The window of institutions is your opportunity. Recently, a research report from JPMorgan has attracted market attention, with a very straightforward core view: the nearly quarter-long de-risking of crypto assets is nearing its end, and several leading indicators point to January 2026 as a potential clear bottom phase. The market is quietly entering a critical point of oscillation, bottoming out, and brewing for an upward move.

Let's look back at what happened in Q4 last year. Bitcoin and Ethereum spot ETF funds experienced significant outflows, forming a stark contrast with the capital flows in global stock markets. This wave of "year-end risk release" led by large institutions became the direct catalyst for a market correction, with mainstream cryptocurrencies generally falling by double digits and volatility increasing noticeably. In simple terms, institutions were passively reducing their positions.

But the turning point is now emerging, and three signals are worth noting:

First, the outflow momentum of ETFs has clearly slowed. After January 2026, the scale of capital outflows has significantly narrowed, and the selling momentum has greatly diminished. Second, from the futures side, the data on perpetual contracts and CME futures positions shows that the behavior of continuous reduction over an entire quarter has basically ended. Third, MSCI's decision in February this year not to exclude Bitcoin and related crypto assets from global stock indices has directly alleviated potential passive selling pressure and boosted market confidence.

JPMorgan's report also refutes a common saying: "Liquidity has worsened." In fact, the real reason is that MSCI's exclusion in October last year implied a forced tactical reduction by institutions, which has now entered its final stage.

From another perspective, the market is gradually shifting from a pure "panic correction" to a phase of "confidence rebuilding and bottoming out," not the start of a new downturn. The panic sell-off at the end of last year provided institutions with an excellent low-entry opportunity. The current oscillation is not a sign of collapse but rather a phase of institutional shakeout and energy accumulation.

Looking ahead, 2026 may just be the beginning of the second phase of a bull market led by institutions. The key is to observe the subtle structural changes in the market, and during this window of consensus rebuilding, focus on those assets with genuine value support.