[Analysis: Recent Crypto Market Decline Driven Mainly by Retail Selling of Bitcoin and Ethereum Spot ETFs] BlockBeats News, November 21 – JPMorgan analysts stated that the recent crypto market pullback—especially Bitcoin's drop below the bank's estimated $94,000 production cost/support level, which further intensified the decline—was primarily driven by retail investors selling Bitcoin and Ethereum spot ETFs, rather than by native crypto traders. 'While the market correction in October was caused by native crypto investors engaging in significant deleveraging (particularly in perpetual contracts), this deleveraging in perpetual contracts appears to have stabilized in November,' wrote Nikolaos Panigirtzoglou, Managing Director at JPMorgan, and his team in a report on Wednesday. 'In contrast, the main force driving the continued crypto market pullback in November has been non-crypto investors, particularly retail investors entering the crypto market through Bitcoin and Ethereum spot ETFs.' Analysts pointed out that, so far this month, retail investors have withdrawn approximately $4 billion from Bitcoin and Ethereum spot ETFs, surpassing the historical record for net outflows set in February. This behavior contrasts sharply with retail fund flows in the stock market. In November, retail investors have poured approximately $96 billion into stock ETFs (including leveraged products)—if this pace continues through the end of the month, the total will approach $160 billion, comparable to levels seen in September and October. They noted that retail investors have previously exhibited similar 'divergent behavior': on the one hand, aggressively buying stocks, while on the other hand, selling crypto ETFs in only a few months (February, March, and now November of this year). This indicates that retail investors still view crypto assets and stocks as two distinct asset baskets, even though both are risk assets.