Wall Street heavyweight JPMorgan recently made an interesting statement: the de-risking phase of cryptocurrencies has ended. When this news broke, many people wondered if spring had arrived. But the reality is not that simple.

Although they said the de-risking process is over, they immediately poured cold water—current market conditions are just a fragile bottom, institutional and retail positions are indeed stable, ETF funds are no longer continuously flowing out, but there are no signs of large-scale inflows either. In their words, the market has stood up, but it hasn't learned to walk yet.

Why did JPMorgan choose to speak out now? On the technical side, Bitcoin has stabilized above the $50K mark; on the sentiment side, Coinbase's earnings also exceeded expectations, which may have given them confidence. However, they specifically emphasized "this is not a bull market trend," clearly fearing retail investors rushing in en masse again.

There are a few points worth noting here. First, as a representative of traditional finance, JPMorgan's words may carry a cautious tone—they haven't yet made a big move into the market themselves. Second, the fragile bottom means that any small disturbance, such as a shift in Federal Reserve policy or a black swan event, could break this fragile balance. Third, market interpretations are polarized: optimists see the dawn before sunrise, pessimists are still shouting wolf.

Overall, this stage is more suitable for observation and learning rather than heavy bottom-fishing. Opportunities are indeed there, but don’t let a couple of positive signals fool you.