[JPMorgan: Bitcoin May Rise to $266,000 Long-Term, More Attractive Than Gold] According to a report by Golden Finance, JPMorgan analysts pointed out in their latest report that although the cryptocurrency market has recently been under pressure due to risk-averse sentiment and weakness in tech stocks, Bitcoin's appeal compared to gold is increasing. Analysts believe that Bitcoin's volatility relative to gold has dropped to a historic low of approximately 1.5, significantly enhancing Bitcoin's allocation value after adjusting for volatility. Based on the report's calculations, if Bitcoin's market capitalization were to match the scale of private sector gold investments (approximately $8 trillion), its price would need to reach $266,000. Analysts emphasized that this target is "unrealistic" for this year, but in the long term, once market sentiment reverses, Bitcoin's potential as a hedging asset could drive it toward this direction. Currently, Bitcoin's price has fallen below the estimated production cost of approximately $87,000 calculated by analysts. Despite weak market sentiment and continued capital outflows from spot Bitcoin and Ethereum ETFs, the scale of liquidations in the derivatives market remains relatively limited, with no deleveraging shock comparable to October last year. Analysts believe that the contraction in stablecoin supply reflects a natural adjustment following the shrinkage of total market capitalization, rather than a complete withdrawal of funds from the cryptocurrency market.