JPMorgan Sees $50 Billion Flowing Into Crypto: Who’s Bringing the Money Now?
JPMorgan estimates that around $50 billion has flowed into digital assets since the start of the year, and reported that demand sources diversified in the third quarter as ETFs and futures gained strength.
In a report dated Wednesday, cited by The Block, JPMorgan analysts led by Nikolaos Panigirtzoglou said crypto capital flows had rebounded as the market entered the final quarter. The estimated year-to-date inflows of around $50 billion correspond to an annualized pace of $66 billion.
That pace is higher than the $52 billion calculated in May, but remains around half of last year’s level. The bank’s estimate combines crypto fund flows, flow indicators derived from CME futures, venture capital funding, and digital asset purchases by companies and miners. The calculation also includes purchases by private company treasuries, private miners, and government-linked entities.
Strategy led in the first half, but the picture changed in the third quarter
In the first half of the year, inflows were driven mainly by Strategy’s Bitcoin purchases and funding raised by crypto startups. Heavy ETF outflows in May and June had the opposite effect during that period.
ETF flows rebounded starting in August, turning total year-to-date flows positive. However, when measured from the starting point of the market downturn that began on October 10, 2025, cumulative ETF flows remain negative.
According to JPMorgan, the growth in futures positions alongside ETFs in the third quarter points to stronger participation from both retail and institutional investors. As a result, the recovery in capital flows is no longer driven solely by companies’ Bitcoin purchases.
Long positions in Bitcoin and Ethereum are being rebuilt
Institutional positions on CME have increased over the past two months. Bitcoin positions have surpassed their previous peak, while Ethereum positions have approached their peak from October 2025. The bank’s trend indicators show that investors tracking price trends, including commodity trading advisors, have begun rebuilding long positions in Bitcoin and Ethereum.
However, the leverage picture has not fully calmed down. Although measures the analysts track for perpetual futures on offshore exchanges—based on open interest relative to Bitcoin and Ethereum’s market capitalization—have fallen from their peaks, they remain above historical averages.
Miners are selling, not buying
In contrast to the overall inflow picture, Bitcoin miners made approximately $1.8 billion in net sales this year. Most of the selling came from publicly traded miners; some sold part of their existing Bitcoin holdings, in addition to newly mined coins, to cover spending on AI infrastructure.
Funding for crypto startups has recovered since 2024, but capital is being concentrated in a smaller number of large funding rounds. As infrastructure companies with more substantial cash flows increasingly turn to debt financing, tokenization projects focused on business-to-business use are also attracting greater interest.