JPMorgan Chase: Cryptocurrencies are emerging as a tradable macro asset class

According to a JPMorgan report circulating in the community on November 26th, JPMorgan stated that cryptocurrencies are gradually moving away from a venture capital-driven ecosystem and towards becoming a typical tradable macro asset class supported by institutional liquidity rather than retail speculation. In its early stages, cryptocurrency projects secured multiple rounds of large-scale private funding, but few were structured to be tradable in a liquid and scalable manner. Retail investors often bought in at high prices after valuations had already risen significantly. Retail investor participation has declined, and the sector now relies more on institutional investors to stabilize liquidity, reduce volatility, and anchor long-term prices. Investment opportunities still exist in cryptocurrencies because, while relatively liquid, they remain structurally inefficient and unevenly distributed, leading to significant price volatility. Cryptocurrency prices are now increasingly influenced by broader macroeconomic trends, rather than solely by the cryptocurrency's predictable four-year halving cycle—the process of Bitcoin's new supply halving followed by a bull market. One speaker noted the potential to reach $240,000 in the long term, suggesting a multi-year growth opportunity.