JPMorgan says crypto de-risking is likely over as ETF flows stabilize
JPMorgan analysts suggest crypto de-risking is likely finished due to stabilizing ETF flows and easing selling pressure.Summary
JPMorgan analysts, led by Nikolaos Panigirtzoglou, report that the crypto de-risking phase appears to be ending, citing stabilization in key indicators. While Bitcoin and Ethereum ETFs saw outflows in December, January data suggests ETF flows are beginning to bottom out, alongside easing selling pressure in perpetual futures and CME bitcoin futures markets. The analysts conclude that the position reduction by both retail and institutional investors seen in late 2025 is likely over. They attribute the recent crypto correction primarily to de-risking triggered by MSCI's October 10th announcement regarding MicroStrategy index exclusion, rather than worsening liquidity conditions. Furthermore, MSCI's decision not to exclude crypto treasury companies from its February 2026 global equity benchmarks offers temporary relief.
(Source：The Block)