JPMorgan says crypto market correction appears driven by retail selling of bitcoin and ether ETFs
The latest crypto market correction — intensified by bitcoin’s slide below JPMorgan’s estimated production cost or support level of $94,000 — is being driven mainly by retail selling of spot bitcoin and ether ETFs rather than crypto-native traders, according to the bank’s analysts.
“While crypto native investors were responsible for the crypto market correction in October via heavy deleveraging in perpetual futures, this previous deleveraging in perpetual futures appears to have stabilised in November,” the JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said in a Wednesday report. “Instead, it has been non-crypto investors, mostly retail investors who typically use spot bitcoin and Ethereum ETFs to invest in…
