JPMorgan: Crypto De-risking Phase May Be Over as ETF Flows Show Signs of Stabilization
On Jan. 9, JPMorgan said the crypto market’s prior “de-risking” process may be winding down, with Bitcoin and Ethereum ETF fund flows showing signs of stabilization.
Led by Managing Director Nikolaos Panigirtzoglou, JPMorgan’s analysis team noted in a recent report that while BTC and ETH ETFs saw outflows in December 2025—when global stock ETFs posted a historic monthly net inflow of $235 billion—several indicators have begun improving as of January 2026.
The report noted Bitcoin and Ethereum ETF fund flows have shown “signs of bottoming out,” while open interest metrics for perpetual contracts and CME Bitcoin futures indicate selling pressure is easing. Analysts say the phase of simultaneous position reductions by retail and institutional investors in Q4 2025 has likely concluded.
Additionally, JPMorgan noted MSCI opted not to exclude Bitcoin and crypto asset reserve firms from global stock indices in its February 2026 index review—providing the market with “at least temporar
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Wall Street and the Crypto Industry Hold Closed-Door Talks on Legislative Differences, DeFi and Yield-Generating Stablecoins See "Limited Progress"
January 9th
A major Wall Street lobbying group, SIFMA, held a closed-door meeting with several cryptocurrency industry reps this Thursday to discuss key disputes over the U.S. cryptocurrency market structure bill—and made some progress on DeFi-related provisions.
Sources note SIFMA recently pushed back against regulatory exemptions for certain DeFi protocols and developers in the bill, and also joined bank lobbying groups to advocate for restrictions on yield-bearing stablecoins. The crypto industry, meanwhile, pushed to convince SIFMA to scale back its demands to avoid derailing the bipartisan negotiation outcome.
The window for action is quickly closing: Senate Banking Committee Chair Tim Scott intends to move the bill forward in deliberations next week. Industry insiders widely expect the legislation will struggle to reach a full Senate vote if bipartisan support isn’t secured during the committee stage. Viewed as a key step to reshape the U.S. crypto regulatory framework, t
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Trump: Not Considering Pardoning SBF
**January 9th Brief**
Former U.S. President Donald Trump explicitly told The New York Times in an interview that he will not consider pardoning FTX founder Sam Bankman-Fried (SBF).
SBF was convicted in 2023 of embezzling customer funds, financial fraud, and other charges—one of the crypto industry’s most high-profile criminal cases.
When asked about potential pardons for several high-profile inmates during the interview, SBF was explicitly excluded. Trump stated he has no intention of using his pardon power for individuals including SBF.
Reports also note musician Sean Combs (Diddy) wrote to Trump requesting a pardon but was similarly rejected. By contrast, Trump has pardoned political allies or people who support his "politicized justice" narrative in recent years—but SBF is not under consideration.
Analysis indicates SBF’s chance of early release via a presidential pardon is extremely low in the foreseeable future. His criminal and civil accountability processes will co
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Trump Says He Has Decided on Fed Chair Pick
On January 9, in an interview with The New York Times, U.S. President Donald Trump said he has decided who he will nominate as the next Federal Reserve chair but did not name the candidate. “I have made my decision,” he stated, “but I haven’t spoken to anyone about it yet.” When asked about Kevin Hassett, his top economic adviser, Trump responded, “I don’t want to say,” though he noted Hassett is “definitely one of the people I like.”
Whoever Trump picks, the next Fed chair will take over the central bank at a critical juncture—with the Fed at the center of an unprecedented push by the president to slash interest rates sharply. Prediction market Kalshi currently puts the probability of Kevin Warsh being selected as Fed chair at 41%, Kevin Hassett at 39%, and Christopher Waller at 12%, per FXStreet.
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If Bitcoin breaks $92,000, mainstream CEX aggregate short liquidation strength will reach $1.15 billion
On January 9th, Coinglass data shows that if Bitcoin breaks above $92,000, cumulative short liquidations across major centralized exchanges (CEXs) could hit $1.15 billion.
Conversely, should Bitcoin drop below $89,000, cumulative long liquidations on these top CEXs may reach $944 million.
BlockBeats Note: Liquidation charts do not display the exact number or value of contracts to be liquidated. Instead, the bars represent the relative importance of each liquidation cluster compared to adjacent clusters—i.e., their intensity.
In short, the chart indicates how pronounced the market reaction will be if a specific price level is breached. A taller "liquidation bar" signals a more intense response (driven by a liquidity cascade) once that price is hit.
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