The JPMorgan analyst pointed out that the crypto market will be influenced by several key factors in the coming months, including the seasonal "Up◡" trend, the Federal Reserve's interest rate cut, bitcoin ETF options trading, and the Ethereum "Pectra" upgrade. The report mentions that historical data shows that more than 70% of the "Up◡" month bitcoin returns were positive, which may have a positive impact on market behavior. In addition, despite the Federal Reserve's recent rate cut, JPMorgan analysts noted that the broader cryptocurrency market has yet to see the expected positive impact. They said that while a falling interest rate environment would typically support risky assets, the correlation between total cryptocurrency market cap and the federal funds rate remains weak at 0.46.