JPMorgan struck a constructive tone on digital assets even after the market pullback seen earlier this year. According to analyst Nikolaos Panigirtzoglou, stronger institutional inflows and clearer U.S. regulations could become key catalysts supporting the market in 2026.
The report noted that Bitcoin has fallen below its estimated production cost of around $77,000 and was trading near $66,300 at the time of writing. While miner losses may create short term pressure, the bank argued that this phase could help the market find a healthier equilibrium over the medium to long term.
JPMorgan also highlighted that Bitcoin, which has underperformed gold in recent months, could regain attractiveness from a risk return perspective if volatility dynamics shift. The bank expects any potential recovery in 2026 to be led mainly by institutional investors. If legislation such as the Clarity Act advances in the U.S., institutional participation in digital assets could accelerate further.
