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Analysts indicate that regulatory-led measures can encourage institutional participation in the cryptocurrency ecosystem in the short term, but only legislation can make the framework more robust in the long term. Currently, the cryptocurrency industry has to rely on a series of fragmented regulatory actions, which may be overturned in the next two years due to political changes. At the same time, the U.S. Securities and Exchange Commission (SEC) has issued a five-year "innovation exemption" for tokenized stocks, requiring that tokens must possess the financial and voting rights of the original stocks.Additionally, the U.S. Commodity Futures Trading Commission (CFTC) is exploring allowing leveraged cryptocurrency trading on regulated U.S. platforms, while the Office of the Comptroller of the Currency (OCC) has granted national trust charters to an increasing number of stablecoin issuers and digital asset companies, placing activities such as custody and reserve management under federal regulation. The Financial Accounting Standards Board (FASB) is also considering allowing companies to classify certain stablecoins as cash equivalents to support their broader use in payments and liquidity management.

J.P. Morgan's latest report states that publicly listed technology companies worldwide are expected to generate approximately $2.2 trillion in operating cash flow this year, with capital expenditures and R&D expenditures totaling about $1.8 trillion. After deductions, there remains a surplus of about $400 billion, sufficient to support current AI infrastructure investments without relying on external financing.In response to market concerns regarding the sustainability of financing models for new cloud vendors, J.P. Morgan believes that their scale is still relatively limited compared to the entire technology sector. Even if financing comes under pressure, it is unlikely to shake the overall AI investment cycle. The report estimates that new cloud vendors will have operating cash flow of about $30 billion this year, with capital expenditures and R&D expenditures around $80 billion. If there is a funding gap, more financially robust hyperscale cloud service providers can still take on the related demand.J.P. Morgan also pointed out that part of the current financing demand in the technology sector stems from large-scale stock buybacks. Companies can release funds by reducing buybacks to maintain AI investments. The overall stock position in the market has retreated from the mid-September peak, and trend-following investors' long positions in semiconductors have also been largely digested. The bank believes that the short-term downward space in the market is gradually narrowing.

According to the official announcement from JPYC, the yen stablecoin issuer JPYC has signed a memorandum of cooperation with South Korea's Shinhan Bank's Japan SBJ Bank and LINE NEXT, planning to conduct a proof of concept for direct top-ups of yen stablecoins to bank accounts and digital wallets.According to the division of labor, SBJ Bank provides bank accounts and payment infrastructure, LINE NEXT provides technology such as its Unifi wallet and Unifi Pay, and JPYC provides support for the issuance and redemption of yen stablecoins. JPYC is a regulated yen stablecoin issuer in Japan, with its tokens pegged 1:1 to the yen, supported by bank deposits and Japanese government bonds.

According to The Defiant, as JPMorgan launched its token JPMD on Ethereum, 13 counterfeit tokens with the same name appeared in the market. JPMorgan's official documentation warns that the tokens with the same name on other addresses are not related to the bank.The bank's genuine Ethereum token currently shows zero supply and zero holders.

JPMorgan Chase raised the target price for SpaceX from $240 to $500, maintaining an "Overweight" rating. The bank currently expects SpaceX's revenue to reach $254 billion by 2027, with computing capacity expected to reach 10 gigawatts (GW) by the end of the year, and has more than doubled its related forecasts for 2027 to 2028.JPMorgan Chase also believes that a potential merger between SpaceX and Tesla has strategic significance, but it is still uncertain whether the related deal can be reached.

J.P. Morgan Asset Management has first included Bitcoin in its long-term capital market expectations, forecasting an annualized return of about 10% for Bitcoin over the next decade, which is expected to outperform stocks, bonds, and gold. However, this prediction also assumes that Bitcoin's annualized volatility could reach as high as 55%, more than three times that of U.S. large-cap stocks.J.P. Morgan believes that the gradual improvement of the regulatory framework, along with the continuous enhancement of market liquidity and price discovery mechanisms, may further promote Bitcoin's recognition in traditional financial markets. Looking ahead to the next decade, technological innovations in fields such as artificial intelligence, robotics, healthcare, and space, as well as a global capital expenditure growth of approximately $15 trillion, are also expected to drive economic growth and asset returns. Analysts point out that the correlation between Bitcoin and other assets is unstable, making it currently unsuitable as a diversification asset in balanced investment portfolios; therefore, the institution has not yet included it in its main investment portfolio model. If Bitcoin's volatility continues to decline in the future and its correlation with other assets stabilizes, its portfolio allocation value is expected to increase.

