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

Odaily Planet Daily reports that JPMorgan’s latest analysis suggests 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 have begun to stabilize since January, and futures market positioning indicators also show that investor deleveraging by the end of 2025 has largely been completed. The bank believes that market liquidity remains healthy, and this round of adjustment was mainly triggered by MSCI’s de-risking caused by its statement in October last year about potentially excluding crypto-related companies, rather than market pressure. Recently, MSCI decided not to exclude cryptocurrency-related companies in its February 2026 global index review, providing short-term relief to the market and reducing the risk of forced selling related to index movements. (CoinDesk)