Institutional Investors Preferring Ether Over Bitcoin Now: JPMorgan
The spread between futures prices and spot prices for the two cryptos is telling, analysts wrote.
Sep 23, 2021 at 6:25 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/P6C3737CBVDHXLNPWFIRHPOL3A.jpg)
JPMorgan (Getty Images)
Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.
Institutional investors are showing more confidence in ether than bitcoin, according to an analysis of Chicago Mercantile Exchange (CME) futures buying activity by JPMorgan.
- The analysis showed that the rolling average of the difference between bitcoin futures prices and spot prices had weakened and shifted from positive to negative in September.
- By contrast, the difference between ether futures prices and spot prices remained positive and actually increased in September.
- ”This points to a much healthier demand for [ether] vs. bitcoin by institutional investors,” JPMorgan wrote.
- Bitcoin prices have fallen almost 10% over the last month, while ether prices have dropped about 5% over the same time period.
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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.
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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.
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