TheBlock
JPMorgan analysts estimate roughly $50 billion has flowed into digital assets so far this year, an annualized pace of about $66 billion, higher than the $52 billion annual mark recorded in May but still around half of last year's tempo. The team led by Nikolaos Panigirtzoglou built the figure from crypto fund flows, the CME futures flow impulse, venture capital raises, and corporate treasury purchases, and has now widened the methodology to include private treasuries, private miners and government-related entities. In the first half, the bid came almost entirely from Strategy's bitcoin buying and crypto venture funding, while ETFs acted as a headwind through May and June before turning positive in August.
Why it matters
The composition of the inflows matters more than the headline number. The first half was carried by a narrow set of buyers; Q3 has broadened the participant base. ETFs are net positive for the year to date, CME futures positioning in bitcoin has pushed above its prior peak, and ether positioning has nearly retested its October 2025 high. Trend-following traders, including commodity trading advisors, have also started rebuilding long positions in both assets.
Market impact
Offshore perpetual futures leverage has pulled back from the highs set around the Oct. 10 correction but remains above its historical average, JPMorgan noted. Public miners have flipped from accumulators to net sellers, offloading roughly $1.8 billion in bitcoin this year as they redirect capital toward AI infrastructure. Public treasury companies are funding bitcoin purchases through common share sales, debt, and preferred shares, with the mix tilting toward preferreds and raising future dividend and interest burdens. Venture capital is consolidating into fewer, larger rounds, with infrastructure businesses increasingly tapping debt markets. Tokenization is drawing more VC attention, mostly for business-to-business use cases.
Frequently asked questions
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How much has flowed into crypto this year per JPMorgan?
JPMorgan analysts estimate roughly $50 billion has flowed into digital assets year-to-date, an annualized pace of about $66 billion, higher than May's $52 billion annualized mark but around half of last year's tempo.
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What drove crypto inflows in the first half of 2025?
The first half was carried mainly by Strategy's bitcoin purchases and crypto venture funding, while ETF flows acted as a headwind, with heavy outflows recorded in May and June.
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What changed in crypto flows during Q3?
ETF flows turned positive for the year-to-date in August, CME bitcoin futures positioning moved above its prior peak, and ether positioning nearly retested its October 2025 high. Trend-following CTAs also began rebuilding long exposure.
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Are bitcoin miners buying or selling in 2025?
Public miners have flipped from accumulators to net sellers, offloading roughly $1.8 billion in bitcoin this year, mostly to fund AI infrastructure spending.
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How are public crypto treasuries funding bitcoin buys?
Public treasury companies use a mix of common share sales, debt and preferred shares. JPMorgan notes the mix has shifted toward preferred shares, which raises future dividend and interest burdens.
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