JPMorgan analysts, referencing Coinglass data, have identified the recent cryptocurrency market crash as primarily driven by deleveraging in perpetual futures markets. Over $20 billion in long positions were liquidated, affecting 1.5 million traders. This contrasts with the relatively minor outflows from Bitcoin and Ethereum ETFs, which saw $220 million and $370 million in withdrawals, respectively. The open interest in Bitcoin and Ethereum perpetual futures dropped by approximately 40%, indicating a significant forced unwinding among leveraged traders.
JPMorgan Attributes Bitcoin Crash to Perpetual Futures Deleveraging
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