Digital asset markets have absorbed roughly $50 billion in fresh capital this year, with the pace of inflows accelerating in recent months as exchange-traded fund demand recovers and institutional futures positioning strengthens, according to a new analysis from JPMorgan.

The bank’s analysts, led by managing director Nikolaos Panigirtzoglou, estimate that the current annualized inflow rate of about $66 billion now exceeds the $52 billion pace calculated in May, though it remains approximately half the level recorded in 2025. The improvement reflects a broadening of demand beyond the corporate treasury purchases and venture funding that dominated the first half of the year.

A shift in the flow composition

During the opening months of…