Woofun AI reports that JPMorgan analysts identify the migration of blockchain applications to permissioned chains as a significant structural risk for Bitcoin. While Strategy's BTC sales create temporary pressure, the shift toward bank-built ledgers for payments and RWAs threatens public chain activity. Implementation of tokenized deposits and CBDCs within traditional infrastructure could reduce stablecoin demand and suppress Bitcoin performance, though favorable regulation or a strengthened "digital gold" narrative may mitigate these effects.