The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Bitcoin’s current price is “too low” compared to gold, given its volatility has fallen to historic lows, JPMorgan analysts said.
Bitcoin volatility has plummeted from around 60% at the beginning
of the year to a current record low of 30%, the report said.
ETH has outpaced BTC, with JPMorgan pointing to a combination of ETF inflows, corporate adoption, and regulatory clarity among key factors.
The bank said ether holdings in both exchange-traded funds and corporate treasuries could rise further.
The combined hashrate of the 13 U.S.-listed miners the bank tracks now accounts for a record high 33.6% of the global network.
Ether outperformed last month as volumes, ETF flows hit records, the report said.
Total value locked (TVL) in DeFi remains below 2021 highs, the report noted.
Institutional adoption of DeFi and tokenization remains limited despite growing infrastructure, according to JPMorgan analysts.
Users can swap cash for securities on the HQLAx platform using blockchain deposit accounts on the permissioned Kinexys network.
The initiative is aimed at modernizing payment infrastructure and reducing settlement risk, Marex said.
This tactic could strangle competition by making it more costly for users to transfer funds to alternative platforms, a16z's general partner argued.
Ten of the thirteen U.S.-listed miners that the bank tracks outperformed bitcoin last month, the report said.
Coinbase and JPMorgan have forged a strategic partnership, signaling institutional embrace of crypto infrastructure, the Wall Street broker said.
The US Securities and Exchange Commission (SEC) has acknowledged a Nasdaq filing proposing an amendment to BlackRock iShares Ethereum Trust (ETHA). This proposal seeks to enable the ETF to stake its Ethereum holdings, allowing it to participate in the ETH proof-of-stake consensus mechanism and potentially earn staking rewards. What Happens When Institutional Staking Goes Mainstream? BlackRock just received regulatory acknowledgment to include staking in its Spot Ethereum ETF. As mentioned by Çağrı Yaşar on X, acknowledging the filing isn’t a minor regulatory checkbox. It’s the US Securities and Exchange Commission (SEC) handing institutions a key, and not just to ETH price action, but to its engine. Related Reading: Analyst Says The Patient Will Be Rewarded As Ethereum Price Retests 4-Year Resistance This staking isn’t about price speculation. It’s about alignment, incentives, governance, and yield. Unlike traditional asset holding, staking involves actively securing the network by validating transactions and supporting ETH’s consensus. With recent regulatory approvals allowing BlackRock and other institutions to include staking in Spot ETH ETFs, this will enable Wall Street to hold ETH as a speculative asset. Thus, they can begin earning from the yield generated by the ETH core protocol mechanics, and integrate deeply into the network infrastructure. However, if ETH staking becomes ETF-native, it will redefine what it means to invest in a financial network. ETH would become the first global-scale digital infrastructure where traditional capital markets not only invest, but they become active participants in the protocol. The SEC has effectively validated ETH’s consensus model as not only secure but worthy of institutional involvement. This is how empires shift, and not with headlines, but with details no one expected. This highlights that major shifts in power or systems don’t always announce themselves loudly. Instead, they often happen quietly, through small regulatory changes. ETH isn’t becoming Wall Street-friendly. Wall Street is becoming ETH-compatible. This is when a new technology enters mainstream finance, and people assume it’s being reshaped to fit traditional systems. Furthermore, Yaşar noted that the network effect has just turned financial. This means that the value of a network grows as more participants join. Why Institutions Are Backing Protocol Infrastructure In an X post, VirtualBacon stated that BlackRock and JPMorgan aren’t investing in Ethereum for speculative hype or short-term price gains. Instead, their focus lies on ETH’s growing role as a foundational platform for real-world asset (RWA) tokenization and stablecoin infrastructure. Related Reading: Analyst Forecasts Major Surge For Ethereum Price, Eyeing $4,000 In Its Best July Yet Larry Fink, the CEO of BlackRock, has been unequivocal about his vision for ETH’s future, stating that he aims to tokenize stocks and build investment funds directly on the ETH blockchain. This marks a significant institutional endorsement of ETH as a platform for next-generation finance. Meanwhile, Jamie Dimon of JPMorgan has softened his previously cautious stance on cryptocurrencies, especially following recent regulatory clarity provided by initiatives under the GENIUS Act. This shift signals growing openness among traditional financial leaders to integrate blockchain technology into mainstream finance. Featured image from iStock images, chart from tradingview.com
On an earnings call SoFi CEO Noto laid out the bank's plans across digital assets, calling crypto a potential "game changer."
In the first quarter of this year alone, Coinbase earned roughly $300 million in distribution payments from Circle, and that's just the start.
The bank updated its miner estimates to reflect second-quarter earnings and changes to the network hashrate and the bitcoin price.
Crypto inflows are up nearly 50% since May and are on track to comfortably surpass last year’s record total, JPMorgan analysts said.
The friendlier regulatory climate in the U.S. has led to an increase in digital asset inflows in recent months, the report said.
One of the trends that I’m keeping an eye on is the growing availability of bitcoin-backed loans. Let’s check in on the sector real quick.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons. Happy Tuesday! Here’s what you need to know in crypto today. Traditional finance is moving deeper into digital assets. JPMorgan is reportedly exploring crypto-backed loans, Western Union may integrate stablecoins, and PNC Bank has partnered with Coinbase to offer crypto access to clients — while […]
Non-bearer tokenized bank deposits settle at face value between accounts, unlike stablecoins, which can trade below par, JPMorgan said.
The deal, however, appears to be a "one-off," and unlikely to be replicated.
88% of current stablecoin demand comes from crypto-native activity, with payments accounting for only 6%, the report said.
88% of current stablecoin demand comes from crypto-native activity, with payments accounting for only 6%, the report said.
JPMorgan's upcoming application aims to set a single ecosystem for tokenized carbon credits that can address market fragmentation.
The fall in the monthly average network hashrate was a result of miners curtailing operations in response to the recent heatwave, the report said.
The Wall Street bank started coverage of the stablecoin issuer with an underweight rating and a $80 price target.
The combined hashrate of the 13 bitcoin miners the bank follows has risen 99% year-on-year versus a 55% y/y increase in the network hashrate, the report said.