JPMorgan's analysis suggests that the recent price downturns for Bitcoin (BTC) and Ethereum (ETH) were primarily driven by deleveraging within crypto-native markets. The report notes that institutional instruments like spot ETFs and CME futures experienced minimal forced selling. Instead, sharp deleveraging was observed across perpetual futures markets for both assets, with Bitcoin notably experiencing a 13.1% drop from $122,316 to $106,329 in a two-week period.