JPMorgan analysts report that digital asset inflows reached approximately $11 billion in the first quarter of 2026, marking a significant decline to about one-third of the inflows seen in the same period last year. The primary sources of these funds were corporate treasury Bitcoin purchases, particularly by Strategy, and crypto venture capital investments. Retail and institutional investments were notably weak, with some even showing negative inflows. Additionally, CME futures positions weakened, and spot Bitcoin and Ethereum ETFs experienced temporary net outflows. Bitcoin mining companies have turned into net sellers, with some firms selling or pledging Bitcoin to improve liquidity. Despite the overall decline, venture capital funding remains substantial but is increasingly concentrated in a few large projects.