According to JPMorgan analyst reports, although the cryptocurrency market has rebounded after the sell-off triggered by the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. Analysts stated that this trend is unlikely to change unless there is a significant improvement in on-chain activity, DeFi, and real-world use cases. The report pointed out that since the market downturn, Bitcoin has shown strong recovery in spot ETF fund flows and repairing CME futures positions; meanwhile, over the past few years, Ethereum upgrades have reduced Layer 2 transaction costs but failed to effectively boost on-chain activity, instead weakening ETH's burn mechanism and increasing net supply growth. Analysts also noted that lack of liquidity, decreased market depth, and frequent security incidents in the industry continue to suppress the performance of altcoins. (The Block)