JPMorgan released a report stating that total inflows into digital assets in Q1 2026 were approximately $11 billion, annualized to about $44 billion, roughly one-third of the same period in 2025. Analysts such as Nikolaos Panigirtzoglou pointed out that retail and institutional investor inflows were relatively low or even negative, with Q1 inflows primarily driven by Bitcoin purchases by strategy firms and concentrated crypto venture capital funding. The crypto market as a whole declined in Q1, with total market capitalization falling by about 20%, Bitcoin falling by about 23%, and ETH falling by over 30%. The sell-off was driven by macroeconomic and geopolitical pressures, with altcoins experiencing even larger declines. Prices stabilized towards the end of the quarter, with Bitcoin consolidating around $70,000. The report noted that CME futures positions in Bitcoin and ETH weakened compared to 2024 and 2025, and spot Bitcoin and ETH ETFs saw net outflows in Q1, mainly concentrated in January, with Bitcoin ETF inflows rebounding somewhat in March. Strategy remains the primary buyer, mainly funding Bitcoin purchases through equity issuances, while other corporate holders have been relatively conservative, selling some Bitcoin for buybacks. Bitcoin miners were net sellers this quarter. Crypto venture capital funding has increased at an annualized pace higher than in the previous two years, but is concentrated in a few large deals, with funds continuing to flow into infrastructure, stablecoins, payments, and tokenization.