JPMorgan estimates roughly $50 billion has flowed into digital assets this year

News Editor

2026-10-08 18:54:59

JPMorgan analysts said in a Wednesday report that about $50 billion has flowed into digital assets so far this year, implying an annualized pace of around $66 billion. That is above the $52 billion annualized rate the bank estimated in May, though still about half last year’s pace. The report was led by Nikolaos Panigirtzoglou and built its estimate by combining flows into crypto funds, implied flows from CME futures, crypto venture capital fundraising, and purchases by listed miners and corporate treasuries. This latest tally also includes private-company treasuries, private miners, and government-related entities. JPMorgan said inflows in the first half were driven mainly by Strategy’s bitcoin purchases and crypto VC fundraising, while ETF flows were a drag, with heavy outflows in May and June. Since August, ETF flows have improved and turned positive for the year, though cumulative ETF flows remain negative if measured from the market pullback that began on Oct. 10, 2025. The report also noted that institutional positions in CME bitcoin and ether futures have risen over the past two months, while bitcoin miners were net sellers by about $1.8 billion this year.

JPMorgan analysts said in a report released Wednesday that roughly $50 billion has flowed into digital assets so far this year, implying an annualized pace of about $66 billion. That is above the $52 billion annualized level the bank cited in May, but still only about half last year’s pace.

The report was led by Nikolaos Panigirtzoglou. The analysts derived the estimate by aggregating crypto fund flows, implied flows from CME futures, crypto venture capital fundraising, and purchases by listed miners and corporate treasuries. This version of the calculation also includes private-company treasuries, private miners, and government-related entities.

How the flow picture changed through the year

According to the report, inflows in the first half were driven mainly by Strategy’s bitcoin purchases and crypto venture capital fundraising. ETF flows weighed on the total during that period, with heavy outflows in May and June.

Since August, ETF flows have improved and turned positive on a year-to-date basis. Still, if cumulative ETF flows are measured from the market pullback that started on Oct. 10, 2025, they remain negative.

Futures positioning and perpetual leverage

JPMorgan said institutional positions in CME bitcoin and ether futures have increased over the past two months. Bitcoin positions have moved above their previous peak, while ether positions are approaching the high seen in October 2025.

Leverage in offshore exchange perpetual futures has retreated from the peak reached after the pullback, but remains above historical averages. The analysts also said trend-following traders, including commodity trading advisors, have started rebuilding long positions in bitcoin and ether.

Miners turned into net sellers

The analysts added that bitcoin miners have been net sellers this year, with net sales of about $1.8 billion, mainly from listed mining companies. Those firms have shifted from holding mined bitcoin to selling newly mined tokens, and some have also reduced existing holdings to fund spending on artificial intelligence infrastructure.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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