The recent selloff in crypto markets is likely near an end, with long-position liquidations “largely behind us,” according to a research report by JPMorgan Chase & Co.
The fading of some positive legal and regulatory news induced a wave of selling in recent weeks that is “still reverberating,” though the unwinding appears to be at its end phase, based on open interest in CME Bitcoin futures contracts, analysts including Nikolaos Panigirtzoglou wrote on Thursday. A decline in open interest – the number of unsettled and active future contracts trading on exchanges – typically indicates a price trend is losing strength.
