جولدمان ساكس: قد تقترب موجة البيع في العملات المشفرة من نهايتها، وتدفقات الأموال من BTC و ETH تتجه نحو الاستقرار

【Block Rhythm】JPMorgan’s latest analysis report presents quite an interesting perspective — this round of decline in the crypto market may be coming to an end soon.

According to reports, analysts at JPMorgan mentioned that capital outflows from Bitcoin and Ethereum ETFs have shown significant signs of slowing down since January. Even more interestingly, positioning data from the futures market also suggests that investors’ position reduction operations were basically completed by the end of 2025, in other words, those who wanted to sell have basically sold off.

Interestingly, JPMorgan believes that the culprit behind this round of adjustment is not market pressure or deteriorating fundamentals. The real trigger was MSCI’s remarks in October last year — they hinted at the time that they might exclude crypto-related companies from indices. This directly sparked a wave of “de-risking” selloffs.

However, the good news is that MSCI recently changed its tone. They decided to take no action in the global index review in February 2026, which is equivalent to giving the market a shot in the arm. With this uncertainty gone, forced selling pressure related to indices has also dissipated. Combined with stable market liquidity, multiple signals are pointing in the same direction — this round of selloff may really be coming to an end.