JPMorgan analysts turn cautious on crypto, see contrarian bullish signal in weak sentiment

JPMorgan analysts have adopted a more cautious view on cryptocurrencies, stepping back from the "overweight" and "positive" stance they previously held for 2026. Even so, they argue that today's soft market mood could become a bullish contrarian indicator over time. They said a stronger second half would hinge on several developments: • @saylor's @Strategy rebuilding its U.S. dollar reserves to shore up confidence and ease concerns about potential future bitcoin sales • Greater clarity from Strategy on how it plans to meet roughly $1.7 billion in annual dividend obligations • Passage of the Clarity Act, which the analysts now see as having less than a 50% chance of being approved this year