Published: January 9, 2026
JPMorgan analysts observe stabilization in Bitcoin and Ethereum ETF outflows during January 2026, suggesting the Q4 2025 de-risking phase may be complete. Supported by calmer perpetual futures positioning and MSCI’s decision to retain crypto treasury firms in indexes, the report points to reduced selling pressure and potential downside relief.
JPMorgan Highlights ETF Flow Improvement
The banking giant notes positive shifts:
- December 2025 outflows contrasted with record equity ETF inflows
- January data shows easing pressure on BTC/ETH products
- Mixed inflows/outflows indicate tactical rotations over forced selling
Analysts view this as evidence the correction stemmed from positioning, not liquidity breakdown.
Perpetual Futures and CME Positioning Calm
Derivatives markets support stabilization:
- Reduced long/short imbalances
- Lower funding rates signaling balanced sentiment
- CME futures show institutional reset
Less aggressive unwinding reduces downside risks.
MSCI Decision Provides Temporary Relief
Index provider update:
- No exclusion of digital asset treasury companies in February 2026 review
- Avoids potential forced selling from passive funds
- Supports firms like Strategy and related equities
Decision removes near-term overhang.
Market Context: From De-Risking to Rotation
The shift reflects:
- Year-end tax harvesting complete
- Institutional rebalancing into new year
- Bi-directional flows replacing one-way selling
Early 2026 data suggests bottoming process.
2026 Outlook: Diminished Downside Risk
JPMorgan’s view:
- De-risking largely exhausted
- Potential for measured recovery if catalysts emerge
- Watch ETF trends and macro developments
Conclusion
JPMorgan’s analysis of stabilizing Bitcoin and Ethereum ETF outflows in January 2026, combined with calmer futures positioning and MSCI relief, signals the Q4 de-risking phase may be over. While volatility persists, indicators point to reduced selling pressure and possible market bottom formation—offering cautious grounds for optimism ahead.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are highly volatile.
