Banking giant JPMorgan has predicted that the cryptocurrency market could soon face a correction.

Its analysts have pointed to waning demand for CME futures, which have slipped below spot prices. This might indicate that institutional investors have soured on crypto. JPMorgan has noted that this influential group of market participants is currently engaged in profit-taking.

The cryptocurrency market is also struggling to revive its momentum due to the apparent lack of bullish catalysts.

The probability of the much-hyped federal Bitcoin reserved initiative being implemented by Apr. 29 currently stands at 10%, according to Polymarket data.

Bitcoin is currently changing hands at $97,080, and it has been about a month since the cryptocurrency hit its current all-time high of $108,786. The flagship cryptocurrency is only up by a mere 1.2% over the past week.

According to data provided by SoSoValue, Bitcoin exchange-traded funds (ETFs) recorded $71 million on Feb. 20. This is yet another troubling sign of waning demand.

According to CryptoQuant CEO Ki Young Ju, Bitcoin ETF demand remains net positive, but it has "slowed."

The analyst believes that the bull cycle will last as long as significant ETF outflows continue to emerge.

However, "prolonged" negative ETF demand will likely trigger a new bearish cycle.

"Demand and supply are all that matter -- everything else is just noise," Ju said.