Morning Minute: JPMorgan Says No Crypto Winter – Decrypt

Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

As we speak’s prime information:

• Crypto majors pump then fall pre-FOMC, ETH leads +6%; BTC at $92,000
• PNC Financial institution allows Bitcoin spot buying and selling for Personal Financial institution shoppers
• Senator Cory Booker warns Crypto Market Construction invoice gained’t move with out extra Dem illustration
• Meteora shares updates to its DLMM, teases ‘New Meteora’ for 2026
• Large day for ICOs after HumidiFi’s WET soars 6x, Rainbow publicizes $100M ICO, Octra at $200M and Fogo doing ICO for two% of its provide

📝 JPMorgan Says There Is No New Crypto Winter

Bitcoin has been sliding, sentiment has been deep in Concern mode, and Crypto Twitter has been panicking.

However one main financial institution isn’t involved.

📌 What Occurred

JPMorgan analysts printed new steering pushing again towards the concept that the newest drawdown marks a return to crypto winter.

In actual fact, the financial institution says that is only a “significant correction,” not the beginning of a brand new bear market.

They pointed to a number of short-term drivers behind the latest sell-off:

• ETF outflows tied to basis-trade unwinds
• Liquidations hitting overly leveraged longs
• Seasonal illiquidity heading into year-end
• Comfortable macro forward of right this moment’s Fed determination

The financial institution pressured that none of those dynamics sign a structural breakdown in crypto demand.

And importantly, they famous that institutional curiosity, real-world adoption, and tokenization efforts stay intact.

🗣️ What They’re Saying

“The sell-off this previous month triggered worries all through crypto media and markets that the crypto ecosystem could also be coming into the subsequent crypto winter. Whereas we don’t anticipate the tip of the present bull cycle, we do acknowledge this November pullback as significant.”

“General, we wrestle to see these latest market pullbacks as emblematic of broader structural degradation throughout the crypto ecosystem, and thus we proceed to be constructive on the house.” – JPMorgan analysts

“This time actually is completely different. We expect crypto winters are a factor of the previous.” – Geoffrey Kendrick, Customary Chartered’s head of digital belongings

🧠 Why It Issues

JPMorgan’s total message is fairly easy: costs might have dropped, however the crypto bull thesis hasn’t modified.

They continue to be laser-focused on the key forces taking part in out within the crypto sector – ETF inflows, tokenization initiatives, financial institution participation, stablecoin progress.

All of these big-picture basic indicators are nonetheless transferring ahead (and one might argue that they’re accelerating).

And extra broadly, each JPMorgan and BlackRock are bullish shares (particularly AI) into 2026, with BlackRock going full risk-on mode.

So their macro view is bullish as properly.

Which means the one actual crypto bear case remaining is four-year cycle seasonality.

Sadly, this newest drawdown lined up almost completely with a 4-year cycle view and thus bears are in management. Till they aren’t.

If/when costs do grind again as much as close to ATHs, the bull case that JPMorgan (and lots of others) has laid out will probably be shining brighter than ever. And 4-year truthers may have a tough determination to make.

And with the Fed assembly on deck right this moment, that catalyst to ignite the run again to ATH may very well be right here prior to later. Time will inform…

🌎 Macro Crypto and Memes

Just a few Crypto and Web3 headlines that caught my eye:

• Crypto majors pumped then offered off forward of right this moment’s FOMC, with ETH main; BTC +1% at $91,900; ETH +6% at $3,320, BNB -1% at $885, SOL +3% at $137
• ZEC (+11%), ADA (+3%) and DASH (+3%) led prime movers
• Fed Chair Jerome Powell is broadly anticipated to chop the Fed rate of interest by 25 bps right this moment
• PNC Financial institution enabled Bitcoin buying and selling for purchasers through Coinbase’s Crypto-as-a-Service providing, becoming a member of the wave of U.S. banks providing direct BTC publicity
• SEC Chair Paul Atkins stated many ICO-style tokens, particularly meme, utility, and DeFi tokens fall exterior SEC jurisdiction and will default to CFTC oversight
• Stripe and Paradigm’s Tempo blockchain opened its public testnet
• Circle and Aleo introduced USDCx, a privacy-centric USDC variant on Aleo’s testnet
• Senator Cory Booker warned that the Senate crypto market-structure invoice confronted low odds with out extra Democrats appointed to the SEC and CFTC
• An American Instructor’s Union urged the Senate to scrap crypto-market invoice, saying the proposed laws would strip away core investor protections
• Rep. Keith Self filed an modification to a crypto-fix invoice forward of a serious listening to, aiming to ban any future U.S. central financial institution digital foreign money (CBDC)

In Company Treasuries / ETFs

In Memes / Onchain Movers

• Memecoin leaders are largely inexperienced; DOGE +3%, Shiba -1%, PEPE +1%, PENGU +4%, BONK -3%, TRUMP +1%, SPX +2%, and FARTCOIN -4%
• 67 jumped 80% to $20M main prime onchain meme movers; pippin +80%, and spark +74% additionally made huge strikes

💰 Token, Airdrop & Protocol Tracker

Right here’s a rundown of main token, protocol and airdrop information from the day:

• HumidiFi’s WET token soared 220% in its debut to $325M, marking a 5-6x for these within the presale
• Meteora shared updates to its DLMM with restrict orders and automatic vaults, teasing a “new Meteora” coming Q1 2026
• Polymarket flipped DraftKings and FanDuel in website guests in November, ranked third behind simply Robinhood and Coinbase
• Rainbow Pockets introduced an ICO on Coinlist, promoting 3% of the availability at $100M FDV, beginning Dec 11
• Octra, a privateness blockchain undertaking, introduced an ICO at $200M on Sonar, promoting 10% of its tokens, beginning Dec 18
• Fogo introduced a FOGO presale for two% of its provide coming Dec seventeenth

🚚 What is occurring in NFTs?

Right here is the listing of different notable headlines from the day in NFTs:

• NFT leaders have been blended; Punks even at 30 ETH, Pudgy -1% at 5.28, BAYC -3% at 5.35 ETH; Hypurr’s +11% at 497 HYPE
• Beeple’s ‘Common Animals’ rebounded 40% to 7.85 ETH, prime mover
• Ton’s NFT market Fragment flipped Hyperliquid and Pump Enjoyable in 24 hour income with $2.83M
• Doodle’s Doopies mint went reside, not but offered out