Digital asset flows fell sharply in the first quarter, shrinking to $11 billion. Most inflows were concentrated in Strategy’s bitcoin purchases and a small number of large crypto venture investments, while funds from retail and institutional investors were minimal or turned to net outflows, The Block reported on April 3, citing JPMorgan.

JPMorgan estimated total digital asset flows in the first quarter fell to about one-third of the level a year earlier. On an annualised basis, the figure was $44 billion, far short of $130 billion of inflows in 2025. JPMorgan had expected inflows to rise this year, but the result was the opposite.

The tally included flows into crypto funds, CME futures trading, crypto venture investment and corporate treasury purchases. It also reflected Michael Saylor (마이클 세일러) and Strategy’s bitcoin buying.

Institutional demand also weakened. CME futures positions slowed compared with 2024 and 2025, and JPMorgan assessed that institutional demand through futures turned negative this year. Spot bitcoin and ether ETFs also posted net outflows in the first quarter. Outflows were concentrated in January, and bitcoin ETFs saw some money flow back in during March.

Corporate treasury purchases remained a key pillar, but the pool of buyers narrowed. Some companies, including Strategy, kept buying bitcoin, while some small companies sold holdings as they sought funds for share buybacks. Strategy funded its first-quarter bitcoin purchases mainly through stock issuance and plans to continue additional buying using a mix of common stock and perpetual preferred shares.

Bitcoin mining companies turned to net selling in the first quarter. Some listed miners sold bitcoin or used it as collateral to secure liquidity, fund capital spending and manage debt. Some selling coincided with shifts toward artificial intelligence, but overall selling was driven by worsening funding conditions and tighter financial management, The Block said.