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

BlockBeats News, January 9th, JPMorgan Chase said that the previous "de-risking" process in the crypto market may be coming to an end, and the fund flows of Bitcoin and Ethereum ETFs are showing signs of stabilization.

JPMorgan Chase's analysis team, led by Managing Director Nikolaos Panigirtzoglou, pointed out in a recent report that despite outflows from BTC and ETH ETFs in December 2025, which saw a historic monthly net inflow of $235 billion into global stock ETFs, several indicators have started to improve as of January 2026.

The report stated that the fund flows of Bitcoin and Ethereum ETFs have shown "signs of bottoming out," and at the same time, the open interest indicators of perpetual contracts and CME Bitcoin futures show that selling pressure is easing. Analysts believe that the phase where retail and institutional investors were likely to have been reducing their positions simultaneously during the fourth quarter of 2025 has probably ended.

In addition, JPMorgan Chase pointed out that MSCI decided not to exclude Bitcoin and crypto asset reserve companies from global stock indices in the February 2026 index review, providing the market with "at least temporary relief," benefiting relevant companies including Strategy.

The report also denied that the recent pullback in the crypto market was due to deteriorating liquidity. JPMorgan Chase believes that the real trigger was MSCI's statement on October 10 regarding MicroStrategy's index status, which triggered a systemic de-risking operation, and current signs indicate that this process has been largely completed.