Gate News update, April 3, JPMorgan analysis shows that in the first quarter of 2026, digital asset fund flows are about $11 billion, only about one-third of the same period last year, with market momentum clearly slowing. Annualized based on the current pace, full-year fund flows could be around $44 billion, far below the historical peak of about $130 billion in 2025. In terms of fund structure, the main sources of inflows this quarter are corporate balance sheet allocation (especially companies such as Strategy continuing to buy Bitcoin) and crypto venture capital, while participation from traditional investors (including institutions and retail) has noticeably declined. In addition, weakening positions in CME Bitcoin futures reflect institutional demand turning negative; spot Bitcoin and Ethereum ETFs saw outflows in January, although there was some return in March, but overall it remains weak. The analysis believes the current market shows structural characteristics of ‘a few large funds dominating’ rather than broad-based capital returning.
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