JPMorgan: Perpetual futures investors drove last week's crypto sell-off

Last week's sharp decline in the cryptocurrency market was likely driven by investors in perpetual futures, The Block reported, citing an analysis by JPMorgan. The investment bank noted that between Oct. 10 and Oct. 14, net outflows from spot BTC and ETH exchange-traded funds (ETFs) were minimal, at just 0.14% and 1.23% of their respective assets under management. Similarly, there were few liquidations in CME BTC and ETH futures. In contrast, open interest in BTC and ETH perpetual futures plummeted by 40% over the same period.