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BTC 
ETH Analysts at JPMorgan pointed out that although the recent risk sentiment in the cryptocurrency market has focused on rumors that Strategy may sell Bitcoin, the real structural threat to Bitcoin is far more profound than this.
Analysts believe that the main risk is that tokenization, payment and transaction processes will increasingly take place on licensed and regulated infrastructure rather than on public blockchains. The JPMorgan team said that if this trend continues, the crypto ecosystem may face a \"structural loss of value\" that will lead to slower trading activity, reduced liquidity and reduced capital inflows. 
Analysts wrote in their review: \"In our view, the greater risk stems from the continued adoption of blockchain by traditional finance, which bypasses public and permission-free networks.\"
JPMorgan pointed out that as of now, enterprise-level adoption is clearly more inclined to permission-based blockchain. Factors such as privacy protection, KYC/AML controls, governance mechanisms, transaction capacity, legal liability and regulatory clarity are key to this preference. Analysts stressed that this would pose a competitive threat to public blockchains such as Ethereum.
The report also mentioned that regulators \'preferred non-transferable structures have made tokenized deposits increasingly popular, which may weaken the demand for stablecoins in corporate payment and clearing transactions. The report further pointed out that SWIFT\'s blockchain plan and central bank digital currency projects such as digital euros and digital RMB are strengthening regulated alternatives.
Analysts at JPMorgan said Ethereum already has a share of the approximately $50 billion real-world asset tokenization market. But they point out that this reflects early experimentation rather than long-term market structures; as institutional adoption advances, processes such as issuance, custody, transactions and life cycle management may shift to private or licensed infrastructure that meets certification, privacy and operational resilience requirements.
In this scenario, the role of the public blockchain is believed to be mainly limited to distribution and restricted secondary market transactions. According to JPMorgan, this transformation will not only put long-term pressure on Ethereum and similar networks, but may also affect the broader crypto market and indirectly affect Bitcoin.
* This content does not constitute investment advice.
