By Tyler Warner
6 min read
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Today’s top news:
Bitcoin has been sliding, sentiment has been deep in Fear mode, and Crypto Twitter has been panicking.
But one major bank isn’t concerned.
JPMorgan analysts published new guidance pushing back against the idea that the latest drawdown marks a return to crypto winter.
In fact, the bank says this is just a “meaningful correction,” not the start of a new bear market.
They pointed to several short-term drivers behind the recent sell-off:
The bank stressed that none of these dynamics signal a structural breakdown in crypto demand.
And importantly, they noted that institutional interest, real-world adoption, and tokenization efforts remain intact.
“The sell-off this past month triggered worries throughout crypto media and markets that the crypto ecosystem may be entering the next crypto winter. While we don’t anticipate the end of the current bull cycle, we do acknowledge this November pullback as meaningful.”
“Overall, we struggle to see these recent market pullbacks as emblematic of broader structural degradation within the crypto ecosystem, and thus we continue to be positive on the space.” - JPMorgan analysts
“This time really is different. We think crypto winters are a thing of the past.” - Geoffrey Kendrick, Standard Chartered’s head of digital assets
JPMorgan’s overall message is pretty simple: prices may have dropped, but the crypto bull thesis hasn’t changed.
They remain laser-focused on the major forces playing out in the crypto sector - ETF inflows, tokenization initiatives, bank participation, stablecoin growth.
All of those big-picture fundamental indicators are still moving forward (and one could argue that they’re accelerating).
And more broadly, both JPMorgan and BlackRock are bullish stocks (especially AI) into 2026, with BlackRock going full risk-on mode.
So their macro view is bullish as well.
That means the only real crypto bear case remaining is four-year cycle seasonality.
Unfortunately, this latest drawdown lined up nearly perfectly with a 4-year cycle view and thus bears are in control. Until they aren’t.
If/when prices do grind back up to near ATHs, the bull case that JPMorgan (and many others) has laid out will be shining brighter than ever. And 4-year truthers will have a hard decision to make.
And with the Fed meeting on deck today, that catalyst to ignite the run back to ATH could be here sooner than later. Time will tell…
A few Crypto and Web3 headlines that caught my eye:
Here’s a rundown of major token, protocol and airdrop news from the day:
Here is the list of other notable headlines from the day in NFTs:
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