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Analysts from JPMorgan have assessed the influx of funds into crypto assets during the first quarter at approximately $11 billion, which is nearly three times lower than the same period last year.
According to their forecasts, if the current pace continues, the total influx for the year could reach around $44 billion, compared to about $130 billion in 2025.
The majority of the influx in the first quarter was attributed to Bitcoin purchases by large investors, including the largest corporate holder of BTC, Strategy, and crypto venture funds. Meanwhile, the activity of retail investors remained subdued, with some segments experiencing capital outflows.
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Analysts noted an increase in demand concentration: large participants continue to accumulate the asset, while some companies are reducing their investments or adopting a wait-and-see approach.
In the case of Strategy, it involves a systematic accumulation strategy— the company finances Bitcoin purchases through equity placements and intends to maintain this practice.
Additional pressure on capital influx came from mining companies, which acted as net sellers in the first quarter. JPMorgan linked this to tightening financing conditions and the need to maintain liquidity. In several instances, sales were also associated with expenses related to business diversification, including projects in artificial intelligence.
Overall, analysts believe that the current situation indicates a slowdown in capital influx and a shift in the demand structure within the crypto asset market.
Earlier, CoinShares analysts reported that at the beginning of March, the capital influx into cryptocurrency exchange-traded products (ETPs) amounted to $619 million, of which $521 million was directed towards Bitcoin-based instruments.
