A new report from JPMorgan Chase & Co. concludes that the U.S. crypto market exhibits characteristics of "herd-like behavior" after many investors bought the top.

Titled "The Dynamics and Demographics of U.S. Household Crypto-Asset Use," the report finds that crypto transfers were largely timed around significant price increases, noting: "A wide range of U.S. households transferred money into crypto accounts when those assets were trading near their highest levels."

"The majority of U.S. households were likely facing significant losses in percentage terms at cryptocurrency prices prevailing in late-2022," it adds.

The report — with a sample size of almost 5 million active checking account customers — finds that the COVID-19 pandemic was the primary driver for pushing nearly 15 percent of U.S. households into the crypto market.

It also finds that men participate more broadly and deeply in the crypto market, as well as Asian individuals and younger individuals with higher incomes.

Other takeaways include findings that crypto holdings for most individuals are relatively small.