JPMorgan analysts have pointed out that the crypto market will be affected by several key factors in the coming months, including the seasonal "Upember" trend, the Federal Reserve's interest rate cut, and the Ethereum "Pectra" upgrade. They mentioned that historical data shows that more than 70% of the "Upember" month Bitcoin returns are positive, which may have a positive impact on market behavior. Although the Federal Reserve's interest rate cut has not yet significantly boosted the crypto market, analysts believe that the market's sensitivity to macroeconomic factors remains high, and clearer catalysts are needed to achieve sustained growth. In addition, the approval of Bitcoin ETF options may also deepen market liquidity and attract more investors.