JP Morgan: Cryptocurrencies are becoming a tradable macro asset class

On November 26, according to a JPMorgan report circulating in the community, JPMorgan Chase said that cryptocurrencies are gradually moving away from the venture capital-style ecosystem and towards a typical tradable macro asset class supported by institutional liquidity rather than retail speculation. In the early stages, cryptocurrency projects received multiple rounds of large-scale private financing, but few were built to trade in a liquid and scalable manner, and retail investors often bought at high prices after valuations had risen sharply. Retail investor participation has declined, and the sector now relies more on institutional investors to stabilize capital flows, reduce volatility, and anchor long-term prices. There are still investment opportunities in cryptocurrencies, as they are relatively liquid but still structurally inefficient and the distribution of liquidity is uneven, resulting in high price volatility. The price of cryptocurrencies is now increasingly influenced by broader macroeconomic trends, rather than being driven solely by the cryptocurrency's own predictable four-year halving cycle - the process by which the halving of new bitcoin supply then triggers a bull market rally. One speaker noted that it has the potential to reach $240,000 in the long term, suggesting it is a multi-year growth opportunity.