Banking giant JPMorgan does not expect the price of Bitcoin to experience a substantial rally. 

Any potential upside will be "limited" due to waning demand for spot Bitcoin ETFs. 

Moreover, JPMorgan cited the failure of Hong Kong's cryptocurrency ETF to support its rather cautious stance.  

According to Bloomberg, the extremely underwhelming performance of crypto ETFs has put a dent in Hong Kong's crypto hub ambitions. 

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The products, which debuted just two weeks ago, are already suffering from outflows. For comparison, US-based spot Bitcoin ETFs saw enormous demand following their launch, with BlacRock's IBIT breaking multiple records.  

The estimated mining cost 

The largest US bank has also estimated that the cost of mining one coin currently stands at $45,000 following the most recent halving event. 

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JPMorgan has noted that a post-halving drop in the hashrate has been delayed by the rather short-lived success of the Runes protocol that pushed Bitcoin fees significantly higher. 

The top cryptocurrency is currently trading at $66,412 on the Bitstamp exchange.