JPMorgan analysts attribute the ongoing cryptocurrency market correction to significant selling pressure from retail investors exiting Bitcoin (BTC) and Ethereum (ETH) spot Exchange Traded Funds (ETFs). According to their recent report, the massive liquidation seen in October stabilized briefly in November, but the downtrend has resumed, fueled by ETF outflows. The report highlights that a substantial $4 billion has been withdrawn from BTC and ETH spot ETFs since the beginning of November, marking the largest outflow since February. This suggests a shift in retail investor sentiment, potentially triggered by market volatility or concerns about short-term profitability. The concentration of selling within the ETF space indicates a specific response to the accessibility and convenience these investment vehicles offer. This retail-driven sell-off is contributing to downward pressure on overall cryptocurrency prices. While institutional involvement remains a factor, the recent data points towards retail activity as a key driver of the current market correction. ```