JP Morgan tracking ~$50B into crypto YTD, projecting $66B for the year. Down from $110B in 2023 and $160B in 2024.
What's actually interesting: the composition changed. H1 was basically MicroStrategy and VC money doing all the work. Q3 flipped — ETFs and institutional futures came back online. ETF flows turned net positive after the August recovery.
Not a demand problem. Just a rotation in who's buying.
What's actually interesting: the composition changed. H1 was basically MicroStrategy and VC money doing all the work. Q3 flipped — ETFs and institutional futures came back online. ETF flows turned net positive after the August recovery.
Not a demand problem. Just a rotation in who's buying.