JPMorgan analysts estimate that approximately $50 billion has flowed into digital assets since the start of 2026, representing an annualized pace of $66 billion. While this figure remains roughly half of last year's total, it marks an increase from $52 billion recorded in May, signaling improving capital momentum heading into the fourth quarter. ETF flows have turned net positive for the year following improvements since August, while institutional positioning in CME Bitcoin and Ethereum futures has rebounded over the past two months. Public company treasuries emerged as the primary buyers during this period, whereas Bitcoin miners were net sellers, offloading approximately $1.8 billion year-to-date.