JPMorgan · CME Group · Strategy · The Block
JPMorgan estimates $50 billion has flowed into crypto this year as momentum improves into Q4
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Around $50 billion has flowed into digital assets so far this year, with stronger ETF flows and futures positions creating positive momentum heading into the fourth quarter, according to JPMorgan analysts.
Key facts
- The current inflows equal an annualized pace of about $66 billion, the JPMorgan analysts led by Nikolaos Panigirtzoglou said in a Wednesday report, noting that that's higher than the $52 billion
- However, cumulative ETF flows remain negative when measured from the crypto market downturn that started on Oct. 10, 2025, the analysts said
- Bitcoin miners have been net sellers this year, but total net selling remains modest at around $1.8 billion, according to the analysts
- Around $50 billion has flowed into digital assets so far this year, with stronger ETF flows and futures positions creating positive momentum heading into the fourth quarter, according to JPMorgan
Summary
The current inflows equal an annualized pace of about $66 billion, the JPMorgan analysts led by Nikolaos Panigirtzoglou said in a Wednesday report, noting that that's higher than the $52 billion annualized pace recorded in May, but still around half of last year's pace. The analysts usually estimate flows by aggregating crypto fund flows, the flow impulse implied by CME futures, crypto VC fundraising, and publicly listed miners and corporate treasury purchases of digital assets. During the first half of the year, digital asset inflows came mainly from Strategy's bitcoin purchases and crypto venture funding, the analysts noted. Crypto ETF flows were a headwind during that period, with heavy outflows in May and June.