JPMorgan: The crypto "de-risking" process may have ended, and ETF capital flows show signs of stabilization

Odaily Planet Daily reports that JPMorgan Chase states the previous “de-risking” process in the crypto market may be nearing its end, with fund flows into Bitcoin and Ethereum ETFs showing signs of stabilization.

The analysis team led by JPMorgan Chase Managing Director Nikolaos Panigirtzoglou pointed out in the latest report that although BTC and ETH ETFs experienced outflows in December 2025, global stock ETFs recorded a historic monthly net inflow of $235 billion during the same period. However, after January 2026, several indicators began to improve.

The report states that the fund flows for Bitcoin and Ethereum ETFs have shown “bottoming signs,” and the holdings indicators for perpetual contracts and CME Bitcoin futures suggest that selling pressure is easing. Analysts believe that the phase of simultaneous deleveraging by retail and institutional investors during Q4 2025 has likely ended.

Additionally, JPMorgan Chase pointed out that MSCI decided not to remove Bitcoin and crypto asset reserve companies from the global stock index during the February 2026 index review, providing the market with a “at least temporary relief,” which benefits related companies including Strategy.

The report also denies that recent crypto market corrections are caused by deteriorating liquidity. JPMorgan Chase believes the real trigger was MSCI’s statement on October 10 regarding the status of the MicroStrategy index, which triggered systemic de-risking operations. Current signs indicate that this process has largely been completed.