PANews reported on November 21st, citing a JPMorgan report cited by The Block, that the recent pullback in the crypto market was primarily driven by non-crypto-native retail investors. So far in November, approximately $4 billion has flowed out of Bitcoin and Ethereum spot ETFs, exceeding the February record. Meanwhile, retail investors continued to buy approximately $96 billion in equity ETFs this month, indicating that they have not generally avoided risky assets, only temporarily selling off crypto ETFs. JPMorgan believes that the correlation between crypto and small-cap tech stocks remains, and the overall upward trend remains unchanged.