Odaily reported on Wednesday that according to a report by JPMorgan Chase, the cryptocurrency market lacks positive catalysts in the short term. The report stated that the recent premiums of Bitcoin and Ethereum futures to spot prices are a sign of declining demand. The team of analysts led by Nikolaos Panigirtzoglou said: "This is a negative development, indicating weak institutional investor demand to gain exposure to these two cryptocurrencies via regulated CME futures contracts." The bank pointed out that the weak demand may be due to the fact that the crypto-friendly initiatives of the Trump administration are more likely to be implemented in the second half of the year, meaning that institutional investors may take profits due to the lack of short-term catalysts. JPMorgan Chase also said that the decline in demand from systematic and momentum-driven funds such as CTAs has also affected Bitcoin and Ethereum futures.