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Flash

first_img JPMorgan Chase: Approximately $50 billion flowed into crypto assets this year, with improved momentum in Q4

In a report released on Wednesday, JPMorgan analysts estimated that approximately $50 billion has flowed into digital assets this year, with an annualized rate of about $66 billion, up from the annualized level of $52 billion in May, but still about half of last year's pace. The report is led by Nikolaos Panigirtzoglou. Analysts estimated the inflow by aggregating data from cryptocurrency fund flows, CME futures implied flows, cryptocurrency venture capital fundraising, and purchases by listed mining companies and corporate treasuries, this time including private company treasuries, private mining companies, and government-related entities in the statistics.Analysts pointed out that the inflow in the first half of the year mainly came from Bitcoin purchases by Strategy and cryptocurrency venture capital financing, while ETF fund flows were a drag at that time, with significant outflows in May and June; since August, ETF fund flows have improved, turning positive for the year, but if calculated from the market correction starting October 10, 2025, the cumulative ETF fund flow is still negative. Institutional positions in Bitcoin and Ethereum futures at CME have increased over the past two months, with Bitcoin positions surpassing previous peaks and Ethereum positions nearing the October 2025 high. Offshore exchange perpetual contract leverage has fallen from the peak after the correction but remains above historical averages, and trend-following traders, including commodity trading advisors, have begun to rebuild long positions in Bitcoin and Ethereum.Analysts also stated that Bitcoin mining companies have been net sellers this year, with net sales of about $1.8 billion, mainly from listed mining companies, which have shifted from hoarding coins to selling newly mined tokens, partially reducing their existing holdings to fund artificial intelligence infrastructure expenditures.

Two Prime CEO: Bitcoin's rebound still has room, and the short covering of volatility will provide additional momentum

According to CoinDesk, Alexander Blume, founder and CEO of the cryptocurrency asset management company Two Prime, stated that Bitcoin's recent rebound still has room to grow, mainly because institutional investors who have sold volatility are facing position pressure. If the price continues to rise, short sellers being forced to cover their positions will further fuel the upward trend. He pointed out that the current market structure is healthy, with funding rates not showing signs of overheating. The rebound is not driven by speculation, and the continuous inflow of spot ETFs and corporate buying provides substantial support.Although implied volatility has risen from 23%-24% to over 40, it remains low by historical standards. If call option sellers are forced to close their positions, it could accelerate the upward movement. Blume believes that if the macro environment stabilizes, BTC has already formed a bottom around $60,000, with the biggest risk coming from a complete collapse of risk assets. The generally pessimistic market sentiment means that even moderate positive news could have an outsized impact.On the mining front, MARA recently chose to collateralize its BTC holdings to obtain a $600 million loan from Coinbase and Two Prime, rather than selling directly, in order to retain upside potential. Mining companies are diversifying their AI transformation strategies, with Cipher Mining and TeraWulf actively shifting towards AI infrastructure, while CleanSpark and MARA explore AI and power sectors while maintaining their original businesses. Blume expects the Trump administration to push for interest rate cuts, and adjustments to the PCE index may lower inflation readings, which could improve interest rate prospects.

Gate Research Institute: In August, the overall risk assets increased, and the trend momentum strategy performed steadily

Gate Research Institute released the August 2026 cryptocurrency and TradFi quantitative report. BTC and ETH rose approximately 25.1% and 32.6% respectively during the month. Gate contract data shows that the open interest amount for BTC increased from about $4.02 billion to $4.38 billion, while ETH rose from about $2.46 billion to $2.75 billion, with increases of approximately 9% and 12.1% respectively.The funding rates for both remained moderately positive most of the time, with long positions dominating the number of accounts, but the active trading long-short ratio was below 1. The TradFi market also rose in sync, with NAS100 increasing about 4.2% during the month, outperforming US500 and US30, while large tech stocks showed a divergence in trends.The report compared four models: moving average trends, trend momentum, Donchian breakout, and RSI mean reversion. Backtesting results showed that the 100-day moving average and 20-day price momentum strategies achieved positive cumulative returns on BTC, ETH, US500, and NAS100, with a median Sharpe ratio of 0.64 and a median maximum drawdown of 8.71%. The report includes Gate TradFi's US500 and NAS100 in cross-asset observations and evaluates market heat by combining Gate contract long-short ratios, funding rates, and open interest data. The execution over the next one to three months will focus on trend confirmation, volatility rebalancing, leverage limits, and cooling off abnormal liquidations.
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