JPMorgan expects institutional investors to drive the next significant inflow into crypto markets in 2026, not retail or corporate treasuries.

Shift from retail and corporate buying to institutions

According to JPMorgan, the upcoming impulse for the crypto market will come from funds and large financial institutions, rather than from retail participants. The bank notes that after retail activity slowed on DAT since autumn 2025, institutions could become the primary source of new capital inflows during 2026.

What supported growth in 2025

JPMorgan highlights that growth in 2025 was largely supported by ETFs on BTC and ETH, together with corporate purchases of bitcoin by companies. The bank says more than $68 billion flowed through DAT in that period, of which about $23 billion related to Strategy allocations.

Triggers for institutional entry

The bank identifies several key triggers that could encourage traditional finance to allocate to crypto: clearer regulation, improved confidence among financial institutions and potential effects from the CLARITY law in the United States. These developments are expected to reduce uncertainty for institutional allocators and facilitate larger commitments.

Potential market consequences

JPMorgan expects that renewed institutional interest could stimulate a new wave of venture investment, M&A activity and initial public offerings in the crypto sector. The bank suggests that such flows would materially change market dynamics if they materialize at scale during 2026.