Crypto Has Attracted Around $50 Billion in 2026, and JPMorgan Expects Stronger Momentum Into Q4

A new JPMorgan report led by strategist Nikolaos Panigirtzoglou puts the total capital entering crypto this year at roughly $50 billion. Annualized, that is about $66 billion, up from the $52 billion pace recorded in May but still only half of what the market drew a year earlier. The bank also changed its method. Alongside its usual measures, it now counts buying by private corporate treasuries, private miners and government linked entities.

How the Picture Changed Between the First Half and Q3

Early in the year, most of the money came from Strategy’s aggressive bitcoin purchases and venture funding, while ETFs dragged after heavy withdrawals in May and June. Since August, fund flows have recovered and are positive for 2026, though they remain negative when measured from the October 10, 2025 downturn. CME bitcoin positioning has moved past its earlier peak, ether is close to its October 2025 high, and trend-following traders such as commodity trading advisors are rebuilding long positions. Leverage on offshore perpetual futures has cooled from its highs but still sits above long-term averages.

Miners, Treasury Companies and Venture Capital

Bitcoin miners have been net sellers to the tune of about $1.8 billion, mostly listed firms raising cash for AI infrastructure. Public treasury companies are leaning more on preferred shares than debt, which raises their dividend and interest obligations, while private treasuries have bought far less. Venture money is flowing into fewer but larger deals, shifting toward debt for infrastructure businesses and growing interest in business focused tokenization. JPMorgan concluded that the Q3 improvement reflects wider retail and institutional participation.