Morning Minute: JPMorgan Says No Crypto Winter

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s apical news:

• Crypto majors pump past autumn pre-FOMC, ETH leads +6%; BTC astatine $92,000

• PNC Bank enables Bitcoin spot trading for Private Bank clients

• Senator Cory Booker warns Crypto Market Structure measure won’t walk without much Dem representation

• Meteora shares updates to its DLMM, teases ‘New Meteora’ for 2026

• Huge time for ICOs aft HumidiFi’s WET soars 6x, Rainbow announces $100M ICO, Octra astatine $200M and Fogo doing ICO for 2% of its supply

Bitcoin has been sliding, sentiment has been heavy successful Fear mode, and Crypto Twitter has been panicking.

But 1 large slope isn’t concerned.

JPMorgan analysts published caller guidance pushing backmost against the thought that the latest drawdown marks a instrumentality to crypto winter.

In fact, the slope says this is conscionable a “meaningful correction,” not the commencement of a caller carnivore market.

They pointed to respective short-term drivers down the caller sell-off:

• ETF outflows tied to basis-trade unwinds

• Liquidations hitting overly leveraged longs

• Seasonal illiquidity heading into year-end

• Soft macro up of today’s Fed decision

The slope stressed that nary of these dynamics awesome a structural breakdown successful crypto demand.

And importantly, they noted that organization interest, real-world adoption, and tokenization efforts stay intact.

JPMorgan Analysts Doubt Crypto Winter Is Coming, Despite 'Meaningful' Bitcoin Sell-Off

“The sell-off this past period triggered worries passim crypto media and markets that the crypto ecosystem whitethorn beryllium entering the adjacent crypto winter. While we don’t expect the extremity of the existent bull cycle, we bash admit this November pullback arsenic meaningful.”

“Overall, we conflict to spot these caller marketplace pullbacks arsenic emblematic of broader structural degradation wrong the crypto ecosystem, and frankincense we proceed to beryllium affirmative connected the space.” - JPMorgan analysts

“This clip truly is different. We deliberation crypto winters are a happening of the past.” - Geoffrey Kendrick, Standard Chartered’s caput of integer assets

JPMorgan’s wide connection is beauteous simple: prices whitethorn person dropped, but the crypto bull thesis hasn’t changed.

They stay laser-focused connected the large forces playing retired successful the crypto assemblage - ETF inflows, tokenization initiatives, slope participation, stablecoin growth.