In July 2026, major U.S. financial firm JPMorgan released a report stating that the true threat to Bitcoin and public blockchains is not selling pressure from specific companies, but rather the "technology appropriation" by traditional financial institutions.
Indeed, proprietary private blockchains led by traditional financial players—such as Kinexys (formerly Onyx), which has processed over $4 trillion in cumulative volume, and the Canton Network, which reportedly manages more than $6 trillion in assets—have already grown far beyond the experimental stage.
Traditional finance is perfecting a strategy of "harvesting only the useful blockchain technologies and transplanting them within their own regulatory frameworks," bypassing the need to utilize public blockchains like Ethereum.
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