JPMorgan: The Crypto De-risking Phase May Be Over, ETF Fund Flows Show Signs of Stabilization

ChainCatcher News, JPMorgan stated that the previous "de-risking" process in the crypto market may be nearing its end, as capital flows in bitcoin and ethereum ETFs are showing signs of stabilization. In its latest report, the analysis team led by JPMorgan Managing Director Nikolaos Panigirtzoglou pointed out that although BTC and ETH ETFs experienced outflows in December 2025, global equity ETFs recorded a historic monthly net inflow of $235 billion during the same period. However, after entering January 2026, multiple indicators began to improve.

The report states that capital flows in bitcoin and ethereum ETFs have shown "signs of bottoming out," while the open interest indicators for perpetual contracts and CME bitcoin futures suggest that selling pressure is easing. Analysts believe that the phase during the fourth quarter of 2025, when both retail and institutional investors were reducing positions simultaneously, has most likely ended. In addition, JPMorgan noted that MSCI's decision in its February 2026 index review not to remove bitcoin and crypto asset reserve companies from global equity indices has provided the market with "at least temporary relief," benefiting related companies including Strategy. The report also denied that the recent crypto market correction was caused by deteriorating liquidity. JPMorgan believes that the real trigger was MSCI's statement on October 10 regarding MicroStrategy's index status, which led to systematic de-risking operations. Current signs indicate that this process has basically been completed.