JPMorgan Chase: Maintain a cautious stance on cryptocurrencies in the short term

Due to a lack of positive market catalysts and declining interest from retail investors, analysts led by Nikolaos Panigirtzoglou at JPMorgan Chase expressed a "cautious" stance on cryptocurrencies in the short term. The analysts stated that over the past two weeks, there has been a "large amount" of selling or profit-taking in the cryptocurrency market, with retail investors possibly playing a larger role than institutional investors. In addition, after strong buying in February and March, net inflows into stock funds turned negative in April.