摩根大通說，由於加密市場缺乏積極的催化劑，比特幣和以太期貨幾乎落後。

近幾個月來加密貨幣市場的糾正使比特幣（BTC）和以太（ETH）期貨近乎落後，這表明需求較低

The cryptocurrency market is showing signs of weakness in demand, according to a report by Wall Street bank JPMorgan (JPM) on Wednesday.

根據華爾街銀行摩根大通（JPM）（JPM）的一份報告，加密貨幣市場顯示出需求疲軟的跡象。

The correction in crypto markets in recent months has seen both bitcoin (BTC) and ether (ETH) futures trade near backwardation, which is a sign of lower demand, the report said.

報告稱，最近幾個月加密市場的糾正使比特幣（BTC）和Ether（ETH）期貨交易幾乎落後，這是需求較低的標誌。

Backwardation occurs when the spot price of an asset is higher than the price trading in the futures market.تأخر تجديد عقد ميسي يثير قلق برشلونة.. والسبب صادم للغاية

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"This is a negative development and indicative of demand weakness by those institutional investors that use regulated CME futures contracts to gain exposure into these two cryptocurrencies," analysts led Nikolaos Panigirtzoglou wrote.

分析師負責Nikolaos Panigirtzoglou寫道：“這是一個負面的發展，表明了那些使用監管的CME期貨合約來獲得這兩種加密貨幣的機構投資者的需求疲軟。”

If demand for bitcoin and ether futures is healthy, the futures cost more than the spot price, and the curve is said to be in contango, the bank noted.

該銀行指出，如果對比特幣和以太期貨的需求健康，期貨的成本高於現貨價格，並且曲線據說位於孔甘戈（Contango）。

When demand slows and price expectations soften, the futures curve moves towards backwardation, the bank added.

當需求減慢和價格期望縮短時，期貨曲線向後發展，該銀行補充說。

This weakness in demand could be due to a number of reasons.

需求弱點可能是由於多種原因。

Positive crypto initiatives by Trump's new administration are more likely to kick in during the second half of the year, the bank said, and this means institutional investors are likely taking profits due to a lack of short-term catalysts.

該銀行表示，特朗普新政府的積極加密倡議更有可能在下半年開始，這意味著由於缺乏短期催化劑，機構投資者可能正在獲利。

Lower demand from systematic and momentum-driven funds, such as CTAs, has also affected bitcoin and ether futures, JPMorgan added.

摩根大通補充說，諸如CTA等系統和動量驅動的基金的需求也降低了，也影響了比特幣和以太期貨。