JPMorgan's latest report indicates that the large-scale risk de-risking cycle in the market is coming to an end. According to the analysis, institutional investors previously focused on reducing risk asset positions, but this process is nearing completion.

From the performance of ETF capital flows, recent inflows into Bitcoin and Ethereum-related ETFs have remained stable. This is a key signal—institutional funds have not exited en masse, but instead show relatively stable allocation behavior. Combined with the winding down of the de-risking cycle, market participants are beginning to speculate that BTC and ETH may have already formed relatively low positions and bottomed out.

Specifically, several key indicators support this judgment:

First, the peak of panic selling has passed, and institutions are no longer forced to significantly reduce their holdings. Second, the stability of ETF capital flows suggests that institutional investors are reassessing their positions. Furthermore, if this bottom signal holds, it could mean the eve of a new upward cycle.

However, caution is also necessary. Any market bottom judgment is based on historical data and current conditions. If regulatory policies undergo significant changes or macro environments shift suddenly, the market may retest lower prices. Therefore, before any operation, it is essential to comprehensively assess the market situation and your own risk tolerance.