Crypto market inflows reach $50 billion since the start of 2026

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Crypto market inflows

Investors return to crypto ETFs

During the first half of the year, the main sources of capital inflows were Bitcoin purchases by Strategy and venture capital funding for crypto projects. Meanwhile, exchange-traded funds experienced outflows, particularly in May and June.

The situation began to change in August. Inflows into crypto ETFs recovered, pushing their cumulative flows for the year into positive territory. However, total flows into these funds remain negative when measured from the start of the crypto market downturn on October 10, 2025.

Institutional investor activity in CME futures has also increased. Over the past two months, Bitcoin futures positioning has surpassed its previous peak, while Ethereum positioning has approached the highs recorded in October 2025.

The analysts also examined perpetual futures markets on offshore crypto exchanges. Following the October correction, leverage indicators declined but remain above their historical averages.

In addition, JPMorgan's indicators suggest that trend-following traders are returning to the market. These participants have gradually started rebuilding long positions in Bitcoin and Ethereum.

Venture capital funding for cryptocurrency projects has also been recovering since 2024. However, an increasing share of capital is flowing into a relatively small number of large companies. At the same time, interest in asset tokenization is growing, particularly in solutions designed for corporate clients.

Bitcoin miners sell coins to fund AI development

Despite the overall improvement in capital flows, Bitcoin miners remain net sellers of cryptocurrency. Since the beginning of the year, their net sales have totaled approximately $1.8 billion.

Most of these sales have come from publicly listed mining companies. Previously, they primarily accumulated newly mined coins, but they are now increasingly selling new Bitcoin and, in some cases, reducing their existing holdings. The proceeds are being used partly to develop artificial intelligence infrastructure.

Meanwhile, publicly listed companies remain the main corporate buyers of Bitcoin. Strategy was particularly active at the beginning of the year, accounting for a significant share of total capital inflows into the crypto market.

Private companies purchased smaller amounts of cryptocurrency. Analysts attribute this to more limited financing options and a lower tolerance for risks associated with Bitcoin price volatility.

Publicly listed companies holding cryptocurrency reserves finance their purchases through common and preferred share offerings, as well as debt issuance. The funding mix has gradually shifted toward preferred shares, increasing dividend payment obligations.

JPMorgan believes the structure of capital inflows into the crypto market has changed significantly. While corporate purchases and venture capital investments played the leading role in the first half of the year, the third quarter saw stronger participation from retail and institutional investors through ETFs and futures.

According to the analysts, this shift is creating positive momentum for capital inflows in the fourth quarter.

Stablecoins and tokenization attract new capital

Stablecoins and real-world asset tokenization could become additional sources of capital inflows into the crypto market. Major banks, payment companies, and investment funds are increasingly exploring blockchain technology for international settlements, the issuance of digital financial instruments, and trading tokenized assets. This is gradually expanding the use of cryptocurrency technologies beyond speculative trading.

The development of these sectors could attract new institutional investments into the industry. In particular, the growth of the stablecoin market is increasing demand for payment infrastructure, while tokenization creates opportunities to bring bonds, stocks, and other traditional assets onto blockchain networks. However, capital flowing into these projects does not necessarily translate into a comparable increase in direct cryptocurrency investments, although it could support the industry's long-term development.

As a reminder, as Bitcoin dominance increases, cryptocurrencies' risk appetite in the market also grows.

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