JPMorgan analysts said in their latest report that they are optimistic about digital assets in 2025, mainly due to the rise of "depreciation trading". With geopolitical tensions rising and the US election looming, investors may turn to gold and bitcoin as a hedge against economic instability. The report also mentioned that the approval of spot bitcoin ETFs, the near completion of crypto market bankruptcy liquidation, and the possible return of FTX bankruptcy cash will all drive the growth of the digital asset market.