JPMorgan Plays Down Crypto Winter Risk as Stablecoin Volumes Rise for 17 Straight Months

On 10 December 2025, JPMorgan said Bitcoin’s pullback from record levels, including last month’s drop to around $81,000, is a cooling of an overheated rally rather than the start of a new crypto winter. The bank cited a market capitalization decline of more than 20% alongside 17 consecutive months of increasing stablecoin settlement volumes as evidence that underlying activity remains resilient. Standard Chartered’s Jeffrey Kendrick also argued this cycle differs from past boom-and-bust episodes because of deeper institutional, structural, and technological development. Bitcoin is trading near $93,000, with technical indicators showing early signs of price stabilization.