Report: The cryptocurrency market pullback appears to be driven by retail investors selling off Bitcoin and Ethereum ETFs.

The recent pullback in the crypto market has been primarily driven by non-crypto-native retail investors, with approximately $4 billion flowing out of Bitcoin and Ethereum spot ETFs so far in November, surpassing the record set in February. Meanwhile, retail investors have continued to buy approximately $96 billion in equity ETFs this month, indicating that they are not generally avoiding risky assets, but rather only selling off crypto ETFs in the short term.