Recently, JPMorgan's latest report was released, focusing on the funding trends in the cryptocurrency market for 2026.
In 2025, the total inflow of funds into the cryptocurrency market exceeded 130 billion dollars, an increase of one-third compared to the previous year. This volume is significant, primarily driven by Bitcoin and Ethereum ETF funds, along with some companies purchasing cryptocurrency assets as reserves.
However, JPMorgan predicts that this figure will continue to rise in 2026, and the driving force will change its main character. It will no longer be retail investors and companies buying reserves; the core will shift to institutional investors, and the key behind this will depend on whether that transparency bill in the United States can pass.
If this bill is passed, the process for digital assets to enter the financial industry can be simplified significantly. By then, investments and mergers related to cryptocurrencies will increase, particularly in areas like custody services and stablecoins.
This will also lead to an increase in initial public offerings, making the entire industry more regulated and lively.
There is a detail worth mentioning: of the 130 billion in 2025, more than half, or 68 billion dollars, comes from companies buying cryptocurrency reserves. Just Stellar Strategy alone invested 23 billion, and other companies together accounted for 45 billion.
However, this boom did not last until the end of the year. Starting from October, these companies became less active, and Stellar and Bitcoin miners even scaled back their operations.
Meanwhile, the trading volume of Bitcoin and Ethereum futures on the Chicago Mercantile Exchange is also declining, indicating that institutional and hedge fund participation has actually weakened compared to last year. Venture capital in crypto projects has only seen a slight increase, still far from the peak in 2021 and 2022.
This aligns with JPMorgan's assessment that 2026 will be a turning point, where the driving force of funds shifts from retail and enterprises to institutions, potentially changing the entire market dynamics.
Overall, the core of the crypto market in 2026 will be institutional entry and industry standardization, with adjustments in the stablecoin route progressing simultaneously. Following these trends will significantly reduce the chances of missteps.