The recent downturn in the cryptocurrency market is attributed to traditional financial factors rather than an industry-specific crisis, according to industry insiders. Rising interest rates in Japan have increased borrowing costs and heightened market volatility, leading to higher margin requirements. For instance, margin requirements for metal trading have increased from 11% to 16%, prompting traders to close positions and exerting downward pressure on risk assets, including cryptocurrencies. Despite the market dip, Bitcoin ETFs remained actively traded, suggesting that institutional investors have not fully withdrawn from the market. Emma Lovett, Head of Market DLT Credit at JPMorgan, noted that a more accommodative policy environment in the U.S. is fostering experiments with public chains and stablecoin settlements. She anticipates further integration of traditional finance and crypto infrastructure by 2026.