JPMorgan analysts led by Nikolaos Panigirtzoglou estimate crypto inflows of about $50 billion so far this year, an annualised $66 billion, The Block reported on Thursday, citing a Wednesday note. First-half inflows came mainly from Strategy, which CryptoWatchDesk last covered on 5 Oct when it reported a $20.9 billion third-quarter gain, and from venture funding.
Related: Strategy’s Q3 results
The headline number is a composition story more than a size story. The pace is above May’s $52 billion annualised estimate but roughly half of last year’s. What changed in the third quarter is who is buying: ETF flows have been positive since August, and CME futures positioning has risen. That cuts both ways day to day; US spot bitcoin ETFs lost $484.9 million on Wednesday, according to Farside data.
Related: ETF Desk on Wednesday’s outflows
The bank has also widened its method. Beyond crypto fund flows, CME futures, venture funding and listed miners and treasury companies, the estimate now includes private corporate treasuries, private miners and government-related entities. Cumulative ETF flows remain negative when measured from the 10 Oct 2025 market downturn, the analysts said.
“In Q3 both ETF flows and futures positioning have increased pointing to greater participation by both retail and institutional investors, thus creating a positive flow momentum into Q4,” the analysts wrote, according to The Block. They added that bitcoin futures positioning on CME moved above its previous peak, and that ether’s came close to its October 2025 high.
Related: What a spot bitcoin ETF is
Miners were net sellers, at about $1.8 billion this year, mostly listed companies selling newly mined coins and in some cases reserves to fund AI infrastructure. Leverage in offshore perpetual futures has fallen from its peak since the 10 Oct 2025 correction but remains above historical averages, the analysts said.
Produced by the Crypto Watch Desk newsroom using AI tools. This article is for information only and is not investment advice.