[JPMorgan: Bitcoin's Biggest Risk May Come from 'Blockchain Adoption Unrelated to Public Chains'] According to The Block, JPMorgan analysts pointed out that Strategy's recent Bitcoin sell-off and its BTC liquidation plan may bring short-term selling pressure but are not the primary structural risks to Bitcoin. The greater risk lies in the increasing shift of blockchain applications (including payments, clearing, RWA, etc.) toward bank-built or regulator-friendly permissioned chains and unified ledgers, rather than public chains. If tokenized deposits, SWIFT blockchain projects, central bank digital currencies, and other initiatives are implemented within traditional financial infrastructures, and settlements increasingly adopt private or deferred net settlement models, the activity, liquidity, and capital flows of public chains and tokens may be weakened. Additionally, the demand for stablecoins could be partially replaced by tokenized bank deposits, thereby suppressing Bitcoin's performance.