According to Odaily Planet Daily, Nikolaos Panigirtzoglou, an analyst at JPMorgan, said that due to the lack of positive market catalysts and the decline in retail investor interest, a "cautious" stance on cryptocurrencies is maintained in the short term. He pointed out that there has been a "large amount" of selling or profit-taking in the cryptocurrency market in the past two weeks, and retail investors may have played a greater role than institutional investors. In addition, following strong buying in February and March, net inflows into stock funds turned negative in April.