"Excessive optimism by crypto investors arising from an impending approval of spot bitcoin ETFs by the SEC has shifted bitcoin to the overbought levels seen during 2021," JPMorgan said.
While there has been some improvement in decentralized finance (DeFi) activity, the "biggest disappointment continues to be the inability of DeFi to encroach into the traditional financial system, which is necessary for the crypto ecosystem to transition from crypto native to real world applications," the report added.
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