$50B Year to Date: JPMorgan Puts Crypto Inflows at Half of 2025's Pace
JPMorgan estimates about $50 billion has flowed into crypto in 2026, a $66 billion annualized pace and roughly half of last year's record $130 billion.
Roughly $50 billion has flowed into digital assets since the start of 2026, according to a JPMorgan research note led by Nikolaos Panigirtzoglou and reported by The Block on Oct. 8. That works out to an annualized pace of about $66 billion, faster than in the spring but still roughly half of last year's rate. The bank nonetheless sees momentum improving into the fourth quarter, with ETF flows and CME futures positioning both rising since August.
Details
JPMorgan's measure is deliberately broad. It adds up crypto fund flows, the flow impulse implied by CME futures, venture fundraising, and bitcoin purchases by listed miners and corporate treasuries. This time the analysts widened the net further to include buying by private corporate treasuries, private miners and government-related entities. In May the same gauge pointed to a $52 billion annual pace; it now stands at $66 billion, PANews reports.
The comparison with last year is stark. In an April note, the bank put full-year 2025 inflows at a record $130 billion and first-quarter 2026 inflows at just $11 billion, a third of the year-earlier figure. Back then almost all of the money came from Strategy's bitcoin purchases and venture rounds, while spot ETFs were bleeding. Since then the mix has shifted: ETF flows have improved since August, and institutional positioning in CME bitcoin and ether futures has climbed over the past two months. According to ChainCatcher, CME bitcoin positions have topped their previous peaks, while ether positions are back near their October 2025 highs.
The one group that has weighed on the market all year is the miners. Listed mining companies have moved from hoarding to selling their newly mined coins and have been net sellers of about $1.8 billion in 2026.
What it means for the market
The note landed on the worst day for bitcoin ETFs since June: on Oct. 7 the funds lost $487 million, and bitcoin itself slipped below $81,000. Our data shows BTC trading near $81,500, down 2.3% over 24 hours, with ether also in the red. JPMorgan's tally suggests that, for all the recent weakness, demand in 2026 looks different from early in the year. Then the market leaned on a single buyer; now it rests on ETFs and futures, a broader base of participants.
Even so, $66 billion a year is half of 2025's pace, and the improved momentum has not yet restored last year's level of inflows. How the money splits between bitcoin and other coins is tracked in the daily digest, and where the market sits in its cycle is covered in our guide to MVRV and the Mayer multiple.
