Bitcoin under pressure: JPMorgan identifies the real culprits

The crypto market is going through a turbulent zone. After months of gains, bitcoin suddenly drops below $90,000, dragging down all digital assets with it. According to JPMorgan, the culprits of this correction are not the traditional institutional players, but the retail investors. A trend that questions the strength of the crypto rally in 2025.

Retail investors, the new scapegoats of the bitcoin crash

The current crypto market correction originates from an unexpected move: massive sales of Bitcoin and Ether ETFs by retail investors. According to JPMorgan, nearly $4 billion was withdrawn from spot ETFs in November, an unprecedented amount. Unlike past corrections, often attributed to professional traders or hedge funds, this time small wallets initiate the fall.

In October, the decline was mainly related to deleveraging of positions on perpetual futures contracts! A complex financial product, mostly used by crypto-native players. But in November, the scenario changes radically. ETFs, accessible and popular with the general public, become the main exit channel. But why do retail investors, often seen as long-term hodlers, sell massively? Some mention:

• A simple profit-taking after an exceptional year;
• While others see a sign of fatigue facing persistent volatility.

Bitcoin at $94,000, the threshold that triggered everything

The trigger of this wave of Bitcoin and Ether ETF sales coincides with BTC falling below a key level: $94,000. According to JPMorgan, this threshold corresponds to the estimated production cost of the crypto, a major psychological landmark for investors. Breaking it down acted as an alarm signal, accelerating profit-taking and position exits.

Historically, deep corrections often occur when the bitcoin price falls below its production cost. Why? Because it calls into question miners’ profitability and investors’ confidence. In this context, ETFs, supposedly offering a simplified and secure exposure to the crypto market, turn into a panic vector. Their liquidity and accessibility become weaknesses in stressful times.

3 scenarios for BTC and the crypto market 

Faced with this situation, several scenarios emerge for the coming weeks:

1. Optimistic, bets on a rapid stabilization

Indeed, after an oversold phase, prices could rebound, attracting opportunistic buyers again. Current levels could even represent an interesting entry for institutional investors, who have not yet fully deployed their capital in the sector.

1. More pessimistic, envisions a domino effect

If ETF sales intensify, they could trigger cascading liquidations on derivatives markets, worsening bearish pressure. In this case, bitcoin could test lower supports, around $80,000, before finding new breath.

1. An opportunity for the big players

Institutions, like JPMorgan, could take advantage of this drop to strengthen their Bitcoin (BTC) positions at more attractive prices. A strategy that, if confirmed, could restore credibility to the market in the medium term.

This BTC correction below $90,000 reveals that retail investors once seen as unconditional supporters, become accelerators of the decline. An evolution that raises questions about bitcoin’s future. In your opinion, is this trend cyclical, or does it announce a long-term disengagement of small wallets?