• JPMorgan estimates about $50 billion has flowed into digital assets this year, an annualized pace of about $66 billion, up from a $52 billion pace estimated in May.
• That pace is still about half of last year's, according to the report as relayed by The Block.
• JPMorgan widened its method to include private treasuries, private miners and government-linked entities, so the figure is not directly comparable with earlier estimates.
• Crypto ETF flows were a headwind in the first half but have improved since August and are positive for the year; cumulative flows since the October 2025 downturn remain negative.
• Bitcoin miners are net sellers of about $1.8 billion this year, and venture capital is concentrating in fewer, larger rounds with a tilt toward debt for infrastructure.

JPMorgan's latest estimate says about $50 billion has flowed into digital assets so far in 2026, an annualized pace of roughly $66 billion, up from the $52 billion pace the bank estimated in May. The Block, which reported the note on October 8, says that is still about half of last year's pace. The recovery is real but partial, and the composition of the money matters more than the headline.

The first half ran on treasuries and venture money

Per The Block's account of the JPMorgan report, first-half inflows came mainly from Strategy's bitcoin purchases and crypto venture funding, while ETF flows were a headwind, with heavy outflows in May and June. That mix is fragile: public treasury companies funded purchases through common shares, debt and preferred shares, and the mix has shifted from debt toward preferred shares, which raises interest and dividend obligations the buyers must later meet.

ETF flows and futures turned in the third quarter

Since August, ETF flows have improved and are positive for the year, though cumulative flows since the October 10, 2025 downturn remain negative, according to the report as relayed by The Block. Institutional CME positioning in bitcoin sits above its previous peak and ether is near its October 2025 high. JPMorgan reads the third-quarter pickup as greater participation by both retail and institutional investors.

Venture funding is concentrating in fewer, larger rounds

On deals, the report says crypto venture funding has improved since 2024 but is concentrated in fewer, larger rounds led by established companies. It also describes a shift from equity toward debt for infrastructure businesses with clearer cash flows, and growing attention to tokenization, mainly for business-to-business uses. For founders, the signal is that capital is available to scaled infrastructure, not to early-stage token projects.

Miners are sellers and the method has changed

Bitcoin miners are net sellers of about $1.8 billion this year, mostly publicly listed miners selling newly mined coins and, in some cases, cutting holdings to fund AI infrastructure spending, per the report. JPMorgan also widened its method to cover private treasuries, private miners and government-related entities, so the $50 billion is not directly comparable with earlier readings. Watch whether Q4 ETF flows hold positive and whether leverage, still above historical averages in offshore perpetuals, stays contained.