JPMorgan says the crypto market pulled in nearly $130 billion of inflows in 2025, setting a new record, and the total could grow again in 2026. The bank’s analysts expect a shift in who drives that demand: instead of retail traders and corporate buyers taking the lead, institutional investors may become the main source of fresh capital.
Regulatory clarity is central to the 2026 outlook
In a Wednesday report led by JPMorgan managing director Nikolaos Panigirtzoglou, the bank said 2025 inflows rose by about one-third from the prior year. Looking ahead, the team said clearer regulation could bring institutional buyers back into the market in 2026. JPMorgan pointed in particular to the Digital Asset Market Clarity Act, or the Clarity Act, as a potential catalyst for that return.
The bank said passage of such legislation could trigger a new wave of institutional adoption and also support more venture activity, mergers and acquisitions, and IPOs across the crypto sector. Its report focused less on price and more on the composition of capital entering the market and the changing mix of participants behind it.
Corporate buying dominated last year’s flow picture
JPMorgan’s breakdown of 2025 showed that spot Bitcoin and Ether ETF inflows were driven mainly by retail demand. By contrast, CME futures data, which the bank uses as a gauge for professional investors and hedge funds, was less active than in 2024. That suggested traditional financial institutions were still relatively cautious through last year.
The stronger impulse came from companies. According to the report, more than half of 2025 inflows, around $68 billion, came from corporate buying. Strategy accounted for about $23 billion, flat from 2024, while other digital asset treasury companies, or DATs, bought roughly $45 billion worth of crypto, up sharply from about $8 billion a year earlier. That jump made non-Strategy treasury buyers one of the most important sources of new demand in the market.
Venture capital lagged despite better policy conditions
JPMorgan also said the crypto venture capital market failed to meet expectations in 2025 even as the regulatory backdrop in the US improved. The bank attributed that weakness to capital being redirected away from startups and toward DAT companies that offered immediate liquidity. Some VC firms also chose to participate directly in financing rounds for listed miners or treasury-style companies accumulating crypto.
Last week, JPMorgan analysts said signs of de-risking in the crypto market were fading, with ETF flow trends and several market indicators showing stabilization. In the bank’s latest view, inflows should continue to expand in 2026, but the next phase may be led by institutions rather than retail investors or DAT companies.