JPMorgan estimates that crypto markets attracted nearly $130 billion in capital inflows in 2025, a record level driven mainly by retail-led bitcoin and ether ETF inflows and aggressive buying by digital asset treasury (DAT) companies. More than half of total inflows came from DATs, although their buying activity slowed significantly toward the end of the year. Institutional participation via CME futures remained weaker than in 2024, while crypto venture capital funding stayed subdued, with fewer deals and a shift toward later-stage investments.

Looking ahead, JPMorgan expects crypto inflows to rise further in 2026, with institutional investors playing a much larger role. Clearer regulation, such as potential new U.S. crypto legislation, is seen as a key catalyst for renewed institutional adoption, alongside increased activity in M&A, IPOs, and infrastructure-related sectors. The bank also notes signs that crypto de-risking has eased, suggesting the pullback in positions by both retail and institutional investors in late 2025 is likely over.