According to Odaily Planet Daily, JPMorgan analysts believe that last week's sharp crypto market correction, accompanied by large-scale liquidations, may have been driven by native crypto investors, rather than institutional or retail ETF holders. The report shows that spot Bitcoin ETFs, popular with traditional retail investors, showed "almost no signs of large-scale liquidations." From October 10th to 14th, Bitcoin ETFs experienced net outflows of $220 million, representing only 0.14% of total assets under management; Ethereum ETFs saw net outflows of $370 million, representing 1.23%. Meanwhile, CME Bitcoin futures saw almost no liquidation, while CME Ethereum futures saw significant deleveraging, possibly reflecting momentum traders "substantially reducing their risk exposure." In contrast, perpetual futures, favored by native crypto traders, saw significant deleveraging, with open interest in Bitcoin and Ethereum perpetual contracts falling by approximately 40%, a drop that outpaced the price declines of both assets. Analysts believe that native crypto investors were the primary driver of last week's market correction, while non-native crypto investors largely remained on the sidelines. (The Block)