JPMorgan Chase noted in its latest report that although Strategy’s Bitcoin selling strategy may create periodic sell-off pressure, it is not the main structural threat facing Bitcoin. The real risk is that the application 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 carried out more within traditional financial networks, the entire crypto ecosystem could face a “structural downgrade,” resulting in weaker activity, liquidity, and capital inflows, which in turn would negatively affect Bitcoin. The report analysis states that institutional adoption tends to favor permissioned blockchains because they offer advantages in privacy, KYC/AML controls, governance, legal responsibility, and regulatory certainty, posing a competitive threat to public blockchains such as Ethereum. (TheBlock)