JPMorgan says crypto flows drop to $11 billion in Q1, about one-third of first quarter last year
JPMorgan reports that crypto flows fell to $11 billion in Q1 2026, a significant decrease from the $130 billion seen in Q1 2025.Summary
JPMorgan analysts estimate that crypto flows decreased sharply in the first quarter of 2026, reaching approximately $11 billion, which is about one-third of the $130 billion recorded in the same period last year. This represents an annualized pace of around $44 billion, considerably lower than 2025’s record. The flows were primarily driven by corporate treasury purchases, particularly from Strategy (Michael Saylor’s company) and crypto VC funding, rather than retail or institutional investors. CME futures positioning weakened, and spot bitcoin and Ethereum ETFs experienced outflows, especially in January, though bitcoin ETFs saw some inflows in March. Bitcoin miners became net sellers, partly due to tighter financing conditions and a shift towards artificial intelligence. While crypto VC funding remained strong, it was more concentrated in fewer, larger rounds. The analysts conclude that investor flows were minimal or negative, with Strategy’s bitcoin purchases and concentrated VC funding dominating the digital asset flow in Q1 2026.
(Source：The Block)