Crypto market inflows reached nearly USD 130 billion in 2025, driven mainly by Bitcoin and Ether ETFs and large-scale purchases by Digital Asset Treasury (DAT) companies.
While DAT buying became the single largest source of demand, momentum slowed later in the year, and venture capital activity remained subdued with a clear shift away from early-stage investment.
JPMorgan expects overall inflows to expand further in 2026, with institutional investors increasingly replacing retail participants as the primary drivers of crypto market growth.
Analysts at JPMorgan Chase said that after crypto market inflows hit a record high of nearly USD 130 billion in 2025—about one-third higher than in 2024—capital inflows are expected to expand further in 2026, with momentum increasingly driven by institutional investors.
MAIN DRIVERS OF 2025 GROWTH: ETFS AND DAT BUYING
In a report released on Wednesday, an analysis team led by JPMorgan managing director Nikolaos Panigirtzoglou estimated total crypto market inflows by aggregating ETF fund flows, implied positioning from CME futures, crypto venture capital fundraising, and purchases by Digital Asset Treasury (DAT) entities.
The report noted that the primary contributors to inflow growth in 2025 were Bitcoin and Ether ETFs, with flows skewed toward retail investors. In addition, continued Bitcoin purchases by DAT companies other than Strategy also played an important role in boosting inflows. By contrast, implied buying from Bitcoin and Ether CME futures slowed markedly in 2025, falling below 2024 levels, indicating reduced participation from institutional investors and hedge funds.
DAT BECOMES THE LARGEST SOURCE OF DEMAND, BUT MOMENTUM SLOWS
More than half of total digital asset inflows in 2025—around USD 68 billion—came from DAT companies. Strategy alone invested roughly USD 23 billion in Bitcoin, broadly in line with its approximately USD 22 billion in purchases in 2024.
Other DAT firms collectively acquired about USD 45 billion in digital assets in 2025, far exceeding the USD 8 billion recorded in 2024. However, analysts cautioned that most DAT buying was concentrated earlier in the year and has slowed noticeably since October. Large holders, including Strategy and BitMine, have adopted a more cautious stance in recent months.
VENTURE CAPITAL RECOVERY REMAINS LIMITED, EARLY-STAGE INVESTMENT COOLS
Crypto venture capital also contributed to overall inflows, but activity remained well below the peaks of 2021–2022. While total fundraising volumes in 2025 rose slightly compared with 2024, the number of deals fell sharply, with investment increasingly concentrated in later-stage rounds and a clear slowdown in early-stage funding.
Analysts said the weak recovery in venture capital stands in contrast to a more supportive U.S. regulatory environment, suggesting a shift in the composition of capital. Some funds that previously targeted early-stage startups have instead moved toward DAT treasury strategies, which offer immediate liquidity and lower long-term lock-up risk than venture investments.
JPMorgan also noted that some large crypto venture firms have begun selectively leading DAT financing rounds using their liquid capital.
2026 OUTLOOK: INSTITUTIONAL CAPITAL TO TAKE THE LEAD
Looking ahead to 2026, JPMorgan expects total crypto market inflows to grow again, but with the driving force shifting from the retail- and DAT-led dynamics of 2025 toward clearer institutional participation.
Analysts said last week that the market’s de-risking process appears to be nearing completion, with ETF flows and other indicators showing signs of stabilization. They added:
“The phase in which both retail and institutional investors were simultaneously reducing crypto exposure during the fourth quarter of 2025 has most likely come to an end.”
Overall, as regulatory clarity improves and market structure continues to mature, JPMorgan believes 2026 could mark a year in which institutional capital once again becomes the dominant force in crypto markets.
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〈$130B Crypto Inflows in 2025, JPMorgan Sees Further Growth in 2026〉這篇文章最早發佈於《CoinRank》。
