Morgan Chase: This round of Bitcoin's rebound is mainly benefited from institutional investors.

Odaily Odaily News: The cryptocurrency market suffered its most dramatic correction since the FTX crisis on Monday, with Bitcoin prices falling more than 15% at one point before rebounding. JPMorgan analysts said the rebound was mainly due to institutional investors, who have limited or no de-risking of Bitcoin futures despite overall market turmoil. JPMorgan analysts wrote in a report on Wednesday that JPMorgan's futures position indicator shows that these investors are optimistic about the outlook; last week Morgan Stanley allowed its wealth advisors to recommend spot Bitcoin exchange-traded funds to some clients. And the large-scale liquidation of Mt.Gox and Genesis bankruptcy may be over, while cash payments from FTX bankruptcy later this year may stimulate demand in the cryptocurrency market. They added that both major U.S. political parties have expressed support for favorable cryptocurrency regulation. Analysts pointed out that these positive catalysts have been largely taken into account by the market. This round of Bitcoin's sharp decline was not caused by cryptocurrency-specific problems, but by the pullback of traditional risky assets such as stocks. While institutional investors helped support Bitcoin's rebound, retail investors also contributed to Bitcoin's decline. Momentum traders such as commodity trading advisors also played a role, exiting long positions and establishing short positions. Overall, despite the recent correction, JPMorgan analysts remain cautious about the cryptocurrency market. Given that the above positive catalysts are largely factored in and there is limited risk reduction in the CME Bitcoin futures space, coupled with continued fragility in the stock market, analysts recommend maintaining a cautious outlook.