JPMorgan Issues Stark Bearish Warning on Ethereum's (ETH) Future

JPMorgan warns that declining institutional demand and weak market indicators point to a bearish outlook for Ethereum (ETH). According to the article, Bitcoin and Ethereum CME futures contracts are approaching backwardation, which indicates weakening institutional demand. JPMorgan analysts attribute this to major funds taking profits amid uncertainty over near-term catalysts and regulatory clarity, and to momentum-driven funds, including commodity trading advisors, reducing their Ethereum exposure. The article also says on-chain activity is flat, the Pectra upgrade did not generate substantial user growth, and burn rates have dropped.