Crypto inflows hit $50 billion but trail last year by half
Digital assets have drawn about $50 billion in crypto inflows so far in 2026, according to a JPMorgan report released October 8. That figure annualizes to roughly $66 billion. Last year's pace was twice that.
The bank's analysts, led by Nikolaos Panigirtzoglou, said the current crypto inflows rate is "around half of last year's pace." The May estimate stood at $52 billion annualized, so the increase from May to October is modest.
The same report noted that institutional positions in Bitcoin and Ether futures on CME have risen over the past two months, with Bitcoin positioning above its previous peak. But the report also confirmed that cumulative Bitcoin ETF flows remain negative when measured from the crypto downturn that started on October 10, 2025.
Bitcoin ETF outflow of $485 million was the largest since June
One day before JPMorgan's crypto inflows report, U.S. spot Bitcoin ETFs posted a net outflow of $484.9 million. That marked the largest single-day withdrawal since June 25.
BlackRock's IBIT lost $207.7 million. Fidelity's FBTC shed $105.1 million, and ARK 21Shares' ARKB dropped $101.7 million. Grayscale's GBTC recorded a $39.3 million outflow, Bitwise's BITB lost $27.6 million, and VanEck's HODL saw $3.5 million leave.
The October 7 Bitcoin ETF outflow came after Bitcoin had already fallen for three straight days, closing near $83,000.
Bitcoin ETF flows turned positive for 2026 but remain negative since the correction
The JPMorgan report said crypto ETF flows turned positive for the year after recovering from heavy May and June withdrawals. Improvement started in August.
But the cumulative number tells a different story. Measured from the October 10, 2025 correction, Bitcoin ETF flows remain in the red. The positive year-to-date figure does not reverse the damage from that earlier drawdown.
The report expanded its crypto inflows estimate to include purchases by private corporate treasuries, private miners, and government-related entities. Earlier estimates covered fund flows, CME-implied activity, venture fundraising, and purchases by listed miners and treasuries.
Miners have been net sellers this year, with total net selling of about $1.8 billion. Most of that came from publicly listed miners.
The analysts described Q3 Bitcoin ETF and futures activity as "pointing to greater participation by both retail and institutional investors." They noted "positive flow momentum into Q4."
In the first half of the year, crypto inflows came mainly from MicroStrategy's Bitcoin purchases and venture financing. Bitcoin ETF redemptions acted as a drag. In Q3, inflows depended less on corporate Bitcoin purchases and venture funding.
Offshore perpetual positions in Bitcoin futures have declined from their peaks after the October 10 correction but remain above historical averages. The report did not provide dollar figures for that metric.