摩根大通说，由于加密市场缺乏积极的催化剂，比特币和以太期货几乎落后。

近几个月来加密货币市场的纠正使比特币（BTC）和以太（ETH）期货近乎落后，这表明需求较低

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

根据华尔街银行摩根大通（JPM）（JPM）的一份报告，加密货币市场显示出需求疲软的迹象。

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.

报告称，最近几个月加密市场的纠正使比特币（BTC）和Ether（ETH）期货交易几乎落后，这是需求较低的标志。

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.

分析师负责Nikolaos Panigirtzoglou写道：“这是一个负面的发展，表明了那些使用监管的CME期货合约来获得这两种加密货币的机构投资者的需求疲软。”

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.

该银行指出，如果对比特币和以太期货的需求健康，期货的成本高于现货价格，并且曲线据说位于孔甘戈（Contango）。

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

当需求减慢和价格期望缩短时，期货曲线向后发展，该银行补充说。

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

需求弱点可能是由于多种原因。

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.

该银行表示，特朗普新政府的积极加密倡议更有可能在下半年开始，这意味着由于缺乏短期催化剂，机构投资者可能正在获利。

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

摩根大通补充说，诸如CTA等系统和动量驱动的基金的需求也降低了，也影响了比特币和以太期货。