ChainCatcher news, JPMorgan published an article stating that crypto assets are transitioning from a "venture capital-style ecosystem" to a macro asset class "supported by institutional liquidity rather than driven by retail investor speculation."
In the early stages, crypto projects relied on private equity financing, lacking liquidity structures, with retail investors typically entering the market after high valuations. Nowadays, the participation of retail investors has significantly decreased, and the market relies more on institutional investors to stabilize cash flow, reduce volatility, and anchor long-term prices.
Currently, Crypto Assets still have investment value, but structurally they remain inefficient, with uneven Liquidity distribution, leading to huge price fluctuations. Price performance is more affected by macroeconomic factors rather than traditional halving cycles. An analyst pointed out that in the long run, Crypto Assets prices could reach $240,000, so they should be viewed as a field with years of growth potential.