Hassan Maishera
TL;DR
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Digital assets have attracted approximately $50 billion in inflows this year, according to JPMorgan.
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The annualized pace has risen to about $66 billion, up from $52 billion in May but roughly half last year’s pace.
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Improving ETF flows and stronger CME futures positioning supported momentum heading into the fourth quarter.
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Bitcoin miners have sold approximately $1.8 billion net, partly to fund expansion into AI infrastructure.
Around $50 billion has flowed into digital assets so far this year, with improving ETF demand and rising futures positions broadening market participation, according to JPMorgan analysts.
In a Wednesday report, the team led by Nikolaos Panigirtzoglou said those inflows translate into an annualized pace of approximately $66 billion. That exceeds the $52 billion pace estimated in May, although it remains roughly half last year’s level.
The analysts said the recovery in ETF flows and derivatives positioning during the third quarter created positive capital-flow momentum heading into Q4.
JPMorgan Expands Its Crypto Flow Estimates
JPMorgan typically estimates digital asset flows by combining crypto fund flows, the flow impulse implied by CME futures, venture capital fundraising, and purchases by publicly listed miners and corporate treasury companies.
The latest estimate also includes purchases by private corporate treasuries, private miners, and government-related entities.
The broader methodology captures more sources of digital asset investment, rather than measuring ETF subscriptions alone.
During the first half of the year, Strategy’s bitcoin purchases and crypto venture funding accounted for much of the inflow activity. Participation became more diversified in the third quarter as fund demand and futures positioning strengthened.
Crypto ETFs weighed on capital flows during the first half, particularly amid heavy withdrawals in May and June.
Flows improved from August and are now positive for the year, the analysts said.
However, the recovery has not fully reversed earlier withdrawals. Cumulative ETF flows remain negative when measured from the market downturn that began on October 10, 2025.
That distinction suggests recent demand has strengthened without completely offsetting the capital that left funds following last year’s correction.
Institutional Futures Positions Increase
Institutional bitcoin and ether futures positions on CME rose over the past two months after a subdued start to the year.
Bitcoin positioning exceeded its previous peak, while ether positioning approached its October 2025 high, according to JPMorgan.
The bank’s momentum indicators also suggest trend-following traders, including commodity trading advisors, have begun rebuilding long positions in both assets.
On offshore exchanges, perpetual futures open interest relative to bitcoin and ether’s market values has declined from its peaks following the October 10 correction. Nevertheless, these leverage measures remain above historical averages.
The findings point to renewed participation alongside a continued reliance on leveraged trading.
Crypto venture funding has improved since 2024, but capital is increasingly concentrated in fewer, larger rounds involving established companies.
JPMorgan also identified a shift from equity investment toward debt financing among infrastructure businesses with more predictable cash flows.
Tokenization is attracting greater venture interest, particularly for business-to-business applications.
These changes indicate that funding growth is being accompanied by more selective investment and different financing structures.
Miners Sell Bitcoin While Public Treasuries Drive Purchases
Bitcoin miners have been net sellers this year, with total net selling of approximately $1.8 billion, which the analysts characterized as modest.
Publicly listed miners account for most of the shift. Some have sold newly mined bitcoin and reduced existing holdings to finance AI infrastructure spending.
Corporate treasury purchases, meanwhile, have largely come from public companies. Strategy’s rapid accumulation early in the year represented a substantial share of total digital asset inflows.
Private corporate treasuries bought smaller amounts, likely reflecting less flexible financing and lower tolerance for bitcoin volatility.
Public treasury companies have financed purchases through common stock, debt and preferred shares. JPMorgan said the mix has gradually moved from debt toward preferred shares, leaving financing-related interest and dividend obligations an important consideration.
