JPMorgan analysts count on capital inflows into bitcoin and broader digital asset markets to rise additional in 2026 after reaching a document almost $130 billion in 2025, up roughly a 3rd from 2024.
What JPMorgan is projecting
The financial institution stated the rebound it tasks for 2026 ought to be pushed extra by institutional buyers than by retail flows or digital asset treasury (DAT) shopping for.
The analysts, led by managing director Nikolaos Panigirtzoglou, wrote in a Wednesday report:
“The rebound in institutional flows we challenge for 2026 is prone to be facilitated by the passage of further crypto rules such because the Readability Act within the U.S. which is prone to set off additional institutional adoption of digital property in addition to contemporary institutional exercise round crypto VC funding, M&A and IPOs in sectors equivalent to stablecoin issuers, cost companies, exchanges, pockets suppliers, blockchain infrastructure, and custody options.”
The place 2025 inflows got here from
JPMorgan stated 2025’s enhance was pushed primarily by inflows into bitcoin and ether ETFs.
The analysts additionally pointed to bitcoin purchases by DAT corporations exterior of Technique.
They estimate total capital flows by aggregating ETF flows, the circulate impulse implied by CME futures, bitcoin enterprise capital fundraising, and DAT purchases.
DATs and futures exercise
Greater than half of whole digital asset inflows in 2025, about $68 billion, got here from DATs, JPMorgan stated.
Technique accounted for roughly $23 billion of these purchases, just like its $22 billion in 2024, whereas different DATs purchased about $45 billion price of digital property in 2025, up from $8 billion the 12 months earlier than.
Nonetheless, JPMorgan stated DAT shopping for slowed significantly since October, together with purchases by massive holders equivalent to Technique and BitMine.
The analysts added that purchasing implied by bitcoin and ethereum CME futures slowed considerably in contrast with 2024, suggesting weaker participation from institutional buyers and hedge funds.