Dimon this time spoke very frankly, with traditional banks themselves admitting that on-chain and stablecoins are no longer just fringe concepts, but competitors that will take business away. The market is really not concerned with what this letter says, but rather that big banks are starting to treat tokenization as an essential competition to respond to. In the short-term sentiment, assets like $ETH that are linked to settlement and tokenization narratives are more likely to attract capital attention.