JPMorgan Chase: Crypto flows fell to $11 billion in Q1, only one-third of last year's figure.

JPMorgan analysis indicates that digital asset inflows in the first quarter of 2026 were approximately $11 billion, only about one-third of the same period last year, indicating a significant slowdown in market momentum. At the current annualized pace, full-year inflows would be around $44 billion, far below the historical high of approximately $130 billion in 2025. In terms of fund structure, the main sources of inflows this quarter were corporate balance sheet allocations (especially continued Bitcoin purchases by companies like Strategy) and crypto venture capital funds, while participation from traditional investors (including institutions and retail investors) declined significantly. Furthermore, weakening CME Bitcoin futures positions reflect a shift in institutional demand towards negative sentiment; spot Bitcoin and Ethereum ETFs experienced outflows in January, although some inflows returned in March, but 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 funds.