Cryptocurrency's Shift to Institutional Liquidity Highlighted by JPMorgan

According to ChainCatcher, JPMorgan has noted a significant transformation in the cryptocurrency landscape, evolving from a "venture capital-style ecosystem" to a "macro asset class supported by institutional liquidity rather than retail speculation." In its early stages, cryptocurrency projects relied heavily on private funding and lacked liquidity structures, with retail investors often entering the market at high valuations. Currently, retail participation has noticeably decreased, and the market is increasingly dependent on institutional investors to stabilize capital flows, reduce volatility, and anchor long-term pricing. Despite retaining investment value, cryptocurrencies still face structural inefficiencies and uneven liquidity distribution, leading to significant price fluctuations. Price performance is now more influenced by macroeconomic factors rather than traditional halving cycles. An analyst has suggested that, in the long term, cryptocurrency prices could reach $240,000, viewing it as a sector with potential for growth over several years.