According to ChainCatcher, JPMorgan analysts stated that despite a significant pullback in Bitcoin over the past month, the market has not entered a "crypto winter," and the overall bull market cycle is not yet over.
Analysts pointed out that Bitcoin fell to $81,000 last month, a 9% drop from the beginning of the year, marking its first year-on-year decline since May 2023. While this pullback was significant, it didn't necessarily indicate a structural deterioration. As of Tuesday, Bitcoin was trading around $93,000, a pullback of about 1.5% from its peak. The team emphasized that the post-election surge in digital assets was driven by sentiment, and the subsequent decline in market capitalization (over 20%) and trading volume was a normal adjustment. Structurally, stablecoins have seen 17 consecutive months of growth, demonstrating significant resilience. JPMorgan Chase believes the traditional four-year cycle logic is weakening, and ETF investors are bringing a more stable funding structure to the market, making deep drawdowns of 80% increasingly unlikely. Standard Chartered Bank also stated in a research report that with the Fed's policy expectations easing, "the crypto winter may be over."
