JPMorgan estimates that the real spot Bitcoin volume on crypto currency exchanges after deducting the counterfeit volume was about $ 36 billion in May. The report, written by JPMorgan strategists, led by Nikolaos Panigirtzoglou, draws attention to the fact that the futures market has a transaction volume of 33 percent of the spot market.
According to JPMorgan, the importance of the Bitcoin futures market is not well understood due to counterfeit volumes. The report suggests that the market structure has changed dramatically since Bitcoin prices peaked in December 2017, and institutional investors now have a greater impact.
The data indicates that this effect is growing. Estimated futures volumes in April amounted to $ 5.5 billion, compared to $ 1.8 billion in the first quarter of 2019.
The historic rise in price to $ 20,000 was largely the result of the impact of individual investors and was therefore extremely unstable, as confirmed in the subsequent collapse. This rise is seen as a result of institutional purchases that are more stable and less prone to sudden changes in sensitivity and volatility.
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