JPMorgan analysts stated that cryptocurrency ETF flows stabilized in January after outflows in December. A report by analysts led by Nikolaos Panigirtzoglou noted that while global equity ETFs recorded a record inflow of $235 billion, Bitcoin and Ethereum ETFs still experienced outflows last month. Current indicators such as ETF flows and perpetual futures market positioning suggest that selling pressure in the cryptocurrency market may be easing. Analysts believe that the recent cryptocurrency market correction was primarily due to investor risk aversion following MSCI's announcement in October of a potential removal from its index, rather than a deterioration in market liquidity. MSCI's decision not to remove Bitcoin and cryptocurrency finance companies from its February 2026 global equity benchmark review could further support market stability.