In this round of the Crypto cycle, institutions are getting on board, and the gameplay has changed.


JPMorgan's latest report: Crypto has entered the "post-retail era"
Core viewpoint:
Cryptocurrency is bidding farewell to the "venture capital" model and evolving into a formal macro trading asset dominated by institutional liquidity.
Early projects were driven by private financing, with retail investors always taking over at high valuation points. Now, institutions are becoming the main force in the market.
Institutional funds get on board, stabilizing liquidity + reducing volatility, to "anchor" long-term prices.
Where are the opportunities? JPMorgan believes: Structural inefficiencies in the Crypto market + uneven liquidity distribution = Opportunities hidden in volatility.
The pricing logic of crypto has changed: it used to look at the "four-year halving cycle", but now it is more influenced by macro trends (interest rate hikes/inflation/policies...)
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