JPMorgan Estimates $50B Has Flowed Into Crypto This Year as ETF Demand Recovers

JPMorgan analysts estimate that around $50 billion has flowed into digital assets so far in 2026, a reading that puts the annualized pace at about $66 billion. The estimate, reported by The Block on October 8, is notable because it exceeds the $52 billion annualized pace recorded in May, although it remains around half of last year's pace.

The pickup reflects improving ETF flows since August and a recent rise in institutional bitcoin and ether futures positions on CME. It has not, however, fully offset ETF outflows measured from the crypto-market downturn that began on October 10, 2025.

Data Snapshot

Annualized inflow pace rises to about $66 billion

JPMorgan analysts estimate around $50 billion in digital-asset inflows for 2026 year to date.

The annualized pace is about $66 billion, up from $52 billion in May, but remains around half of last year’s pace, according to the analysts.

These are annualized flow rates rather than like-for-like comparisons of completed full-year totals.

JPMorgan estimates $50 billion has flowed into crypto this year as momentum improves into Q4 — Source: The Block

ETF recovery since August

Crypto ETF flows improved from August and were positive for the year, JPMorgan's analysts said. That year-to-date result sits alongside a different measurement window: cumulative ETF flows remained negative when counted from the downturn that started on October 10, 2025.

The two readings are not contradictory because they use different starting points: the first captures 2026 flows, while the latter includes the period beginning with the October 2025 market downturn. The recovery since August has therefore not been sufficient to reverse cumulative outflows measured over the longer period.

CME futures positions and miner selling

Institutional positions in bitcoin and ether futures on CME increased over the past two months after a slow start to the year, according to the JPMorgan analysis. The futures activity provides a separate indication of renewed institutional participation alongside the ETF-flow improvement.

There was also a countervailing supply-side trend. Bitcoin miners have been net sellers this year, with total net selling at around $1.8 billion, the analysts said. That selling occurred even as the estimated aggregate digital-asset inflow pace rose from May.

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