New research from JPMorgan suggests that the recent crypto market crash was driven by cryptocurrency investors who actively traded using their own assets, not institutional or retail ETF investors. The report analyzed trading data from the period following the crash and found limited evidence of significant outflows from Bitcoin ETFs, which are primarily used by individual investors. The analysis also focused on derivatives markets like CME Bitcoin futures for institutional traders. These markets saw minimal liquidations, indicating a potential difference between market behavior driven by institutional activity and that of retail or crypto-native participants. Notably, open interest in Bitcoin and Ethereum perpetual contracts declined significantly, exceeding the price drops themselves, suggesting that overleveraged trades initiated the crash.