Gold Finance reported that in a report, analysts from JPMorgan Chase stated that most of the favorable information catalysts that could drive the prices of BTC and the broader cryptocurrency market to pump have already been priced in, including Morgan Stanley Wealth Management offering encryption ETFs to its clients, the end of the compensation in Mentougou, and favorable regulation indicated by both parties in the United States, and so on. The bank stated that these positive catalysts seem to have been reflected in the current prices of digital assets. 'Due to limited risk hedging in the BTC futures market of the Chicago Commodity Exchange, the stock market remains fragile... Despite recent adjustments, we still maintain a cautious attitude towards the cryptocurrency market.' The bank stated that any rebound in the encryption market in the short term may be short-lived, as the price of BTC is still relatively high compared to its production cost and gold. The bank's analysts currently estimate that the average production cost of BTC mining is about $49,000, and any PA below this level would put pressure on miners, further suppressing the price of BTC.