JPMorgan's research report indicates that the total crypto market cap was $2.02 trillion at the end of August, a 24% decline from the $2.67 trillion peak reached in March. The bank says the crypto ecosystem is "lacking major catalysts" and expects crypto asset prices to be more sensitive to macroeconomic factors.

Despite the price decline, trading volumes increased in August, with bitcoin (BTC) and ether (ETH) average daily volumes rising more than 10% month-over-month. Stablecoins were an outlier, with their market caps and volumes increasing compared to July.

The report notes that spot ether and bitcoin exchange-traded fund (ETF) flows were "somewhat uninspiring," with many viewing the launch of ETH ETFs as disappointing compared to the bitcoin versions launched in January. Spot bitcoin ETF flows also disappointed, with net outflows of $81 million in August.

Source: https://www.coindesk.com/markets/2024/09/06/crypto-market-lacks-major-near-term-catalysts-jpmorgan-says/

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