JPMorgan Chase: A "Crypto Winter" is not coming; there has been no structural deterioration in demand for crypto.

According to Mars Finance, a recent research report from JPMorgan Chase on December 10th stated that the recent Bitcoin pullback and heightened market panic do not indicate a new Crypto Winter, but rather a "meaningful adjustment." Several short-term driving factors underpinned the recent sell-off: • ETF outflows related to basis trading liquidation • Liquidation impacting excessively leveraged long positions • Seasonal liquidity shortages near the end of the year • Weak macroeconomic conditions ahead of today's Fed rate decision. The bank emphasized that these phenomena do not indicate a structural deterioration in crypto demand. Institutional interest, the advancement of real-world applications, and the tokenization trend all remain robust. JPMorgan Chase believes the market is still in a healthy adjustment phase, rather than re-entering a bear market cycle.