JPMorgan analysts, led by Nikolaos Panigirtzoglou, report that the cryptocurrency market sell-off may be nearing its bottom as outflows from spot ETFs slow. Despite recent market volatility, data from the Chicago Mercantile Exchange (CME) indicates no significant deleveraging in Bitcoin futures, suggesting institutional investors are not withdrawing en masse. JPMorgan believes that if the trend of reduced ETF outflows continues, the market could stabilize and rebound in the short term, though changes in macroeconomic data should be closely monitored.