The total market cap of the 14 publicly-listed U.S. miners that Wall Street bank JPMorgan (JPM) tracks dropped 22% in February as the bitcoin (BTC) price declined and mining economics came under pressure.

Bitcoin miners with high performance computing (HPC) exposure fell following the DeepSeek artificial intelligence (AI) announcement, and due to concerns about demand for data center capacity in the near-term, the bank noted.

Revenue and profitability fell last month. The bank estimated that bitcoin miners earned $54,300 per EH/s on average in daily block reward revenue in February, a 5% decline from the month previous.

“Daily block reward gross profit declined 9% m/m to $29,500 per EH/s in February,” analysts Reginald Smith and Charles Pearce wrote.

The average network hashrate rose 3% to 810 exahashes per second (EH/s) last month, the report said.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain.

Mining difficulty rose 2% from January, the bank said. Network difficulty is now 28% higher than before the halving event in April last year.

Core Scientific (CORZ) was the best performer with a 9% drop, and Greenidge Generation underperformed with a 36% decline for the month, the report added.

Read more: U.S.-Listed Bitcoin Miners Accounted for 29% of Global Hashrate in February: JPMorgan

The institutionalization of crypto markets means that bitcoin (BTC) is no longer considered a niche investment, and increased adoption is forcing hesitant investors to reconsider the asset class, WisdomTree said in a report Monday, which looked at crypto trends for 2025.

The investment manager noted that portfolios with allocations to bitcoin are consistently outperforming those that don’t hold the world’s largest cryptocurrency.

Asset managers need to integrate the digital asset into multi-asset portfolios or “risk falling behind in a rapidly evolving financial landscape,” wrote analyst Dovile Silenskyte, adding that bitcoin adoption is expected to grow this year as more clients demand exposure to the asset class.

The launch of spot exchange-traded funds (ETFs) in the U.S. helped take crypto more mainstream in 2024. This momentum is expected to continue this year as the regulatory environment becomes more friendly in the U.S. under President Trump, and as more countries approve exchange-traded products (ETPs) for altcoins such as solana‘s SOL and XRP, WisdomTree said.

“This next wave of altcoin ETPs will expand the diversity of crypto investment opportunities and further integrate cryptocurrencies into the global financial system,” Silenskyte wrote.

The Ethereum blockchain’s role as the “backbone of decentralized finance (DeFi), non-fungible tokens (NFTs) and Web3 is unmatched,” the report said, but its scalability issues are still a problem.

Still, recent upgrades including Dencun are expected to drive layer-2 adoption on the blockchain, the report noted.

Stablecoins are “becoming indispensable to the global financial system,” and networks such as Solana are ideal for stablecoin payments and remittances, WisdomTree said.

Tokenization, the process of putting the ownership of real world assets on the blockchain, will expand dramatically in 2025, and will transform industries from private equity to venture capital, the report added.

Read more: Stablecoin Deals and China, Europe to Follow U.S. With Bitcoin Reserve: Wintermute Predictions

November was a monumental month for the crypto market in terms of performance, activity, politics and sentiment, JPMorgan (JPM) said in a research report Monday.

“President-elect Donald Trump’s reelection triggered a historic rally and jump in market caps across the crypto ecosystem,” analysts led by Kenneth Worthington wrote. This included tokens, decentralized finance (DeFi), stablecoins and publicly listed companies with crypto exposure.

The bank noted that the crypto ecosystem recorded its best monthly return, with its market cap rising 45%. Total crypto market cap swelled to $3.3 trillion.

Volumes across the crypto market more than doubled, with some digital assets witnessing even higher growth in trading activity, the report said. The bank noted that non-fungible token (NFT) volumes were weaker.

The U.S. spot exchange-traded products (ETPs) the bank tracks also witnessed record monthly net sales, around $7.6 billion combined.

Bitcoin ETPs grew in both size and trading volume and, while these products are not eating away at BTC spot trading volumes, the “ecosystem continues to trend increasingly concentrated around bitcoin,” the authors wrote.

Bitcoin dominance has been rising for most of the year, although it’s declined in recent weeks, in part due to the rising popularity of BTC ETPs, which accounted for $105 billion of assets at the end of last month, JPMorgan said.

Mining economics improved in November as the rally in the world’s largest cryptocurrency outpaced hashrate growth, the report added. Hashrate refers to the computational power securing the Bitcoin network.

Read more: Crypto Markets Have Benefited From a Positive Environment Since U.S. Election: Citi