2026-01-09 01:24:46

Recently, JPMorgan issued an interesting view — the previous wave of "de-risking" in the crypto market may be coming to an end.

According to the latest analysis from Nikolaos Panigirtzoglou, Managing Director at JPMorgan, although Bitcoin and Ethereum ETFs experienced outflows in December 2025, global stock ETFs saw a record monthly net inflow of $235 billion during the same period — indicating a shift in overall market risk sentiment.

More importantly, after January 2026, several signals began to improve. The outflows from Bitcoin and Ethereum ETFs started to bottom out, and data on perpetual contracts and CME Bitcoin futures positions also show that selling pressure is gradually easing. JPMorgan analysts believe that the phase of retail and institutional investors simultaneously reducing their holdings has basically been completed.

There's also good news — MSCI has decided to temporarily retain Bitcoin and crypto asset reserve companies in the global equity index during the February 2026 index review, which is a reassuring signal for related companies.

It’s worth noting that JPMorgan also refuted a claim: recent market adjustments are not due to liquidity deterioration. They believe the true trigger points to other factors. Overall, market sentiment is gradually shifting from extreme pessimism to stabilization, which is a positive sign for long-term holders.

BTC4,22%

ETH6,09%

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CoffeeOnChain

· 01-11 22:42

Bottom signals are indeed appearing, but I'm still waiting and watching.

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0xTherapist

· 01-11 09:05

The bottom signals are becoming clearer; those who endure will be able to profit.

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SilentObserver

· 01-09 18:10

Are the bottom signals becoming more obvious, and are people still panic selling?

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RuntimeError

· 01-09 01:54

The bottom signals are becoming clearer; it all depends on whether we can withstand the next wave of impact.

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LiquidityHunter

· 01-09 01:52

The bottom signals are becoming more and more obvious, just waiting for the rebound moment. JPMorgan is right; this wave of panic selling is almost over. Is the de-risking phase coming to an end? Then is a new round of accumulation about to begin... Are institutions really quietly building positions? I’m starting to believe it. The easing of perpetual contract positions indicates that the selling pressure has been exhausted. The MSCI move is very crucial; it has given the market a reassurance. Long-term holders are definitely smiling now; once we get through this, we will win. As long as liquidity is not an issue, it’s manageable; the problem isn’t money, but sentiment. All the bottom signals are in place; let’s wait for the rebound, everyone.

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OnchainDetective

· 01-09 01:47

Wait, I need to trace the source of the 235 billion inflow into stock ETFs. According to on-chain data, the transaction pattern of this money is a bit abnormal. Institutions疯狂ly dumped in December, then started accumulating in January? The obvious fund correlation resembles a typical震仓 (shakeout) strategy. However, the bottoming signal indeed aligns with the open interest data of perpetual contracts. After analysis and judgment, this explanation still holds water. MSCI temporarily maintains its position... Haha, I guessed that long ago. As long as major institutions still want to enter, regulators won't really cut off completely. Liquidity deterioration has been dismissed, so where does the real selling pressure come from? That’s the key point to investigate.

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HackerWhoCares

· 01-09 01:40

Bottom signals are indeed increasing, it just depends on when retail investors will dare to jump in.

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