JPMorgan Chase said in a research note that the expansion of leveraged MicroStrategy (MSTR) ETFs and the flow of funds they attract have had a more pronounced impact on the company's stock and crypto markets than before. The bank said these ETFs played a major role in the stock's nearly 60% gain in November. Total inflows into U.S. spot Bitcoin (BTC), spot Ether (ETH) and leveraged MicroStrategy ETFs hit a record high of nearly $11 billion in November, with leveraged MSTR ETFs accounting for $3.40 billion of the total, almost a third, the report said. "This highlights the growing influence of MicroStrategy's leveraged ETF in the cryptocurrency market by facilitating MicroStrategy's bitcoin purchase program," wrote analysts led by Nikolaos Panigirtzoglou.