TechFlow news, October 17 — According to CoinDesk, a recent report by Wall Street bank JPMorgan indicates that the sharp correction in the cryptocurrency market has likely been driven primarily by retail and crypto-native investors, rather than traditional financial institutions.
The team led by analyst Nikolaos Panigirtzoglou pointed out on Thursday that although both Bitcoin and Ethereum declined after October 10, Bitcoin ETFs saw outflows of only $220 million (about 0.14% of assets under management), while Ethereum ETFs experienced outflows of $370 million (1.23%).
The report emphasized that perpetual futures markets suffered the most severe impact, with open interest in Bitcoin and Ethereum contracts dropping approximately 40%, far exceeding the decline in spot prices—indicating that crypto-native traders are unwinding positions on a large scale.
Data from Chicago Mercantile Exchange (CME) futures also show a similar trend: Bitcoin liquidations were minimal, whereas Ethereum sell-offs were more pronounced, attributed to momentum-driven traders reducing risk exposure.
JPMorgan analysts believe that Ethereum was clearly hit harder than Bitcoin, further confirming that this market adjustment mainly stems from actions by crypto-native investors.
