JPMorgan maintained a bullish outlook for the remainder of 2026, stating that the acceleration of institutional capital will be the main driver of the recovery in cryptocurrency markets.
JPMorgan described the current state of the crypto market as the beginning of a new era in which institutions will have more influence than ever before. It highlights that hedge funds, asset managers, and pension funds will replace retail investors and corporate treasuries as the primary source of demand.
According to its analysts, this shift is due to clear structural changes: the 2024 approval of Bitcoin and Ether spot ETPs, which lowered barriers to entry for long-term capital. Another key factor is the substantial improvement in custody and trading infrastructure, and finally, the importance of the CLARITY Act in the United States.
Furthermore, the bank pointed to its own strategic moves as evidence of this transition. JPMorgan plans to expand JPM Coin to the Canton Network in 2026 and is exploring the use of tokenized assets and crypto ETFs as collateral in traditional transactions.
Why is JPMorgan still optimistic about 2026?
Despite the constructive tone, JPMorgan balanced its narrative with warnings about speculative excesses. Analysts cited recent volatility as a key reason to exercise caution regarding the bank’s optimism.
They also expressed skepticism about short-lived rallies driven by technical updates and rejected extremely bullish forecasts for stablecoins, projecting instead a market value of between $500 billion and $600 billion by 2028.
In terms of figures, the bank highlighted record institutional inflows of $130 billion in 2025 and reiterated a long-term price target for Bitcoin of up to $266,000. Even in a context where gold has recently outperformed, JPMorgan believes that Bitcoin’s structural value proposition has improved compared to precious metals, especially if the macroeconomic environment becomes more favorable for risk assets.
However, this thesis depends on specific conditions: lower interest rates, improved corporate profits, and less regulatory or political pressure. In other words, the bank is not proposing an isolated scenario for crypto, but rather one integrated within a macroeconomic cycle that supports risk-taking.
