JPMorgan Highlights Challenges for Ether and Altcoin Market
JPMorgan has expressed skepticism about the potential for ether and the broader altcoin market to reverse their long-term underperformance compared to bitcoin. According to NS3.AI, the bank emphasized the need for increased network activity, greater adoption of decentralized finance (DeFi), and more real-world use cases to drive a turnaround. The bank noted that spot bitcoin ETFs have managed to recover approximately two-thirds of their previous outflows, whereas spot ether ETFs have only regained about one-third. JPMorgan also pointed out that previous Ethereum upgrades did not lead to significant onchain activity and have weakened the support for Ethereum's token burn mechanism.
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