According to JPMorgan analysts, last week's sharp correction in the crypto market accompanied by massive positioning squaring may be driven by native cryptocurrency investors rather than institutional or retail ETF holders.
Spot Bitcoin ETFs favoured by traditional retail investors showed "little sign of large-scale position squaring", with a net outflow of $220 million, accounting for only 0.14% of total assets under management; Ethereum ETFs saw a net outflow of $370 million, accounting for 1.23%. Meanwhile, CME Bitcoin futures saw little position squaring, while CME Ethereum futures saw a larger deleveraging, or a "significant reduction in risk exposure" by momentum traders. In contrast, perpetual futures favoured by cryptocurrency native traders saw a significant deleveraging, with the amount of unpositioned squaring in Bitcoin and Ethereum perpetual contracts falling by about 40%, more than the price decline of these two assets. Analysts believe that cryptocurrency native investors were the main driver of last week's market correction, while non-cryptocurrency native investors mostly stayed on the sidelines.
JP Morgan Chase: Last week's sharp correction in the crypto market may be driven by native cryptocurrency investors
2025-10-17 00:30:35
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
摩根大通：上周加密市场大幅回调或由加密货币原生投资者推动Next article：
小摩、高盛预计美国初请失业金人数环比将下降
