JPMorgan Chase Is Bullish On Crypto Heading Into Year’s End

JPMorgan Chase Sees Positive Crypto Momentum Heading into Year's End

Overview

JPMorgan Chase (NYSE: $JPM ) has reported that $50 billion in US has flowed into cryptocurrencies this year. The bank's analysts are bullish on crypto heading into the fourth quarter, citing stronger flows into exchange-traded funds (ETFs) as a key driver of positive momentum for digital assets. Current inflows are equivalent to an annualized pace of about $66 billion US for 2026, according to crypto analyst Nikolaos Panigirtzoglou. While this is up from a $52 billion US annualized pace recorded in May of this year, it is about half of the pace seen in 2025 before the industry experienced a prolonged 'crypto winter'.

Inflows and Outflows

During the first half of this year, digital asset inflows came largely from Strategy's (NASDAQ: $MSTR ) Bitcoin (CRYPTO: $BTC ) purchases. Crypto ETFs saw outflows during the year's first half, a trend that has now reversed following heavy sales in May and June. JPMorgan notes that institutional positions in Bitcoin and Ethereum (CRYPTO: $ETH ) have increased over the past two months after a slow start to the year, which is also positive.

Market Analysis

As for Bitcoin miners, they have been net sellers this year, but total selling remains modest at around $1.8 billion US, according to JPMorgan's analysis. 'In Q3 both ETF flows and futures positioning have increased pointing to greater participation by both retail and institutional investors, thus creating a positive flow momentum into Q4,' writes Panigirtzoglou in a note to clients. Bitcoin is trading at $82,900 US on Oct. 9.