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JPMorgan analysts say the near-term direction of Bitcoin’s price now depends less on miner behavior and more on the financial resilience of Strategy, the world’s largest corporate holder of Bitcoin, even as mining pressure and market volatility persist.
In a report led by managing director Nikolaos Panigirtzoglou, the bank identified two forces currently weighing on Bitcoin. The first is a recent decline in Bitcoin’s network hashrate and mining difficulty.
The second is the growing market focus on Strategy’s balance sheet and its ability to avoid selling its Bitcoin holdings during the ongoing market downturn.High-Cost Bitcoin Miners Capitulate as Hashrate Slips and Margins Collapse
The decline in hashrate reflects a combination of China reiterating its ban on private mining activity and high-cost miners outside the country retreating as falling Bitcoin prices and elevated electricity costs squeeze profitability.
JPMorgan now estimates Bitcoin’s production cost at $90,000, down from $94,000 last month. The estimate assumes electricity priced at $0.05 per kilowatt hour, with every $0.01 increase adding roughly $18,000 to production costs for higher-cost miners.Source:
With Bitcoin trading near $92,000, JPMorgan said the asset continues to hover close to its estimated production cost, creating sustained selling pressure from miners.
As profits tighten, several high-cost producers have been forced to liquidate Bitcoin holdings in recent weeks to remain solvent.
Despite those pressures, JPMorgan said miners are no longer the key driver of Bitcoin’s next major move. Instead, attention has shifted to Strategy’s ability to maintain its Bitcoin position without being forced into sales.
Strategy’s enterprise-value-to-Bitcoin-holdings ratio currently stands at 1.13. That figure reflects the combined market value of its debt, preferred stock, and equity relative to the market value of its Bitcoin treasury. Source:
According to JPMorgan, the fact that the ratio remains above 1.0 is “encouraging” because it shows that Strategy is unlikely to face pressure to sell Bitcoin to meet interest or dividend obligations.
The company recently reinforced that position by creating a $1.44 billion U.S. dollar reserve through ongoing at-the-market equity sales.
The reserve is designed to cover dividend payments and interest expenses for at least 12 months, with the company targeting coverage of up to 24 months.
JPMorgan said the reserve significantly reduces the risk of forced Bitcoin sales in the foreseeable future.JPMorgan Sees $170K Bitcoin Scenario Despite Strategy’s MSCI Index Risk
Strategy’s Bitcoin accumulation has slowed sharply in recent months, though it remains deeply exposed to price movements.
In November, it added 8,178 BTC in its largest purchase since July, bringing total holdings to roughly 650,000 BTC. Its basic market capitalization stands near $54 billion, with an enterprise value of about $69 billion.Source:
Markets are also watching an upcoming decision by MSCI on whether to remove Strategy and other digital-asset treasury companies from its equity indices. JPMorgan said the downside risk from exclusion is largely priced in.
Since MSCI launched its review in October, Strategy’s share price has fallen roughly 40%, underperforming Bitcoin by about $18 billion in market value.
JPMorgan estimates that an MSCI exclusion could trigger $2.8 billion in passive outflows, with as much as $8.8 billion at risk if other index providers follow suit.
Even so, the bank said further downside would likely be limited. By contrast, if MSCI keeps Strategy in major indices, JPMorgan said both Strategy and Bitcoin could rebound sharply toward pre-October levels.
Beyond corporate balance sheets, JPMorgan continues to point to broader crypto market structure for longer-term upside. The bank said perpetual futures deleveraging appears largely complete following record liquidations in October.
At the same time, Bitcoin’s volatility ratio relative to gold has improved, strengthening its risk-adjusted appeal to investors.
Based on those metrics, JPMorgan reiterated its volatility-adjusted comparison of Bitcoin to gold, which implies a theoretical Bitcoin price near $170,000 over the next six to twelve months if market conditions stabilize.
Notably, Bitcoin is currently trading about $68,000 below that level.
Network throughput and payment volume are two crucial areas where XRP continues to outperform the wider market. The XRP Ledger is still steadily operating above the $1 billion-per-day threshold in both payments and successful transactions, even though price action has moved deeper into a declining channel and threatened a retest of the $2.00 psychological zone.
XRP's network is healthy
As a result, XRP is among the very few networks that sustain a billion-scale daily operational load, which is a crucial fundamental anchor that investors should not ignore. The on-chain data simultaneously displays two things. Payment volume spikes continue to be enormous; the most recent increase in value reached about 946 million XRP per day. Chart by TradingView">
This keeps XRP well above the billion-range average that has been formed throughout November, even though it is less than the 2.2 billion mega-spike earlier in the month. Recent readings of successful transaction counts have exceeded 1.8 million per day, a level that has historically been associated with increased utility-driven activity rather than speculative noise.
XRP's suppressed performance
For price, however, the chart presents an alternative picture. Every attempt to break above the 21-day EMA and midchannel resistance is thwarted, and XRP is still trapped inside a distinct declining channel. The moving averages stack bearishly at 21, 50, 100 and 200, and there is little momentum and stagnant volume. Put simply, the market is still unconvinced, 000even though the fundamentals are getting better.
