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

JPMorgan Chase (NYSE: $JPM), the largest U.S. bank, says that $50 billion U.S. has flowed into cryptocurrencies this year.

Analysts at the lender are bullish on crypto heading into the fourth quarter, saying stronger flows into exchange-traded funds (ETFs) are leading to positive momentum for digital assets.

Crypto analyst Nikolaos Panigirtzoglou says current inflows equal an annualized pace of about $66 billion U.S. for 2026.

While that's up from a $52 billion U.S. 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."

Panigirtzoglou notes that 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 adds 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.

As for Bitcoin miners, they have been net sellers this year, but total selling remains modest at around $1.8 billion U.S., 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 U.S. on Oct. 9.