JPMorgan Chase: Mainstream cryptocurrencies are shifting from retail speculation-driven to institutional dominance.

According to Mars Finance, JPMorgan Chase stated that cryptocurrencies are transitioning from a "venture capital ecosystem" to a macro asset class "supported by institutional liquidity rather than driven by retail speculation." In their early stages, crypto projects relied on private funding and lacked liquidity structures, with retail investors entering the market after valuations were high. Now, retail participation has significantly decreased, and the market relies more on institutional investors to stabilize cash flow, reduce volatility, and anchor long-term prices. Currently, cryptocurrencies still have investment value, but their structure remains inefficient, with uneven liquidity distribution leading to significant price volatility. Price performance is more influenced by the macroeconomy than by traditional halving cycles. One analyst pointed out that in the long term, cryptocurrency prices could reach $240,000, thus viewing it as a sector with multi-year growth potential.