[JPMorgan: The traditional four-year cycle logic is weakening, and the crypto bull market cycle has not ended] According to a report by Jinse Finance, JPMorgan analysts stated that despite Bitcoin experiencing a significant pullback over the past month, the current market has not entered a 'crypto winter,' and the overall bull market cycle has not ended. Analysts pointed out that Bitcoin once fell to $81,000 last month, with monthly performance down 9% compared to the beginning of the year, marking the first year-over-year decline since May 2023. However, while this pullback is 'significant,' it is not enough to indicate structural deterioration. As of Tuesday, Bitcoin's price was approximately $93,000, down about 1.5% from its peak. The team emphasized that digital assets were temporarily boosted by sentiment following the election, and the subsequent market cap decline of over 20% and weakening trading volumes are considered normal adjustments. Structurally, the stablecoin market has grown for 17 consecutive months, demonstrating 'notable 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% level deep corrections increasingly unlikely. Similarly, Standard Chartered Bank stated in its research report that with the Federal Reserve's policy expectations turning dovish, the 'crypto winter may already be a thing of the past.'