JPMorgan: Q1 2026 Cryptocurrency Asset Flows Plummet to $11 billion, Only One-Third of the Same Period Last Year

CycleProphet · 2026-04-04T00:27:10+00:00

JPMorgan's latest report shows that the total digital asset inflow in the first quarter of 2026 is only $11 billion, far below the $130 billion in 2025. The market is mainly driven by Bitcoin corporate treasuries and crypto venture capital funds, with minimal flow from retail and institutional investors. Bitcoin and Ethereum spot ETFs are experiencing net outflows, futures demand has weakened, miners are turning into net sellers, and venture capital trading volume has declined.

CycleProphet

2026-04-04 00:27:10

Abstract generation in progress

Deep Tide TechFlow message. April 04, according to The Block, a new report from JPMorgan analysts shows that in Q1 2026, the total digital-asset net flow is about $11 billion—only one-third of the same period in 2025. The annualized figure is roughly $44 billion, far below the record $130 billion for all of 2025.

The report notes that Q1 flows were mainly driven by Strategy’s Bitcoin corporate treasury purchases and crypto VC funding, with retail and institutional investor flows being extremely small or even negative. Specifically:

ETFs: Bitcoin and Ethereum spot ETFs recorded net outflows overall in Q1, mainly concentrated in January, while Bitcoin ETFs saw some inflow again in March
Futures: CME futures open interest weakened noticeably versus 2024 and 2025, and institutional futures demand turned negative
Miners: Bitcoin miners turned into net sellers in Q1, mainly due to tighter financing conditions and requirements for stronger financial discipline, and some mining firms also shifted toward AI-related business lines
Venture capital: Crypto VC funding overall remained strong, but the number of deals and investor participation declined, with funds becoming more concentrated in a small number of large projects

JPMorgan previously expected crypto flows in 2026 to grow further, but Q1 data shows the actual trend is materially weaker than anticipated.

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