Crypto Fund Flows Drop to $11 Billion in Q1 2026, Just One-Third of Last Year's Level

JPMorgan: Q1 Crypto Flows Hit $11B, Down Two-Thirds From Last Year

Crypto market momentum is slowing sharply. According to JPMorgan, digital asset flows came in at roughly $11 billion in Q1 2026—about one-third of what they were a year ago.

At the current pace, annualized flows would land around $44 billion, far below 2025's record $130 billion. Where did the money come from? Corporate treasury allocations—led by names like Strategy—and crypto venture capital. Traditional investors, both institutional and retail, pulled back significantly.

0e01a001c4fe4ff68825b7bbf4810233.png

CME bitcoin futures positioning weakened, signaling a turn in institutional demand. Spot bitcoin and ethereum ETFs saw outflows in January, with only a partial rebound in March. The overall picture remains soft. JPMorgan's take? The market is showing a "few large players driving the action" structure, not a broad-based recovery.

Recommended reading: