$ETH On July 9, JPMorgan's analyst team pointed out that the market views Strategy's Bitcoin selling plan as a key risk to the crypto market, but this is not the main structural threat facing Bitcoin. The more fundamental risk lies in—tokenization, payments, and settlements are increasingly occurring on permissioned infrastructure that does not require public blockchains. If this trend continues, the entire crypto ecosystem may face a "structural downgrade", with slowing transaction activity, declining liquidity, and weakening capital inflows, ultimately dragging down Bitcoin. The analysts stated bluntly: In our view, the more important risk comes from the fact that the adoption of blockchain in traditional finance continues to bypass public permissionless networks.

The analysts explained that institutional adoption to date has been clearly biased towards permissioned chains, as they offer advantages in privacy, KYC/AML controls, governance, throughput, legal accountability, and regulatory certainty, posing a competitive threat to public chains like Ethereum. If tokenized deposits are widely adopted, especially in the non-transferable form favored by regulators, they could weaken demand for stablecoins in institutional payments and settlements; SWIFT's blockchain initiative and CBDC projects such as the digital euro and digital renminbi further strengthen regulated alternatives. In the approximately $50 billion real-world asset tokenization market, although Ethereum currently holds a certain share, this is more likely a reflection of early experimentation rather than the market's long-term structure—as institutional adoption grows, issuance, custody, settlement, and lifecycle management may increasingly be completed on private or permissioned infrastructure that meets identity, confidentiality, and operational resilience requirements, with public chains used only for distribution and limited secondary trading.