Money continues to flow into cryptocurrencies at a record pace and is surpassing the capital flows into private equity and private credit markets, says JPMorgan Chase (JPM).
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JPMorgan, the world’s biggest commercial bank, estimates that net capital inflows into crypto have hit $60 billion year-to-date, a nearly 50% increase since the end of May. That $60 billion 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 in a note to clients.
Dwarfing Private Equity
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) 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.
BTC is currently trading at $119,400, having gained 26% on the year.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 25.21% in the last 12 weeks.
