In September, bitcoin futures on the Chicago Mercantile Exchange have traded below the price of an actual bitcoin, the analysts noted.
"This is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin," the analysts wrote.
Under healthy demand, futures usually trade at a premium to actual bitcoin. This happens because high bitcoin storage costs and the juicy yields available for passive crypto investing push up futures prices, according to previous JPMorgan research.
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The question is, do you think in the long run the dominance of bitcoin will significantly drop and Ethereum will try to compete with bitcoin?
It's interesting since it's coming from JP Morgan which IMO is not a big fan of bitcoin.
JPMorgan CEO Jamie Dimon says he’s still a crypto skeptic: ‘I’m not a bitcoin supporter. I have no interest in it’
In terms of readiness, bitcoin is more profitable than Ethereum, bitcoin has a very long process in crypto, while ethereum has not gone through the difficult process bitcoin has experienced, bitcoin's dominance will indeed decline, but not because bitcoin has no movement in the market, but because the buying and selling value of bitcoin will be higher, and this will be difficult to reach for people who have middle class finances, while ethereum has a difference, almost many people can afford to invest, the competition between bitcoin and ethereum will continue to exist all the time, but to shift bitcoin I don't think it's easy for ethereum.