Money continues to flow into cryptocurrencies at a record pace and is now outpacing the capital flows into private equity and private credit markets, says JPMorgan Chase (JPM).
JPMorgan, the world’s biggest commercial bank, estimates that net capital inflows into crypto have hit $60 billion U.S. year-to-date, a nearly 50% increase since the end of May.
That $60 billion U.S. figure includes crypto fund flows, futures activity, and crypto venture funding, and puts 2025 on track for a record year.
Crypto investments have gathered steam after the passage of the “GENIUS Act” in Congress, which provides long-awaited regulatory clarity around stablecoins, establishes standards for dollar-backed tokens, and has investors excited.
The supportive regulatory environment is fueling a resurgence in both private and public cryptocurrency markets, says JPMorgan Chase.
The record amount of money being funneled into cryptocurrencies large and small is dwarfing the amount flowing to private equity and private credit.
While exact figures are hard to come by in the private equity market, JPMorgan says its data shows declining flows into private equity and private credit markets so far in 2025.
At the same time, a growing number of cryptocurrency firms are filing to hold initial public offerings (IPOs) this year following the successful market debut of stablecoin issuer Circle Internet Group (CRCL).
Analysts at JPMorgan Chase note that the current rally in crypto is broadening out beyond Bitcoin (BTC) and Ethereum (ETH), the two biggest names, to include smaller altcoins.
Asset managers have begun exploring new altcoin-based crypto exchange-traded funds (ETFs), some with staking features, signaling rising institutional interest that goes beyond Bitcoin.
BTC is currently trading at $118,500 U.S., having gained 27% on the year.
