According to glassnode, the unwinding of the cash-and-carry trade is occurring as the long-side bias weakens, signaled by ETF outflows and CME futures closures. This shift in positioning is adding selling pressure to spot markets. ETFs, which possess lower liquidity compared to futures, may exacerbate short-term volatility.

According to AltcoinGordon, JPMorgan has indicated a potential correction in the crypto market, pointing to a decline in Bitcoin and Ethereum demand on the CME futures market. Additionally, institutional investors are taking profits, and key US crypto initiatives are delayed until the second half of 2025, which could extend the bull run.