JPMorgan: Q1 Crypto Fund Flows Drop to $11 Billion, Showing Significant Year-on-Year Decline

JPMorgan analysis shows that in Q1 2026, digital asset capital inflows amounted to approximately $1.1 billion, only one-third of the level from the same period last year, indicating a significant slowdown in market momentum. If annualized at the current pace, total inflows for the year could reach around $4.4 billion, far below the approximately $13 billion peak in 2025. This quarter’s capital mainly came from corporate balance sheet allocations and crypto venture funds, while traditional investor participation declined. CME Bitcoin futures positions weakened, and although there was some rebound in spot Bitcoin and Ethereum ETF inflows in March after outflows, overall activity remains subdued, with the market showing a “few large funds dominance” characteristic.