JP Morgan’s analysts, led by Nikolaos Panigirtzoglou, have released their 2024 crypto outlook, expressing caution about a potential crypto bull run. They believe that the Bitcoin halving is already priced in and anticipate a rise in production costs for miners after the event. Ethereum is highlighted as a potential outperformer in 2024, citing the EIP-4844 upgrade. However, concerns about centralization in Ethereum staking are raised. The report also mentions the emergence of new Decentralized finance (DeFi) chains and renewed interest in Non-fungible tokens (NFTs) as notable developments.