❖ JPMorgan Chase maintains a "cautious" stance on the cryptocurrency market in the short term

JPMorgan analysts (led by Nicolas Panigirtzoglou) wrote in a report on Thursday: "Due to the lack of positive catalysts, the fading retail impulse, and the continued existence of the three major headwinds we mentioned in previous publications (high positioning, high Bitcoin prices relative to gold and Bitcoin estimated production costs, and low crypto venture capital funding), we maintain a cautious stance on the crypto market in the short term."