The implications of this disconnect for investors are complex. The chart remains pessimistic. When the channel's lower boundary is lost, XRP moves straight toward the $2.00-$1.90 range. When that zone is broken, it opens the door to $1.50 and ultimately $1.00. The fundamentals are still very positive.
Sustained daily throughput of more than $1 billion in payments is not an insignificant accomplishment; it indicates scaled active ledger usage, which has historically preceded long-term recoveries. Fundamentals will not be immediately followed by price. XRP has a history of lagging market cycles and consolidating when utility metrics are rising.
EigenCloud will unlock about 36.82 million EIGEN tokens, which is 9.74% of all released coins, on January 1, 2026. This large release can add many new tokens to the market. If there are not enough buyers, the price may go down because there are more tokens to sell. Large unlocks often make traders worried about short-term price drops. However, if demand is strong or if the team has a plan to handle the unlock, the effect may be smaller. Traders should watch for higher price changes around this date. source
Kamino plans to unlock 229.17 million KMNO tokens, or 5.35% of its circulating supply, on December 30, 2025. This is a big token amount being added to the market and may lead to more selling pressure if holders decide to sell. Because unlocks bring more liquidity, prices can fall if demand does not grow equally. Traders should keep an eye on the market because unlocks like this can cause prices to go up and down quickly, especially if many holders sell at once. source
Treehouse is unlocking 11.25 million TREE tokens, or 5.45% of the released supply, on December 29, 2025. While this is less than some larger projects, it is still a big share of Treehouse’s coins. New tokens entering the market can lower the price if many people sell. However, if there is enough interest from new buyers, the impact may not be strong. Unlock events can sometimes bring surprises, so traders should be careful and watch the price closely around this time. source
According to an analytics report, XRP traded near $2.06 on Friday as social chatter around the token turned sharply negative after a two-month slide of about 30%.
Traders and data firms flagged a sudden rise in bearish messages, a shift from the more mixed views seen earlier this year. The mood has tightened around crypto, and XRP is not immune.
Crowd Mood Shifts To Fear
Based on reports from Santiment, its chart tracks XRP’s price against positive and negative comments and a combined sentiment line that aims to measure crowd feeling.
Recent readings pushed the balance into what Santiment calls the fear zone, where negative talk outweighs optimism. On this same model, Santiment pointed to Nov. 21 as a comparable moment.
Back then, XRP rallied more than 20% over the next three days before gains cooled. That past move is being used as a reference point by traders who watch social signals closely.
Santiment@santimentfeedDec 04, 2025XRP (-31% in the past 2 months), unlike Bitcoin, is seeing the most fear, uncertainty, & doubt (FUD) since October, according to our social data.
Circles indicate days where there are abnormally higher BULLISH comments compared to BEARISH comments, about XRP (Greed Zone)… https://t.co/lJNW8zlRwK pic.twitter.com/ZoFmwrtw3h
Short Squeezes And Reflexive Moves
Extreme pessimism can become a catalyst. When weaker holders sell and shorts pile in, a quick reversal can squeeze sellers and lift price sharply. This is the scenario many are watching: heavy bearish chatter could clear the way for a reflexive rebound if buying pressure appears.
Santiment urged followers to keep an eye on the same dashboard to spot rapid shifts in sentiment, and some traders say the crowd’s mood often leads price in the very short term. Price Moves And Market Backdrop
XRP was last reported down about 4% at $2.04, extending a loss of roughly 6% over the past month. The total crypto market value slipped about 1% to $3.22 trillion on the same day, a pullback that has dragged on many altcoins even as liquidity stays concentrated in the largest tokens.
Order books on smaller pairs have thinned and leveraged positions were trimmed, leaving less depth to absorb big moves. Traders also cited uncertainty around upcoming US policy decisions as a factor behind cautious positioning. Institutional Push And On-Ledger Activity
Analysts watching the token say it still has room to run toward $2.50 to $2.75 if cross-border liquidity flows pick up and stablecoin projects on the XRP Ledger gain momentum. Reports have disclosed that Ripple has been moving to broaden its institutional reach.
Cameron Scrubs@imcameronscrubsDec 02, 2025Buy XRP. Stop focusing on any other Crypto Coins
They don’t matter
Last month, the firm launched digital asset spot prime brokerage services in the US after acquiring Hidden Road and folding it into Ripple Prime, a combined trading and custody setup for professional clients. That push is being watched as a potential longer-term support for demand.Vocal Bulls And Market Signals
Despite the FUD surrounding XRP, Cameron Scrubs, founder of Tradeship University, has again urged followers to “buy XRP,” stating that other crypto assets “don’t matter.” In previous posts, he also called to “sell everything and buy XRP.”
Traders are watching these statements closely as sentiment shifts, while on-chain data and social signals are being monitored for indications that the current negative chatter may be starting to ease.
Featured image from Gemini, chart from TradingView
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