JPMorgan: Strategy drives crypto inflows amid slowdown

JPMorgan reports that digital asset inflows significantly slowed in the first quarter of 2026, totaling approximately $11 billion, a sharp decrease from the previous year. Investor demand weakened, evidenced by softer futures positioning and early ETF outflows. The majority of these inflows were driven by MicroStrategy's continued Bitcoin purchases and concentrated venture capital funding, rather than broad institutional or retail investor activity. The report highlights a risk-off environment impacting crypto markets, with total market capitalization falling around 20% and major cryptocurrencies like Bitcoin and Ether experiencing substantial declines.