The cryptocurrency market has not yet recovered from the crash on October 11. The total market capitalization of digital assets has fallen from $3.1 trillion a month ago to the current $2.3 trillion.

Although overall sentiment remains pessimistic following the market plunge, JPMorgan remains bullish on the cryptocurrency market through 2026. The bank recently stated that inflows of institutional funds and clearer regulatory environments are expected to strengthen the upward trend in the digital asset market.

Led by Nikolaos Panigirtzoglou, JPMorgan's analyst team wrote in a report: "We are optimistic about the crypto market in 2026 because we expect digital asset inflows to further increase, but this growth will be more driven by institutional investors."

JPMorgan analysts currently estimate Bitcoin's production cost at about $77,000 per coin, which could establish a new price equilibrium after miners clear out. If BTC trades below this production cost for an extended period, it may force some miners to exit the market. However, the bank's analysis suggests that this will also reduce Bitcoin's overall production costs, creating a self-correcting mechanism.#非农数据大超预期