Odaily Planet Daily News: JPMorgan analysts stated that despite a significant pullback in Bitcoin over the past month, the current market has not entered a "crypto winter," and the overall bull market cycle is not over. The analysts pointed out that Bitcoin fell to $81,000 last month, down 9% from the beginning of the year, marking the first year-over-year decline since May 2023. However, while this pullback is "meaningful," it is not enough to indicate structural deterioration. As of Tuesday, the price of Bitcoin was around $93,000, about 1.5% off its peak. The team emphasized that digital assets experienced a short-term boost in sentiment following the election, and the subsequent 20%+ drop in market cap and weaker trading volumes are both normal adjustments. Structurally, the stablecoin market cap has grown for 17 consecutive months, showing "significant resilience." JPMorgan believes that the traditional four-year cycle logic is weakening, and ETF investors are bringing a more stable capital structure to the market, making 80%+ deep drawdowns increasingly unlikely. Standard Chartered Bank also stated in a research report that with the Fed's policy expectations turning dovish, "crypto winter may be a thing of the past." (Decrypt)