According to CoinDesk, JPMorgan's latest report indicates that the recent sell-off in the crypto market may be nearing its end. Analyst Nikolaos Panigirtzoglou stated that the outflows from Bitcoin and Ethereum ETFs have begun to stabilize since January, and futures market positioning indicators also show that investor deleveraging by the end of 2025 has essentially been completed. JPMorgan believes that market liquidity remains good, and this round of adjustment was mainly triggered by de-risking caused by MSCI's statement last October about potentially excluding crypto-related companies, rather than market pressure. MSCI recently decided not to exclude cryptocurrency-related companies in its February 2026 global index review, providing short-term relief to the market and reducing the risk of forced selling related to index movements.