JPMorgan: ETF capital outflows slow down, crypto market sell-off may have already approached the bottom

On January 8, according to CoinDesk, JPMorgan’s latest report indicates that the recent sell-off in the cryptocurrency market may be nearing its end. Analyst Nikolaos Panigirtzoglou stated that the outflows from Bitcoin and Ethereum ETFs began to stabilize in January, and futures market positioning indicators also show that investor deleveraging by the end of 2025 has essentially been completed. JPMorgan believes that market liquidity remains good, and this round of adjustment was mainly caused by de-risking triggered by MSCI’s statement in October last year about the possible exclusion of crypto-related companies, rather than market pressure. MSCI recently decided not to exclude cryptocurrency-related companies in the February 2026 global index review, providing short-term relief to the market and reducing the risk of forced selling associated with index movements.