JPMorgan: Xu hướng bán tháo tiền điện tử có thể sắp kết thúc, dòng vốn chảy ra khỏi BTC và ETH đang ổn định

【Block Rhythm】JPMorgan Chase’s latest analytical report has put forth a rather interesting perspective — this round of decline in the crypto market may be coming to an end soon.

According to reports, analysts at JPMorgan Chase mentioned that capital outflows from Bitcoin and Ethereum ETFs have shown obvious signs of slowing down since January. Even more interesting is that position data in the futures market also suggests that investors’ position reduction operations were basically completed by the end of 2025, or put simply, those who wanted to sell have basically finished selling.

Interestingly, JPMorgan Chase believes that the culprit behind this round of adjustment 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 sparked a wave of “de-risking” selling.

However, the good news is that MSCI has recently changed course. They decided to hold off on making moves in the February 2026 global stock index review, which is equivalent to giving the market a shot in the arm. Without this suspense, the forced selling pressure related to indices has also dissipated. Combined with market liquidity remaining robust, multiple signals are pointing in the same direction — this round of sell-off may really be coming to an end.