JPMorgan Identifies Crypto-Native Leverage as Key Factor in Bitcoin Sell-Off

JPMorgan's analysis reveals that the recent sell-off of Bitcoin and Ethereum was largely driven by crypto-native leverage, not by institutional investors exiting the market. This volatility led to a significant price drop of over 13% for Bitcoin in two weeks. However, spot ETFs and CME futures demonstrated resilience, indicating stable institutional interest despite market fluctuations.