JPMorgan continues to advise exercising caution in the crypto markets in the near future due to several factors, including a lack of positive indicators and declining retail investor interest.

"With a lack of positive catalysts, with the retail impulse dissipating and with the three headwinds mentioned previously in our publication (elevated positioning, high bitcoin prices vs. gold and vs. the estimated bitcoin production cost, subdued crypto VC funding) still in place, we maintain a cautious stance on crypto markets over the near term," JPMorgan analysts, led by Nikolaos Panigirtzoglou, wrote in a report on Thursday.

The past two weeks have seen "significant" selling or profit-taking in the crypto market, with perhaps retail investors playing a bigger role than institutional …