JPMorgan Chase said in its latest report that while Strategy’s bitcoin sales strategy may create periodic sell-off pressure, it is not the main structural threat facing bitcoin. The real risk is that the use of blockchain technology in the financial sector is increasingly moving away from public blockchains and toward permissioned infrastructure. Analysts believe that if tokenization, payments, and settlement are increasingly carried out within traditional financial networks, the entire crypto ecosystem could face a “structural downgrade,” leading to reduced activity, liquidity, and capital inflows, which would then have a negative impact on bitcoin. The report also stated that institutional adoption tends to favor permissioned blockchains because they offer advantages in privacy, KYC/AML controls, governance, legal liability, and regulatory certainty, posing a competitive threat to public blockchains such as Ethereum. (TheBlock)