JPMorgan analyst Nikolaos Panigirtzoglou's team released a report indicating that as the outflows from spot ETFs slow down, the sell-off in the cryptocurrency market may be nearing its bottom. The report states that despite recent market volatility, the open interest data from CME Bitcoin futures does not show clear signs of deleveraging, suggesting that institutional investors have not withdrawn en masse. JPMorgan believes that if the ETF outflow trend continues to improve, the market could stabilize and rebound in the short term, but close attention should be paid to changes in macroeconomic data. (CoinDesk)