JPMorgan Report Points to Crypto Native Traders as Main Force Behind Recent Correction

The recent sharp correction in crypto markets was likely driven by crypto native investors, not holders of spot ETFs, according to JPMorgan.

Analysts noted that while perpetual futures saw open interest plunge by 40%, indicating heavy liquidations by crypto-focused traders, spot Bitcoin ETFs saw only minimal outflows.

This suggests that traditional retail and institutional investors were not the primary source of selling pressure. The deleveraging appeared concentrated among those using products popular within the core crypto trading community.