JPMorgan Says $50 Billion Entered Crypto This Year as Buyers Shift

JPMorgan just put a number on this year's crypto inflows: roughly $50 billion.

The estimate comes from a team led by analyst Nikolaos Panigirtzoglou. The headline hides a bigger story. The money is no longer arriving from the same places it did six months ago.

A $66 billion pace

Annualized, that $50 billion works out to about $66 billion — up from the $52 billion pace the bank calculated in May.

There is a catch. Even after that improvement, the current rate is roughly half of last year's pace. Crypto is pulling in real capital again — just not 2025 levels of it.

Where the money is coming from

The first half belonged to corporate treasuries and venture funding. Strategy bought Bitcoin aggressively and supplied a large share of total inflows, with venture money filling in the rest.

The third quarter flipped that. ETF flows and CME futures positions did the heavy lifting. That signals more retail and institutional participation than the treasury-led start to the year.

ETF demand turned a corner. After heavy withdrawals in May and June, fund flows began improving in August and returned to positive territory for the year. Institutional positioning in CME bitcoin and ether futures also climbed over the past two months, with bitcoin above its previous peak and ether closing in on its October 2025 high.

Miners are selling

Miners have sold a net $1.8 billion this year, and publicly listed miners drove most of that change. Supply is moving.

Instead of hoarding newly minted coins, they are selling production — and sometimes trimming holdings — to fund AI infrastructure spending. It is modest next to $50 billion of inflows, but it marks a real change in behavior.

Why this matters

One caution flag sits under all of this. Cumulative ETF flows are still negative. Measured from the downturn that started October 10, 2025, the year is still net negative.

Leverage on offshore perpetual futures has fallen from its post-correction peaks but remains above historical averages, and trend-following funds have started rebuilding long positions.

For traders, the takeaway is composition. When inflows come from ETFs and futures rather than a handful of corporate balance sheets, the buyer base is wider and more reactive to macro headlines. That cuts both ways — a broader base can absorb selling pressure better, but it can exit faster when the trend turns.