JPMorgan: Bitcoin’s biggest risk isn’t Strategy selling pressure, but blockchain adoption that bypasses public chains.

Deep Tide TechFlow News, July 9, as reported by The Block, analysts at JPMorgan noted in their latest report that while Strategy's Bitcoin sale plan has drawn market attention, it is not the core risk facing Bitcoin. The real structural threat is that blockchain applications such as tokenization, payments, and settlement are increasingly taking place on permissioned blockchains rather than on public chains like Ethereum. If this trend continues, the public chain ecosystem will face declining liquidity and weaker capital inflows, ultimately dragging down Bitcoin's valuation.

The analysts also warned that banks building their own blockchain infrastructure and the proliferation of tokenized deposits could weaken the role of stablecoins in institutional payments; regulated alternatives such as the SWIFT blockchain initiative, the digital euro, and the digital renminbi also pose competitive pressure. However, the analysts noted that if a hybrid public-private chain model emerges, stablecoin regulation becomes clearer, or Bitcoin continues to be held as "digital gold," these risks could be mitigated.