JPMorgan: Q1 crypto fund flows dropped to $11 billion, only one-third of last year's amount year-over-year

ME News message, on April 4 (UTC+8), JPMorgan analysis said that in the first quarter of 2026, digital-asset fund flows were about $11 billion, only about one-third of the same period last year, indicating that market momentum has clearly slowed. Annualized based on the current pace, full-year fund flows may be about $44 billion, far below the historical peak of about $130 billion for 2025. In terms of fund structure, the main sources of inflows this quarter are corporate balance-sheet allocations (especially companies such as Strategy that have continued buying Bitcoin) and crypto venture capital, while participation from traditional investors (including both institutions and retail) has declined markedly. In addition, weakness in CME Bitcoin futures positioning reflects institutional demand turning negative; spot Bitcoin and Ethereum ETF flows saw outflows in January, and while there was some return in March, the overall trend is still soft. The analysis believes the current market shows a structural feature of “a few major funds dominating” rather than broad fund re-inflows. (Source: ChainCatcher)