JPMorgan Sees Crypto ETFs Drawing Over $130 Billion As DAT Firms Dominate 2025 Flows

Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, reported that crypto exchange-traded funds pulled in a record $130 billion last year, with Bitcoin and Ethereum products and digital asset treasuries driving most of the demand. More than half of 2025's digital asset inflows, about $68 billion, came from DAT companies, while institutional activity in CME futures fell versus 2024. The analysts expect institutional flows to rebound in 2026, potentially supported by US regulatory initiatives such as the CLARITY Act, while Bitcoin recently traded around $96,050 after gaining 10% in two weeks.