Woofun AI reports that JPMorgan has reduced profit forecasts for Circle and Coinbase, attributing the downgrade to short-term revenue pressures stemming from Hyperliquid's new partnership arrangements. The bank argues this deal creates a "prisoner's dilemma," compelling both firms to compete for USDC market share at the expense of their financial interests. JPMorgan also cited declining crypto trading volumes and falling asset prices as contributing factors, while noting the partnership poses a greater long-term threat to Circle’s business model.