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

By: theblockbeats.news|2026/01/09 00:46:01
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BlockBeats News, January 9th, JPMorgan Chase stated 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 Managing Director Nikolaos Panigirtzoglou-led analysis team pointed out in a recent report that despite fund outflows from BTC and ETH ETFs in December 2025, which saw a historic monthly net inflow of $235 billion into global stock ETFs during the same period, various indicators have started to improve since January 2026.


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


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


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

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