JPMorgan (JPM) Says Crypto-Native Investors Likely Driving the Market Slide
The recent market sell-off was likely led by retail and other crypto-focused investors rather than traditional institutions, according to Wall Street bank JPMorgan (JPM).
While bitcoin and ether both fell after October 10, spot BTC exchange-traded funds (ETFs) and Chicago Mercantile Exchange (CME) BTC futures saw little forced selling, the report noted.
Bitcoin ETF outflows totaled just $220 million, or 0.14% of assets under management, compared to $370 million for ether ETFs, or 1.23%, analysts led by Nikolaos Panigirtzoglou wrote in the Thursday report.
A similar pattern showed up in CME futures, with minimal bitcoin liquidations and heavier ether selling, which the bank’s analysts attributed to…
