JPMorgan analysts estimate that digital assets attracted approximately $50 billion since the start of 2026, equivalent to an annualized pace of about $66 billion. That rate is above the $52 billion pace recorded in May but remains roughly half last year’s level. Investment activity shifted during the year: corporate Bitcoin purchases and venture funding supplied most inflows in the first half, while ETF flows and futures positioning strengthened in the third quarter. ETF flows turned positive for 2026 after recovering from withdrawals in May and June, and Bitcoin positioning on CME exceeded its previous peak while Ether positioning approached its October 2025 high. The analysts said the latest quarter reflected broader participation by retail and institutional investors and less reliance on corporate purchases. Publicly listed companies accounted for most corporate treasury buying, while Bitcoin miners sold a net $1.8 billion, largely to fund artificial intelligence infrastructure spending. JPMorgan expanded its calculation to include purchases by private corporate treasuries, private miners and government-related entities, alongside crypto funds, CME futures, venture fundraising, and listed-company purchases.