According to JPMorgan, last week's severe market correction was driven primarily by native cryptocurrency investors, rather than traditional retail or institutional players.
The bank's analysts pointed to data showing massive liquidations in perpetual futures, a favorite tool of native cryptocurrency traders, where open interest fell 40%.
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In contrast, spot Bitcoin ETFs saw only modest capital outflows, and CME Bitcoin futures showed little sign of a sell-off by institutions.
This clear divergence in the data suggests that the sell-off was limited to the core cryptocurrency community, while traditional investors remained largely steadfast.