JPMorgan's Panigirtzoglou: Institutional interest in Bitcoin has dried up

peshkov/iStock via Getty Images Institutional interest in Bitcoin (BTC-USD) has dried up or even turned negative, according to JPMorgan global market strategist Nikolaos Panigirtzoglou. In an interview with CNBC, Panigirtzoglou also said a divergence has developed between Bitcoin and other cryptocurrencies, like Ethereum (ETH-USD). On the institutional move out of Bitcoin, Panigirtzoglou explained that this process had begun in April, indicating that some institutional investors had decided to reverse a move they had done in the fourth quarter of last year. The JPMorgan analyst described how institutional investors moved out of gold and into Bitcoin in late 2019. He said April marked the beginning of a reversal of that strategy. Longer-term, Panigirtzoglou said there will be a price at which institutional interest will pick up again. He also predicted that the volatility in Bitcoin will "normalize" from here. Commenting on Bitcoin's relationship to other cryptos, Panigirtzoglou said Bitcoin's share of