JPMorgan analysts said in a report that most of the positive catalysts that could drive the price of bitcoin and the broader cryptocurrency market have been priced in, including Morgan Stanley wealth advisors offering crypto ETFs to their clients, the impending end of door-to-door repayments, and bipartisan U.S. regulation, among others. The bank said these positive catalysts appear to have been reflected in the current price of digital assets. "Stocks remain vulnerable due to limited de-risking in the CME bitcoin futures space... Despite recent corrections, we remain cautious about the cryptocurrency market." The bank said that any short-term rally in the crypto market is likely to be short-lived, as the bitcoin price remains too high relative to its production costs and gold. Analysts at the bank currently estimate that the average production cost of bitcoin mining is around $49,000, and any price movement below that level would put pressure on miners, further depressing the price of BTC.