According to PANews, JPMorgan Chase said in a research report on Monday that the total market value of cryptocurrencies fell 8% in June to around $2.25 trillion, wiping out most of the gains in May. The market value of tokens, DeFi and NFTs all retreated in June. The daily trading volume of spot cryptocurrencies fell 18% from the previous month. From the perspective of valuation and trading volume, March 2024 is the peak of the crypto ecosystem in the current cycle. The bank pointed out that this trend is in stark contrast to traditional markets, with the S&P 500 rising 4% and the tech-heavy Nasdaq rising 6% that month.
However, the report added that stablecoins outperformed other crypto sectors in June, mainly driven by USDT. In addition, the total market value of listed Bitcoin mining companies also increased by 19%, and these companies benefited from the gains brought by "electricity use cases related to artificial intelligence." JPMorgan also said that the spot Bitcoin ETF had the second worst month of traffic since its launch, and estimated that 10 US spot ETFs had sales of $662 million this month.
