JPMorgan: Mainstream cryptocurrencies shift from retail speculation to institutional dominance

JPMorgan stated that cryptocurrencies are transitioning from a "venture capital-style ecosystem" to a macro asset class "supported by institutional liquidity rather than driven by retail speculation."

In the early stages, crypto projects relied on private financing, lacked liquidity structures, and retail investors often entered at inflated valuations. Now, retail participation has significantly decreased, and the market relies more on institutional investors to stabilize capital flows, reduce volatility, and anchor long-term prices.

Currently, cryptocurrencies still hold investment value, but structurally they remain inefficient, with uneven liquidity distribution leading to significant price fluctuations. Price performance is more influenced by macroeconomic factors rather than traditional halving cycles. One analyst pointed out that in the long term, cryptocurrency prices could reach $240,000, thus viewing it as a field with years of growth potential.