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According to a JPMorgan analyst, the unprecedented deleveraging of the cryptocurrency market might be coming to an end, which could indicate the conclusion of the worst of the bear market.
In a report published on Wednesday, JPMorgan strategist Nikolaos Panigirtzoglou cited the improved readiness of enterprises to rescue startups and the solid pace of venture capital investing in May and June as the reasons for his confidence. He stated that essential indications support the evaluation:
"Indicators like our Net Leverage metric suggest that deleveraging is already well advanced."
The deleveraging of significant crypto businesses, in which their assets were sold voluntarily, in a hurry, or through liquidation, began in May when the Terra ecosystem imploded and wiped away tens of billions of dollars. Since then, cryptocurrency lenders BlockFi and Celsius, as well as investment firm Three Arrows Capital, have had their difficulties.
Panigirtzoglou noted that the degree of deleveraging among some crypto enterprises may be so severe that it “suggests that the tremors from this year’s crypto market fall continue to reverberate.”
However, Panigirtzoglou claims that deleveraging may be coming to an end since crypto organizations are stepping in to save faltering businesses, stating:
“The fact that crypto entities with the stronger balance sheets are currently stepping in to help contain contagion.”
Sam Bankman-FTX Fried’s exchange is positioned to increase its industry impact in the wake of the failures of many blockchain companies, including Three Arrows Capital and Celsius. Cointelegraph reported on June 30 that rumors are circulating that FTX is proposing $25 million to purchase the BlockFi cryptocurrency lending business. However, BlockFi CEO Zac Prince disputed the claims in a Thursday tweet.
In addition, Panigirtzoglou views the robust rate of venture capital investing in the cryptocurrency industry as a positive indicator. JPMorgan believes there was around $5 billion in venture capital financing for cryptocurrency companies in May and June. Using data from Airtable, the fundraising metrics tracker Dove Metrics estimates that crypto financing was $8.6 billion simultaneously.
This financing rate is $2.2 billion lower than in March and April but $3.4 billion more than in May and June of 2021.
The most recent forecasts from JPMorgan should provide relief to crypto investors in 2022 who have weathered what Glassnode has dubbed the worst bear market in the history of cryptocurrency trading. According to CoinGecko, the overall crypto market worth had dipped below $1 trillion to $934 billion since November 2021, when it surpassed $3 trillion.