The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

JPMorgan analyst Nikolaos
Panigirtzoglou said last week that if Bitcoin's market dominance rises above 50%, it may represent a sign of an imminent recovery, which is expected to end the recent sluggish situation.

Nikolaos
Panigirtzoglou shared with CNBC last week his personal basis for judging when the current short-term bear market for Bitcoin will end. In his view, if Bitcoin's market share can return to above 50%, the price plunge may temporarily stop the bleeding.

He said: "In terms of Bitcoin's proportion of the total market value of the overall cryptocurrency market, more than 50% is a healthy number. I think this is another indicator to measure whether the bear market is over. Around the beginning of April, this number was about 60%."

Nikolaos
Panigirtzoglou explained that the relatively low market share is a negative signal for Bitcoin because it shows that investors' interest in Bitcoin is at a relatively low point. However, he said that Bitcoin's dominance has clearly rebounded in recent weeks.

According to CoinMarketCap data, the current total market value of the cryptocurrency market is about $1.4 trillion, and the market value of Bitcoin is $645 billion, with a market share of just 45%. In the past 24 hours, Bitcoin fell slightly by 0.54% to $34,366.05.

In fact, JPMorgan Chase warned as early as May that if Bitcoin's dominance fell below 40%, it might trigger a collapse of competing coins. As expected, Bitcoin's market share fell below 40% in mid-May, and soon triggered a plunge of more than 30% on May 19.

Institutional pace slows down

The current market dominance has returned to more than 45%, suggesting that Bitcoin seems to be slowly getting on the right track. Nikolaos
Panigirtzoglou also pointed out that although there are no signs of too many institutional investors pouring in, the inflow of funds has improved to some extent.

He said: "In the past two to three weeks, the amount of funds flowing into Ethereum funds has gradually slowed down; at the same time, the amount of funds flowing into Bitcoin funds has improved. This means that some institutional investors may find opportunities for relative value, prompting them to buy Bitcoin and sell other cryptocurrencies." However, the market situation is still unclear. JPMorgan Chase's investor report released last week pointed out that the overall cryptocurrency market has not stabilized, but it seems to have just begun the process of recovery; analysts warned that further selling is expected before the long-term trend sends a signal. Nikolaos Panigirtzoglou also pointed out in the report released early last month that institutional investors seem to be continuing to shift from Bitcoin to gold ETFs since the 519 crash, which may cause Bitcoin to fall further in the short term. He estimated that the reasonable price will fall in the range of 24,000-36,000 US dollars.