,000. JPMorgan analysts noted that the main reason for this rapid recovery was institutional investors’ lack of risk reduction in Bitcoin futures. JPMorgan’s futures position indicator tracks the total open interest in CME Bitcoin futures contracts, and the positive slope of the futures curve indicates an optimistic outlook among these investors. According to analysts, the futures price premium above the spot price shows the confidence of these investors in Bitcoin.

There are several reasons why institutional investors remain optimistic. Last week, Morgan Stanley began recommending spot Bitcoin exchange-traded funds (ETFs) to some of its clients. Additionally, the completion of major liquidations from the Mt. Gox and Genesis bankruptcies and cash payouts following the FTX bankruptcy could boost demand for the cryptocurrency market.

The positive regulation of cryptocurrencies by major political parties in the US is also fueling the upward wave in the cryptocurrency market. However, analysts emphasize that these positive factors are largely priced in. Although the price of Bitcoin has risen to $ 57,000, it is worrying that it is approaching JPMorgan’s production cost of approximately $ 45,000. Analysts state that if Bitcoin remains at this level or falls for a longer period, there could be pressure on miners, which could put downward pressure on the price.

When examining the reasons for the recent decline, it seems that the dramatic decline in Bitcoin was due to the contagion caused by the correction in traditional risky assets (like stocks) rather than issues specific to the cryptocurrency market. Data suggests that a certain cryptocurrency trading company contributed to the decline by selling a large amount of Ethereum (ETH). This company is believed to be Jump Crypto.

While institutional investors are helping Bitcoin rally, retail investors are contributing to the decline. Spot Bitcoin exchange-traded funds have seen their biggest monthly outflows so far this month. Momentum investors, such as commodity trading advisors, also appear to have played a role in the decline by closing long positions and going short.

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