On October 4, Tyrone Lobban, head of JPMorgan Chase's crypto department, told attendees at the CCData Digital Asset Summit in London yesterday that "99.9%" of his conversations with clients are about tokenized forms of traditional financial instruments, not cryptocurrencies. There is extensive discussion about how to put traditional assets on the chain, and almost every global bank, broker-dealer or asset management company is doing something on a licensed blockchain or a public blockchain. In terms of cryptocurrencies, he attributed the recent series of industry bankruptcies to a cooling of interest, saying that "some clients don't necessarily want to get involved now." Lobban also commented on Bitcoin's recent price stability, saying that the world's most popular cryptocurrency "may be more like a stablecoin now," and then added that the days of Bitcoin's huge returns may have been over for some time.