Crypto Sell-Off Losing Steam as JPMorgan Sees Shift to Balanced ETF Flows

JPMorgan analysts have found that the crypto sell-off at the end of 2025 is losing momentum. According to their research, Bitcoin ETF activity has shifted from one-directional pressure to balanced inflows and outflows.

The analysis indicates that investors are reducing exposure across digital assets as macro uncertainty rises. The bank characterized the decline as 'de-risking' rather than a structural breakdown.

BTC traded at around $90,944 on January 9, up 2.6% from the previous week. Ethereum hovered near $3,100, up over 3% during the same period.

The first two trading days of 2026 saw $1.2 billion flow into Bitcoin ETFs, including a single-day surge of $697 million on January 2, the largest inflow since October.