JPMorgan: Crypto sell-off may be nearing its end, with BTC and ETH outflows stabilizing

【BlockBeats】JPMorgan’s latest analysis report presents an interesting viewpoint — the recent downturn in the crypto market may be coming to an end soon.

According to reports, JPMorgan analysts noted that the outflows of funds from Bitcoin and Ethereum ETFs have shown clear signs of slowing down since January. Even more interesting is that the futures market position data also suggests that investors’ deleveraging operations are basically complete by the end of 2025, in other words, the major sell-offs are largely done.

Interestingly, JPMorgan believes that the main culprit behind this correction is not market pressure or deteriorating fundamentals. The real trigger was MSCI’s statement in October last year — they hinted at possibly excluding crypto-related companies from their indices. This directly triggered a wave of “de-risking” sell-offs.

The good news is that MSCI has recently changed its stance. They decided not to take action in the upcoming February 2026 global index review, which is essentially a confidence boost for the market. With this uncertainty removed, the forced sell pressure related to indices also dissipates. Coupled with steady market liquidity, multiple signals point in the same direction — this downward trend may truly be coming to an end.