JPMorgan Chase CEO Jamie Dimon stated in an exclusive interview with The Wall Street Journal that the current state of the U.S. economy is strong, with significant growth in corporate profits, a low unemployment rate, and overall low leverage for businesses and consumers. He described this as a good time. Dimon also pointed out that several potential risks are accumulating beneath the surface, including persistent inflation that has lasted for five years, large fiscal deficits, and geopolitical uncertainties such as overseas wars.He emphasized that predicting the specific timing and triggers of an economic downturn is extremely difficult, as the eventual recession is often caused by a combination of factors that cannot be accurately assessed at present. When discussing how banks should respond, Dimon stated that JPMorgan Chase conducts extremely in-depth analyses of various risks to ensure that the bank can withstand shocks whether interest rates rise or fall, and whether inflation or stagflation occurs, while continuing to serve clients during difficult times. He mentioned that the bank is prepared for extreme scenarios such as a 40% drop in the stock market and a two to three times widening of bond credit spreads, rather than trying to guess when these scenarios will happen. The core principle is to be well-prepared to continuously support businesses and communities in various environments.

According to Bloomberg, AI cloud infrastructure provider CoreWeave is facing a sell-off in its stock price due to its large debt load and ongoing search for new capital, which has left some investors feeling uneasy.JPMorgan stated that although CoreWeave faces debt concerns, its business fundamentals remain strong.

JPMorgan Chase is expanding its JPM Coin dollar deposit token to the Ethereum mainnet, offering it to institutional clients. The token was previously launched in 2025 on Base, representing actual bank deposits and can be used for near-instantaneous peer-to-peer transfers and settlements around the clock.Currently, it is only available to JPMorgan Chase's institutional clients through Kinexys, not supported for public trading, and not open to retail clients. JPM Coin is a permissioned and regulatory-compliant bank currency, not a decentralized stablecoin.

The Japanese yen stablecoin issuer JPYC posted on the X platform that the issuance processing of JPYC on the Polygon network experienced delays starting around 14:00. The related issues have now been resolved, and the backlog of issuance applications is being processed in order.JPYC emphasized that the JPYC issuance services on other networks and all redemption processing across networks were not affected by this incident.

On October 16, SBI Holdings and Startale Group announced their participation in Open Standard to explore the interoperability of the dollar-pegged stablecoin OUSD and the yen-denominated trust-based stablecoin JPYSC. The article states that Open Standard will launch in June 2026, and the alliance already includes over 140 global companies, including Visa, Stripe, Mastercard, BlackRock, and Coinbase, with OUSD already publicly launched on-chain. The announcement clarified that this only involves exploring a pilot project and does not represent the launch of new commercial services or the initiation of production environment settlements or trading activities.Yoshitaka Kitao, Representative Director, Chairman, President, and CEO of SBI Holdings, stated that cross-border transactions will become more common, and seamless conversion between yen and dollar stablecoins is crucial. Joining Open Standard and exploring related proof of concepts is an important step. He also mentioned that the SBI Group has been the first in Japan to offer dollar stablecoins USDC and RLUSD. Startale Group CEO Sota Watanabe stated that joining Open Standard reflects both parties' belief that the future of finance is on-chain, borderless, and interoperable, and that the pilot interoperability of JPYSC and OUSD is of significant importance.JPYSC is issued by SBI Shinsei Trust Bank and is positioned as an on-chain yen settlement infrastructure compliant with Japan's Payment Services Act and trust law framework. In July 2026, SBI Global Asset Management, DigiFT, and Startale announced a proof of concept for tokenized securities settlement and distribution payments, considering the future use of JPYSC. Open Standard claims it was established in 2026, with founding partners including Coinbase, Mastercard, Shopify, Stripe, and Visa, and over 200 institutions have signed up to add OUSD to the platform.

J.P. Morgan strategist Nikolaos Panigirtzoglou pointed out that the AI stock sell-off in October may be difficult to replicate the rapid rebound seen in July. Compared to before, the current market's willingness to buy on dips has weakened, short positions are insufficient to provide potential short-covering buying, corporate buyback funds are also decreasing, and at the same time, leveraged exposure in ETFs is being rebuilt, which may further amplify market volatility. J.P. Morgan believes that, based on investor positioning and capital flows, AI infrastructure stocks do not yet appear to be in an oversold state.This round of sell-off has spread from South Korean memory chip stocks to the U.S. semiconductor sector. SK Hynix and Samsung Electronics have both seen their stock prices drop by nearly one-third over the past month, and the Philadelphia Semiconductor Index has fallen 10% over the last five trading days. Additionally, the combined $40 billion stock buyback plan previously announced by the two companies was completed ahead of schedule in mid-October, which may have caused the market to lose some of the buying support brought by corporate buybacks.Meanwhile, BlackRock CEO Larry Fink warned that if the U.S. halts data center construction, the economy could fall into recession. He stated that a significant portion of U.S. economic growth is related to capital expenditures in AI infrastructure. As market concerns deepen regarding the return on AI investments and corporate profitability, price adjustments in the AI supply chain could also impact data center construction, energy infrastructure, and related employment sectors.

