**[Viewpoint: Recent Crypto Market Decline Driven Mainly by Retail Selling of Bitcoin and Ethereum Spot ETFs]** Odaily Planet Daily reports that JPMorgan analysts have stated that the recent crypto market correction—especially the intensified decline after Bitcoin fell below the bank's estimated $94,000 production cost/support level—has been primarily driven by retail investors selling Bitcoin and Ethereum spot ETFs, rather than by native crypto traders. "While in October, native crypto investors triggered a market correction through significant deleveraging (particularly in perpetual contracts), this deleveraging in perpetual contracts seems to have stabilized in November," wrote JPMorgan Managing Director Nikolaos Panigirtzoglou and his team in a report on Wednesday. "In contrast, the main force driving the continued crypto market correction in November has been non-crypto investors, particularly retail investors entering the crypto market through Bitcoin and Ethereum spot ETFs." The analysts pointed out that, so far this month, retail investors have withdrawn approximately $4 billion from Bitcoin and Ethereum spot ETFs, surpassing the historical record for net outflows set in February.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 the 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 during a few select months (only February, March, and now November this year). This indicates that retail investors still view crypto assets and stocks as two distinct asset baskets, even though both are risk assets.