JPMorgan recently mentioned that the crypto pullback may be closer to its end than its beginning, and honestly, that lines up with what I’ve been watching in the market.

They point out that Bitcoin and Ethereum ETF outflows are starting to stabilize, not accelerate. That’s important. When institutions really want out, flows don’t slow down — they speed up. At the same time, overall liquidity still looks healthy, which tells me this isn’t a panic-driven unwind.
From my perspective, this feels less like the end of a move and more like the market taking a breather.
BTC and ETH have already gone through a decent correction, leverage has cooled, and sentiment has clearly reset. But what we haven’t seen is the kind of structural stress that usually signals a deeper downturn — no liquidity crunch, no forced selling spiral, no aggressive institutional exit.
I don’t think institutional stabilization automatically means we go straight up from here. Markets rarely move that cleanly. But it does reduce downside risk, and that matters a lot. When ETF flows stop bleeding and big players stop pressing sell, it often means the market is shifting from fear to patience sometimes quietly to accumulation.
To me, this looks more like a mid-cycle pause than the end of a cycle:
Weak hands shake out
Leverage resets
Stronger players wait, not chase
If this were truly bearish, we’d already see more stress under the surface and so far, that’s just not showing up.
The big question now is timing. Does this stabilization turn into steady accumulation, or do we stay range-bound until the next macro catalyst forces direction?
Curious how others see it is this institutional calm the foundation for the next leg, or just temporary balance before the next big move?
‍#IstheMarketBottoming?