On Wednesday, JPMorgan Chase wrote in a report that as market expectations for Bitcoin's rise weakened, institutional investors were avoiding Bitcoin futures trading and turning to buying Ethereum futures.
Analysts pointed out that the CME Group Bitcoin futures trading price in September was lower than the Bitcoin spot trading price. "This phenomenon reflects the weak demand for Bitcoin from institutional investors."
Under normal circumstances, the price of Bitcoin futures is usually higher than its spot price.
Since August, institutional investors have turned to buying Ethereum. JPMorgan Chase quoted CME data to show that the 21-day Ethereum futures premium was 1% higher than that of the Ethereum spot during the same period, reflecting the strong divergence in demand for this cryptocurrency.
"This shows that institutional investors have more demand for Ethereum than Bitcoin." The analyst wrote in the report.
Last month, the price of Ethereum fell by 3%, while the price of Bitcoin fell by 10%.
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