Investment & TVL Discrepancy - Crypto领域已获得约1000亿美元的风险投资，涉及约6000轮投资[1] - 仅有3条链的生态系统TVL（总锁定价值）达到或超过200亿美元[1]

J P M O R G A N Global Markets Strategy 11 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Krutik P Mehta Flows & Liquidity The share of retail in US equity trading subsided during Feb/Mar Global Markets Strategy Nikolaos Panigirtzoglou AC (44-20) ...