Since the beginning of the year, digital assets have seen inflows totaling approximately $50 billion, with positive developments in ETFs and futures positions energizing the market ahead of the fourth quarter. This information was provided by JPMorgan, as reported by The Block.
Source: The Block.The bank's analysts considered various factors, including crypto funds, CME futures, venture capital funding in the crypto space, and purchases of digital assets by miners and corporate treasuries. They also accounted for transactions conducted by private corporate treasurers and government-related entities.
In the first half of the year, the primary contributions came from Bitcoin purchases by Strategy and venture capital funding. Conversely, the performance of crypto funds was pressured by significant outflows in May and June.
From August onward, ETF inflows improved, turning the annual inflow positive again. However, the overall figure remains negative when viewed from the onset of the crypto market downturn that began on October 10, 2025.
In the past two months, institutional positions in Bitcoin and Ethereum futures on CME have also increased. For Bitcoin, positioning has surpassed previous highs, while Ethereum's positioning is nearing its peak from October 2025.
Analysts further compared the open interest in perpetual futures on offshore exchanges with the market value of assets. They noted a reduction in leverage from peak levels, yet the current levels are still above historical averages.
JPMorgan believes that the momentum signals indicate a resurgence in demand for long positions from trend traders, including commodity trading advisors.
Since 2024, crypto venture funding has been improving, with capital increasingly concentrated in a smaller number of large funding rounds led by established companies.
Analysts also observed a shift away from equity financing towards debt financing for infrastructure businesses that have clearer cash flow, alongside a growing interest in tokenization, particularly in the B2B segment.
This year, Bitcoin miners remain net sellers, with their realized volume estimated to be moderate at around $1.8 billion. A significant portion of this shift has occurred among public mining companies, which have moved from accumulating mined coins to selling them, and in some cases, reducing reserves to finance AI infrastructure expenses.
Purchases by corporate treasuries have primarily come from public companies. Strategy notably increased its positions at the beginning of the year, contributing significantly to the total inflow. Private corporate treasuries have been less active, which analysts attribute to less flexible financing options and a lower tolerance for Bitcoin's price volatility.
Public companies financed their purchases through the sale of common shares, debt instruments, and preferred stock. Over time, the structure has shifted towards preferred securities, increasing the demand for interest and dividend payments.
On October 8, CryptoQuant analyst Darkfost noted that the overall demand for Bitcoin had returned to positive territory, exceeding 14,000 BTC, despite a continuing price decline.
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