JPMorgan analysts expect capital inflows into bitcoin and broader digital asset markets to rise further in 2026 after reaching a record nearly $130 billion in 2025, up roughly a third from 2024.

What JPMorgan is projecting

The bank said the rebound it projects for 2026 should be driven more by institutional investors than by retail flows or digital asset treasury (DAT) buying.

The analysts, led by managing director Nikolaos Panigirtzoglou, wrote in a Wednesday report:

“The rebound in institutional flows we project for 2026 is likely to be facilitated by the passage of additional crypto regulations such as the Clarity Act in the U.S. which is likely to trigger further institutional adoption of digital assets as well as fresh institutional activity around crypto VC funding, M&A and IPOs in sectors such as stablecoin issuers, payment firms, exchanges, wallet providers, blockchain infrastructure, and custody solutions.”

Where 2025 inflows came from

JPMorgan said 2025’s increase was driven primarily by inflows into bitcoin and ether ETFs.

The analysts also pointed to bitcoin purchases by DAT companies outside of Strategy.

They estimate overall capital flows by aggregating ETF flows, the flow impulse implied by CME futures, bitcoin venture capital fundraising, and DAT purchases.

DATs and futures activity

More than half of total digital asset inflows in 2025, about $68 billion, came from DATs, JPMorgan said.

Strategy accounted for roughly $23 billion of those purchases, similar to its $22 billion in 2024, while other DATs bought about $45 billion worth of digital assets in 2025, up from $8 billion the year before.

However, JPMorgan said DAT buying slowed considerably since October, including purchases by large holders such as Strategy and BitMine.

The analysts added that buying implied by bitcoin and ethereum CME futures slowed significantly compared with 2024, suggesting weaker participation from institutional investors and hedge funds.