Core Insights - The recent pullback in the cryptocurrency market is primarily driven by non-native retail investors, with approximately $4 billion flowing out of Bitcoin and Ethereum spot ETFs in November, surpassing the record set in February [1] - Despite the short-term sell-off in crypto ETFs, retail investors have significantly purchased around $96 billion in stock ETFs this month, indicating that they are not entirely avoiding risk assets [1] - JPMorgan believes that the correlation between cryptocurrencies and small-cap tech stocks remains intact, and the overall upward trend has not changed [1]