JPMorgan: The crypto de-risking phase may have ended, and ETF fund flows show signs of stabilization

GateUser-6433627c · 2026-01-09T00:22:46+00:00

JPMorgan states that the de-risking process in the crypto market may be nearing its end, with Bitcoin and Ethereum ETFs showing signs of stabilized capital flows. Analysts point out that this shift is accompanied by easing selling pressure and improving market indicators, suggesting that the retail and institutional deleveraging phase has ended. Additionally, MSCI's decision not to exclude related companies for now also supports the market.

GateUser-6433627c

2026-01-09 00:22:46

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On January 9, JPMorgan stated that the previous “de-risking” process in the crypto market may have come to an end, and the capital flows into Bitcoin and Ethereum ETFs are showing signs of stabilization. The analysis team led by Managing Director Nikolaos Panigirtzoglou pointed out in the latest report that although BTC and ETH ETFs experienced outflows in December 2025, global stock ETFs recorded a historic monthly net inflow of $235 billion during the same period. However, after January 2026, several indicators began to improve. The report states that the capital flows into Bitcoin and Ethereum ETFs have shown “bottoming signs,” and the open interest in perpetual contracts and CME Bitcoin futures indicates that selling pressure is easing. Analysts believe that the phase of simultaneous deleveraging by retail and institutional investors during Q4 2025 has likely ended. Additionally, JPMorgan noted that MSCI decided not to remove Bitcoin and crypto asset reserve companies from the global stock index in the February 2026 review, providing the market with a “at least temporary relief,” which benefits related companies including Strategy. The report also dismisses recent crypto market corrections as being caused by deteriorating liquidity. JPMorgan believes that the real trigger was MSCI’s statement on October 10 regarding the status of the MicroStrategy index, which triggered systemic de-risking operations, and current signs indicate that this process has essentially been completed.

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