Haciyev Reşit 
A recent assessment published by JPMorgan analysts suggests that most of the selling activity may already be behind us and that the market could be approaching bottom levels. In particular, the slowdown in institutional movements is giving signals that a stabilization phase may be beginning.
Most of the Selling May Be Over
According to JPMorgan Chase analysts, a significant portion of the intense sell-off in the crypto market was completed toward the end of 2025. Nikolaos Panigirtzoglou, the bank’s chief market strategist, highlighted that fund outflows from Bitcoin and Ethereum ETFs have slowed noticeably since January. This picture points to a weakening of selling pressure.
Panigirtzoglou noted that positioning data in the futures markets indicate that investors have largely completed their selling. This development offers important signals that pressure—especially in the altcoin market—is easing and strengthens expectations for a more balanced pricing environment in the short term.
The Sell-Off Was Not Driven by Market Stress
Bitcoin and Ethereum ETFs have become key indicators of market direction in recent months. JPMorgan states that the decline in ETF outflows shows waning selling appetite among institutional investors. At the same time, more balanced positioning in the futures markets suggests that aggressive, sudden selling has given way to a cautious wait-and-see approach. This environment could support a more stable price structure for altcoins in the near term.
Another critical point raised by JPMorgan is the source of the sell-off. According to the bank, the current correction was not triggered by stress intrinsic to the crypto market itself, but rather by an October announcement from MSCI. MSCI had signaled that some crypto-related companies might be removed from certain global indices, prompting risk-reduction moves by index funds and large investors and increasing selling pressure across crypto-linked assets.
MSCI Decision Brought Temporary Relief
However, JPMorgan notes that MSCI’s more recent decision not to remove crypto-related companies during its February 2026 global equity index review has provided short-term relief to the market. This move reduced the risk of forced selling tied to index changes and strengthened expectations that the crypto market may be forming a bottom.
Overall, JPMorgan’s analysis suggests that selling pressure—particularly in altcoins—may have weakened significantly. Slower ETF outflows, balanced futures positioning, and reduced MSCI-related risks all point toward the possibility of a recovery phase. While short-term volatility may persist, current data indicate that a more stable period could be on the horizon for the crypto market.
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