JPMorgan Chase: The process of "de-risking" cryptocurrencies may have ended, with signs of stabilization in ETF inflows.

JPMorgan Chase suggests that the previous "de-risking" process in the crypto market may be nearing its end, with Bitcoin and Ethereum ETFs showing signs of stabilization in fund flows. A recent report by an analysis team led by Nikolaos Panigirtzoglou, Managing Director at JPMorgan Chase, points out that while BTC and ETH ETFs experienced outflows in December 2025, global equity ETFs recorded a historic monthly net inflow of $235 billion during the same period. However, several indicators began to improve in January 2026. The report states that Bitcoin and Ethereum ETF fund flows have shown "bottoming out," and that perpetual contracts and CME Bitcoin futures open interest indicators suggest that selling pressure is easing. Analysts believe that the phase of simultaneous selling by retail and institutional investors during the fourth quarter of 2025 has likely ended. Furthermore, JPMorgan Chase points out that MSCI's decision in its February 2026 index review not to remove Bitcoin and crypto asset reserve companies from its global equity indices provides "at least temporary relief" to the market, benefiting related companies including Strategy. The report also denies that the recent crypto market correction was caused by deteriorating liquidity. JPMorgan Chase believes the real trigger was MSCI's October 10th statement regarding the MicroStrategy index status, which initiated a systemic de-risking process, and current indications suggest this process is largely complete.