[JPMorgan: Cryptocurrencies Are Transforming into a Tradable Macro Asset Class] JPMorgan stated in a report that cryptocurrencies are transitioning from an ecosystem reliant on venture capital to a tradable macro asset class supported by institutional liquidity. In the early stages, crypto projects often developed through large-scale private financing, with retail investors typically participating only after valuations had risen significantly. Currently, retail participation has declined, and institutional investors are playing a greater role in stabilizing capital flows, reducing volatility, and anchoring long-term prices. Cryptocurrency price volatility remains high and is increasingly influenced by macroeconomic trends rather than being solely driven by Bitcoin halving cycles. One speaker mentioned that cryptocurrencies could potentially reach $240,000 in the long term, showcasing years of growth potential.