According to a report released by Wintermute citing JPMorgan data, retail investors are shifting from cryptocurrencies to stocks, causing the main demand engine for digital assets—the stock market—to stagnate. This trend accelerated after the crash in October, which forced liquidations of over 1.6 million traders. Unlike stocks supported by profits, cryptocurrencies have long relied on retail speculation. As stock indices soared, Bitcoin's price has roughly halved to around $66,000.

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