JP Morgan: Institutionalists switch to Ethereum futures

JP Morgan Institutionalists switch to Ethereum futures

Ethereum futures listed on the CME are trading at a premium due to institutional investors shifting funds from similar instruments based on the first cryptocurrency. That's the conclusion reached by analysts at JPMorgan, Cointelegraph writes.

Bitcoin futures are trading at a discount to their spot price after a correction in September. Typically, the opposite is the case as the price of a derivative contract takes into account the costs of holding the asset.

"According to the CME, the 21-day moving average premium on Ethereum futures has risen to 1%. This serious divergence in demand reflects the weak interest in bitcoin from institutional investors," experts concluded.

Recall that in September, JPMorgan strategist Nikolaos Panigirtzoglu determined a fair price for Ethereum at $1500 based on network activity indicators.

In July, analysts at Goldman Sachs admitted that the second-capitalization cryptocurrency would surpass bitcoin as a savings vehicle.

In May, the bank recognised cryptocurrencies as an asset class, but a month later expressed the opposite view.

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