TechFlow news: JPMorgan noted in a research report released Friday that the total market value of the cryptocurrency market was $2.02 trillion as of last month-end, down 24% from its March peak.
Analysts said the market is awaiting the next development catalyst and "enhanced retail participation."
The analyst team led by Kenneth Worthington believes the crypto ecosystem still lacks a major catalyst, and expects crypto tokens and asset prices to become more sensitive to macro factors. Despite the overall market decline, trading volume increased in August.
The report showed that average daily volume (ADV) rose approximately 8%, with Bitcoin and Ethereum ADV growing over 10% month-on-month. However, the price of Bitcoin, the world's largest cryptocurrency, still fell 8.7% last month.
Notably, the stablecoin market performed relatively well, with its market capitalization increasing compared to the previous month and trading volume rising from July levels.
JPMorgan also pointed out that fund flows into spot Ethereum and Bitcoin ETFs have been "not particularly encouraging," with many viewing the Ethereum ETF launch as underperforming relative to the January Bitcoin ETF debut.