According to official disclosures from JPYC, the cumulative issuance of its issuance and redemption service JPYC EX surpassed 10 billion yen as of September 18, with users expanding from individuals to local Japanese businesses and overseas projects.On September 17, JPYC was listed on the South Korean exchange Upbit, trading against the Korean won, BTC, and USDT markets, but the market price temporarily deviated from 1 yen after the listing. In addition, Netstars signed a Memorandum of Understanding (MOU) with the Kaia DLT Foundation to integrate the stablecoins circulating on Kaia into its payment networks such as StarPay, which has approximately 700,000 affiliated stores; the Osaka physical store of Mi&T received a subsidy from the Osaka Prefecture for its JPYC payment pilot, planning to implement it in about 5 stores from November 2026 to March 2027.

After the third quarter earnings report was released, JPMorgan Chase (JPM.N) fell 2% in pre-market trading.

According to Bloomberg, JPMorgan Chase and Goldman Sachs are leading a $5 billion loan underwriting deal for AI cloud service company Volta Infrastructure Holdings (Volta AI), but are only underwriting $1.3 billion of the term loan to reduce their own risk exposure.It is reported that this $1.3 billion term loan deal will be used to pay for Volta's leasing fees for the data center of Bitcoin mining company Bitdeer. So far, representatives from JPMorgan Chase, Goldman Sachs, and Volta have declined to comment on the matter.

JPMorgan analysts stated that AI stocks are expected to drive a 70% profit growth in Asia by 2027. Analysts noted that Asia's AI exposure is primarily concentrated in the hardware sector, with supply constraints likely to persist until 2028, giving related companies significant pricing power.JPMorgan expects that by 2028, the net profit of the AI ecosystem will exceed $1 trillion, with free cash flow reaching $700 billion.

Linguard Labs is a financial technology infrastructure company headquartered in California, USA, founded by former Visa Head of Mobile Innovation Drew Weinstein, with former JPMorgan Global Chief Architect John Davies serving as Chief Technology Officer. Linguard Labs has acquired majority control of the Salvador Chivo wallet and announced the relaunch of the wallet through a public-private partnership.The Salvadoran government transferred the relevant majority stake under the guidance of the International Monetary Fund (IMF). The new Chivo will provide microloans and cash advances based on users' income, payment, and spending records within the wallet, and merchants can also apply for cash advances for business expansion, targeting unbanked and underbanked populations. The new program also includes fee-free remittances from the United States to El Salvador, as well as a debit card that supports cashback, allowing users to spend at merchants that do not yet accept cryptocurrency payments. Chivo currently has over 4.5 million registered users.

J.P. Morgan analysts stated that SpaceX's latest spectrum deal may raise concerns about intensified competition among the three major wireless carriers in the United States. Although SpaceX could become a new market participant, the threat to Verizon, T-Mobile, and AT&T remains limited in the short term.

In a report released on Wednesday, JPMorgan analysts estimated that approximately $50 billion has flowed into digital assets this year, with an annualized rate of about $66 billion, up from the annualized level of $52 billion in May, but still about half of last year's pace. The report is led by Nikolaos Panigirtzoglou. Analysts estimated the inflow by aggregating data from cryptocurrency fund flows, CME futures implied flows, cryptocurrency venture capital fundraising, and purchases by listed mining companies and corporate treasuries, this time including private company treasuries, private mining companies, and government-related entities in the statistics.Analysts pointed out that the inflow in the first half of the year mainly came from Bitcoin purchases by Strategy and cryptocurrency venture capital financing, while ETF fund flows were a drag at that time, with significant outflows in May and June; since August, ETF fund flows have improved, turning positive for the year, but if calculated from the market correction starting October 10, 2025, the cumulative ETF fund flow is still negative. Institutional positions in Bitcoin and Ethereum futures at CME have increased over the past two months, with Bitcoin positions surpassing previous peaks and Ethereum positions nearing the October 2025 high. Offshore exchange perpetual contract leverage has fallen from the peak after the correction but remains above historical averages, and trend-following traders, including commodity trading advisors, have begun to rebuild long positions in Bitcoin and Ethereum.Analysts also stated that Bitcoin mining companies have been net sellers this year, with net sales of about $1.8 billion, mainly from listed mining companies, which have shifted from hoarding coins to selling newly mined tokens, partially reducing their existing holdings to fund artificial intelligence infrastructure expenditures.