Bitcoin’s price has been relatively stagnant, fluctuating between the ranges of $89,343 and $91,360 over the past 24 hours. Meanwhile, exchange-traded funds (ETFs) linked to Bitcoin are experiencing considerable outflows, with a reported $1.1 billion exiting in just three days, according to SoSoValue data.
Despite this bearish trend, analysts at JPMorgan are expressing cautious optimism, noting potential signs of stabilization in Bitcoin ETF flows. They indicated that there are indications of bottoming out, not only in ETF transactions but also in other cryptocurrency indicators related to perpetual futures. Nikolaos Panigirtzoglou, a managing director of global market strategy at JPMorgan, suggested in a research note that the selling pressure seen in the last quarter of 2025 may have subsided.
However, experts like Nic Puckrin, cofounder of Coin Bureau, attribute the ongoing selling pressure in Bitcoin ETFs to various macroeconomic factors, including recent nonfarm payroll figures and a Supreme Court decision regarding tariffs. Puckrin pointed out that market conviction is lacking, as evidenced by Bitcoin’s struggle to maintain upward momentum after an initial rally in early January. He identified the $94,000 mark as a critical threshold for any significant upward movement.
Analysts are closely monitoring the Supreme Court’s tariff ruling, which they believe could serve as a critical test of policy stability. Dean Chen from Bitunix emphasized that the effects of such macroeconomic variables are pronounced in the cryptocurrency market, which is particularly sensitive to changes in inflation expectations, the value of the U.S. dollar, and overall global risk appetite. This sensitivity could lead to heightened volatility for Bitcoin and other major crypto assets.
In contrast, JPMorgan analysts remain skeptical about the claim that deteriorating liquidity conditions have influenced the recent corrections in the crypto market, countering prevailing narratives. They argue that the primary driver of the market downturn was de-risking associated with the MSCI’s announcement about excluding MicroStrategy from its index, rather than liquidity issues.
CryptoQuant analysts offered a differing viewpoint, claiming that the narrative surrounding “whale buying” is being misinterpreted while the selling by long-term holders (LTH) is overstated. They asserted that while LTHs have spent large amounts of Bitcoin, these transactions may also involve internal exchanges, skewing the perception of LTH activity. Furthermore, it was noted that large-scale Bitcoin investors have not engaged in substantial purchasing during this dip, leading to a noticeable decline in holdings—the steepest since early 2023.
In summary, while Bitcoin faces ongoing challenges with stagnant prices and significant ETF outflows, there are complex factors at play, including macroeconomic influences and trading behaviors among large holders. Analysts across the board provide various interpretations, documenting a landscape that remains uncertain yet rife with potential turning points.
