JP Morgan Says Crypto Sell-Off May Be Ending as Bitcoin Stabilizes

Ben Graham · 20 horas atrás

JPMorgan analysts say the recent crypto sell-off may be nearing its end, with inflows and outflows in Bitcoin ETFs starting to even out. Bitcoin is trading around $90,944 (up 2.6% over the past week), while Ethereum is near $3,100 (up over 3%), showing continued pressure but no signs of panic.

That’s important because the late-2025 drop was driven by investors pulling back on exposure, not by anything breaking under the surface.

That difference shapes what happens next. When the selling slows because investors are done reducing risk, prices often steady, even if they don’t bounce right away. For everyday investors, it shifts the focus from panic to patience.

Late last year, crypto prices slid as macro fears pushed investors to trim risk across stocks and digital assets. Now, JPMorgan sees signs that this phase is losing steam. Not a rally call. A stability call.

What Does “Two-Way ETF Flow” Mean in Plain English?

A spot Bitcoin ETF is a stock market product that holds real Bitcoin. You can buy and sell it through a regular brokerage account, like trading a receipt backed by actual BTC. When people buy shares, the fund buys Bitcoin. When they sell, the fund sells.

The idea is simple: money comes in, the ETF buys Bitcoin; money goes out, the ETF sells it. But inflows and outflows don’t always move in one direction.

In the first two trading days of 2026, Bitcoin ETFs brought in $1.2 billion. That included a $697 million surge, the biggest single-day inflow since October. Then it reversed. On day three, $243 million flowed out, followed by another $476 million on Wednesday.

This kind of back-and-forth is what people mean by two-way flow. It means buyers and sellers are both active, which helps keep the market steady. Think of it like a busy market with people constantly trading, not a one-sided selloff where no one is buying.

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Why This Changes the Setup for Bitcoin Investors

JPMorgan frames the late-2025 drop as “de-risking.” Investors reduced exposure because they felt uneasy about the economy, not because Bitcoin broke. According to Reuters, broader risk appetite faded across markets at the same time.

This is useful for beginners to understand because sell-offs driven by fear usually end in a different way than sell-offs caused by something actually breaking. When fear fades, prices often stop falling first, even if they don’t start moving up right away. That’s likely the kind of phase the market is in now.

We saw a similar pattern when Bitcoin ETF inflows snapped losing streaks earlier this year. The market did not moon. It stabilized.

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What Are the Risks You Should Not Ignore?

Stability doesn’t mean it’s safe. JPMorgan has pointed out that crypto is still sensitive to economic shocks. A jump in interest rates or weak job numbers can trigger fresh selling quickly.

Bitcoin also remains well below its recent highs. If ETF outflows pick up again, prices could slide further. This isn’t the time to jump in with large bets. If you’re new to the market, this is a good time to step back and plan. Stick to small buys, long timelines, and money you don’t need to touch anytime soon.

For now, the signal is clear. The forced selling has cooled off. What happens next will be shaped by the broader economy, not short-term excitement.

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