The total crypto market cap declined by 8% in June, the bank said, noting that March 2024 might have been the peak of the current cycle.
JPMorgan noted that spot bitcoin ETFs saw their second-worst month since launch, with an estimated $662 million of net outflows.
The market cap of the U.S.-listed miners grew almost 20% as the sector re-rated due to AI-related power use cases, the report said.
The total cryptocurrency market cap fell by 8% in June to around $2.25 trillion, giving back most of the gains from May, JPMorgan (JPM) said in a research report on Monday.
“Tokens, decentralized finance (DeFi) and non-fungible tokens (NFTs) all saw market cap contraction in June,” analyst Kenneth Worthington wrote.
The move is in contrast to traditional markets as the S&P 500 index gained 4% for the month, and the technology-heavy Nasdaq climbed 6%, the bank noted. The CoinDesk 20 index CD20 fell almost 20% in June.
However, it’s not all doom and gloom for the digital assets sector. Stablecoins outperformed the rest of the crypto ecosystem in June, and their market cap was flat to slightly higher, the report said, with the appreciation driven primarily by tether <a href="https://coindesk.com/price/tether/" data-position="autolink" title="Tether Price