JPMorgan: Q1 Crypto Fund Flows Drop to $11 Billion, Only One-Third of Last Year's Level

Odaily News JPMorgan analysis indicates that digital asset fund flows in the first quarter of 2026 were approximately $11 billion, only about one-third of the level seen in the same period last year, signaling a significant slowdown in market momentum.

Annualized at the current pace, full-year fund flows could be around $44 billion, far below the historical peak of approximately $130 billion in 2025.

In terms of fund structure, the main sources of inflows this quarter were corporate balance sheet allocations (particularly from companies like Strategy continuing to buy Bitcoin) and crypto venture capital funds, while participation from traditional investors (including institutions and retail) has noticeably declined.

Furthermore, weakening CME Bitcoin futures positions reflect a shift to negative institutional demand; spot Bitcoin and Ethereum ETFs experienced outflows in January, and despite some inflows returning in March, the overall trend remains weak.

The analysis suggests that the current market exhibits a structural characteristic of being "dominated by a few large funds," rather than a broad-based return of capital.