The growth in the size of the leveraged MicroStrategy (MSTR) ETF and the flows it attracts have had a more pronounced impact on the company's stock and crypto markets than before, JPMorgan said in a research note. The bank said the ETFs played a major role in the stock's nearly 60% gain in November. The report said that inflows into U.S. spot Bitcoin (BTC), spot Ethereum (ETH), and leveraged MicroStrategy ETFs totaled nearly $11 billion in November, a record high, with the leveraged MSTR ETF accounting for $3.4 billion of the total, or almost a third. "This highlights the growing influence of MicroStrategy's leveraged ETFs in the cryptocurrency market by facilitating MicroStrategy's bitcoin purchase program," wrote analysts led by Nikolaos Panigirtzoglou.