Crypto inflows hit $50 billion as ETFs recover: JPMorgan

Digital assets have attracted around $50 billion this year as recovering ETF flows and rising futures positions have strengthened investment momentum entering the fourth quarter, according to JPMorgan analysts.

JPMorgan analysts led by Nikolaos Panigirtzoglou said in a Wednesday report that third-quarter investment activity had become less dependent on corporate Bitcoin purchases and venture funding, which supplied most inflows during the first half. At about $66 billion, the bank’s annualized inflow estimate exceeds the $52 billion pace recorded in May. Even after that improvement, the analysts put the current rate at roughly half last year’s pace.

For the latest calculation, the team expanded its coverage to include digital asset purchases by private corporate treasuries, private miners and government-related entities. According to the report, its earlier estimates combined crypto fund flows, activity implied by CME futures, venture fundraising, and purchases by publicly listed miners and corporate treasuries.

Crypto ETF flows have recovered from first-half withdrawals. After heavy withdrawals in May and June, crypto ETF flows began improving in August and have returned to positive territory for the year, the report said. During the first half, the analysts identified fund redemptions as a drag on inflows, while Strategy’s Bitcoin purchases and venture financing provided most investment capital. Using a different starting date, however, the bank found that cumulative ETF flows remained negative from the market correction that began on Oct. 10, 2025. Its report therefore recorded positive flows for the calendar year alongside a remaining deficit over the period since that downturn.

September’s U.S. fund activity provides context for the recovery. In a Sep. 24 report, crypto.news previously covered ETF buying and leverage, citing Bitfinex figures showing $999 million entering U