JPMorgan: Crypto Assets are becoming a tradable macro asset class

Golden Finance reports that on November 26, according to a community-circulated report from JPMorgan Chase, the bank stated that crypto assets are gradually breaking away from a venture capital-style ecosystem and transitioning to a typical tradable macro asset class supported by institutional liquidity rather than retail speculation. In the early stages, crypto asset projects received multiple rounds of large-scale private financing, but few projects have been built to trade in a liquid and scalable manner, with retail investors often buying at high prices only after valuations have significantly risen. The participation of retail investors has decreased, and the field now relies more on institutional investors to stabilize fund flows, reduce fluctuations, and anchor long-term prices. Investment opportunities in crypto assets still exist, as they are relatively liquid but structurally inefficient and have uneven liquidity distribution, leading to significant price fluctuations. The prices of crypto assets are now increasingly influenced by broader macroeconomic trends, rather than solely driven by the predictable four-year halving cycle of crypto assets themselves—where Bitcoin's new supply is halved, subsequently triggering a bull run. One speaker noted that it could potentially reach $240,000 in the long term, indicating a multi-year growth opportunity.