Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
The positive catalysts to drive the price of bitcoin and the broader crypto market are already factored in, said JPMorgan in a note.Digital assets prices saw their biggest selloff since the 2022 FTX implosion earlier this week, mostly driven by contagion in traditional markets, with bitcoin falling more than 15% before rebounding somewhat, the bank's analysts wrote.
Meanwhile, there has been limited to no"de-risking" from the institutional investors in the bitcoin futures market, which shows limited open interest and sideways action over the spot price spread, the analysts said. However, those positive catalysts seem already priced into the current price of digital assets, the bank said."With limited de-risking in the CME bitcoin futures space and with equity markets still looking vulnerable ... we remain cautious on crypto market despite the recent correction."
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