Golden Finance reported that according to a report by analysts at JPMorgan, most of the favorable catalysts that could drive the price pump of BTC and the broader cryptocurrency market have already been priced in, including the offering of encryption ETFs by Morgan Stanley Wealth Advisors to its clients, the end of the bear market, and positive regulation from both parties in the US. The bank stated that these positive catalysts seem to have been reflected in the current price of digital assets. 'Due to the limited risk diversification in the Bitcoin futures market at the Chicago Mercantile Exchange, the stock market remains fragile... Although there have been recent adjustments, we still maintain a cautious attitude towards the cryptocurrency market.' The bank stated that any rebounds in the encryption market in the short term may be temporary, as the price of BTC is still high relative 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 price action below this level would put pressure on miners, further suppressing the price of BTC.