JPMorgan: Lack of Significant Catalysts in the Cryptocurrency Market in the Short Term
Powered by ChatGPTDeepChain TechFlow News, according to a research report released by JPMorgan Chase on Friday, the total value of the cryptocurrency market as of the end of last month was $2.02 trillion, a 24% decrease from the peak in March.
Analysts stated that the market is awaiting the next catalyst for development and "enhanced retail participation."
The analyst team led by Kenneth Worthington believes that the crypto ecosystem still lacks major catalysts, and expects crypto token and asset prices to be more sensitive to macro factors. Despite the overall market decline, trading volume in August increased.
The report shows that the total average daily trading volume (ADV) increased by about 8%, with Bitcoin and Ethereum ADV growing by over 10% month-on-month. However, the price of Bitcoin, the world's largest cryptocurrency, still fell by 8.7% last month.
It is worth noting that the stablecoin market has performed well, with its market value increasing from the previous month and trading volume higher than in July.
JPMorgan Chase also pointed out that the flow of funds into spot Ethereum and Bitcoin ETFs is "not very encouraging," with many believing that the launch of Ethereum ETFs did not perform as well as Bitcoin ETFs in January.