Analysts at JPMorgan Chase pointed out several key factors that could affect the cryptocurrency market in the coming months, including the seasonal "Uptober" trend, the Fed's rate cuts, and Ethereum's upcoming "Pectra" upgrade. However, despite the potential these events offer the market, the macroeconomic environment still has a significant impact on the performance of cryptocurrencies, and the market is waiting for clearer long-term growth catalysts. "Uptober": Bullish seasonal trend in October Analysts at JPMorgan Chase pointed out that October is usually a bullish month for the cryptocurrency market, especially Bitcoin, and this trend is called "Uptober". According to historical data, Bitcoin has shown positive returns in more than 70% of Octobers. Analysts believe that this trend may stem from the seasonal behavior pattern of the market. Although past performance does not guarantee future returns, the existence of this routine may affect investor psychology and may prompt Bitcoin to perform better in October. Some analysts also remind investors not to rely too much on historical data. Changes in market sentiment and external factors may make this October different from previous ones. The price trend of crypto assets such as Bitcoin is affected by many factors such as the global economy, geopolitics, and regulatory changes. The impact of the Fed's rate cut on cryptocurrencies The Federal Reserve implemented a rate cut in September. According to traditional economic theory, rate cuts usually support risky assets because low interest rate environments usually stimulate borrowing and investment, reducing the opportunity cost of holding high-yielding assets. However, analysts at JPMorgan Chase observed that the cryptocurrency market has so far been relatively sluggish in its response to rate cuts. Since the Fed's rate cut, the total market value of cryptocurrencies has not grown significantly, and the correlation with the federal funds rate remains low at 0.46. In the current macroeconomic environment, investors may be waiting for a more lasting signal of economic stability," the analysts added. The cryptocurrency market's low sensitivity to interest rate cycles may be partly due to the short history of crypto assets. Bitcoin was born in 2009, and for most of its development, the Fed's interest rate was close to zero. Therefore, the market's sensitivity to interest rates is relatively weak. Analysts also pointed out that although the Fed's rate cut policy is beneficial to risky assets, the unique characteristics of the cryptocurrency market - including its higher volatility and low correlation with traditional asset classes - make its response more complicated.Therefore, even in a low-interest rate environment, the cryptocurrency market still needs a more stable macroeconomic environment to drive its steady growth. Potential of Bitcoin ETF Option Trading The introduction of Bitcoin ETFs is another important development in the market, and analysts believe that this development may enhance market liquidity and attract more institutional and retail investors to participate. The approval of spot Bitcoin ETFs means that investors can access Bitcoin in a more flexible and low-risk way, which is expected to change the liquidity structure of the market. Currently, the U.S. Securities and Exchange Commission (SEC) has approved BlackRock's iShares Bitcoin Trust to be listed and traded on Nasdaq. Analysts at JPMorgan Chase expect this move to promote the depth and breadth of the market and increase participation in the Bitcoin market. "With options, investors can take advantage of a more dynamic way to participate in ETFs, which will drive liquidity for the underlying assets. The long-term impact of Ethereum's "Pectra" upgrade Ethereum's "Pectra" upgrade is also one of the focuses of JPMorgan analysts. Pectra combines the Prague and Electra updates and will implement more than 30 Ethereum Improvement Proposals (EIPs) that are designed to improve network efficiency, validator operations, and the scalability of account abstraction. This upgrade will drive Ethereum to better support the application of decentralized finance (DeFi) and smart contracts, laying the foundation for future scalability and stability. Although the Pectra upgrade will improve Ethereum's network performance and ease of operation, it may not have a direct impact on prices in the short term. The purpose of the Ethereum upgrade is to structurally enhance the functionality of the network, so its impact on prices may take a long time to manifest. "Although the Pectra upgrade is technically very important, its impact will mainly be reflected in the long-term user experience and increased adoption. We believe that this upgrade will help Ethereum continue to maintain its market dominance in the future, but it will not immediately trigger a significant increase in prices." The analyst concluded.