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JPMorgan(JPMorgan) pointed out in a report earlier this week that institutional demand for Bitcoin and Ethereum in the CME futures market has weakened, which is considered a negative situation, implying further downside risks for Bitcoin and Ethereum in the short term: On December 17 last year, the total value of Bitcoin and Ethereum futures on CME reached a historical high of 3.72 trillion US dollars, but it has now fallen to 3.17 trillion US dollars, and the overall market value of the cryptocurrency market has also decreased by 15%, which is a clear pullback. Currently, the futures prices of Bitcoin and Ethereum on CME have fallen below spot prices, returning to the levels of June and July last year, indicating that institutional investors who use CME futures contracts to increase their Bitcoin and Ethereum positions have very weak demand. Conversely, if the futures prices are higher than the spot prices, there is usually strong demand for the Bitcoin and Ethereum markets.