Crypto Boom Continues Despite Market Uncertainty

Faced with the persistent uncertainties of traditional markets, cryptos are establishing themselves as a strategic refuge. In 2025, inflows to these assets crossed an unprecedented threshold: 60 billion dollars injected since January, according to JPMorgan. This rapid 50 % increase since May confirms an unprecedented institutional momentum. Such a turning point redefines the balance of capital and illustrates the growing normalization of cryptos in the financial world.

A massive influx of capital driven by Washington

Inflow to cryptos now reaches 60 billion dollars since the beginning of the year, according to estimates from a team of JPMorgan analysts led by Nikolaos Panigirtzoglou, while the banking institution adopts these assets as loan collateral for its clients.

This figure, clearly accelerating, represents “nearly a 50% increase since the end of May”, according to their note. The bank estimates that this momentum should “far exceed the record total recorded last year”. This movement is all the more significant as it occurs in an overall cautious economic context and manifests itself through several funding channels.

According to JPMorgan, the inflow growth is explained by a combination of well-identified factors :

• Strong growth in flows to crypto funds since spring ;
• Activity on CME (Chicago Mercantile Exchange) futures contracts, a commonly watched indicator of institutional interest ;
• Fundraising in venture capital, which is clearly rebounding in the crypto segment.

Moreover, the analysts highlight the decisive impact of the US regulatory framework. The GENIUS Act, recently adopted by Congress, brings a long-awaited legal clarification “on stablecoins” and, according to JPMorgan, “sets a de facto global standard” due to the dollar’s dominance in this ecosystem.

At the same time, the CLARITY Act, still under review, aims to “classify cryptos as securities or commodities,” which, according to the note, would make the US market more transparent and “more attractive for crypto-native companies” than the European Union’s market, regulated by the MiCA framework.

A reconfiguration of public markets, the rise of altcoins, and the diversification of investors

Beyond the capital influx and regulatory framework, JPMorgan observes a direct impact on market activity, both private and public. The analyst cites as an example the successful IPO of Circle, issuer of the USDC, as a symbol of renewed confidence from traditional financial markets towards crypto players.

The report also highlights “an increase in filings with the SEC”, illustrating the growing appetite of companies in the sector for a listing. This momentum comes in a context where some companies, like Strategy (formerly MicroStrategy), continue to be valued well above their actual bitcoin reserves, which could indicate a market premium associated with crypto exposure.

In the venture capital realm, analysts note a significant resurgence of fundraising in the crypto sector. This trend sharply contrasts with the slowdown observed in other alternative investment segments, such as private equity or private credit.

Another strong signal comes from renewed interest in altcoins, notably Ethereum, which benefits from a dominant position in DeFi and smart contracts. “The growing inclusion of Ethereum in corporate treasuries alongside bitcoin” reflects a gradual shift in institutional perception.

Moreover, analysts note a rise in projects for ETFs based on altcoins, sometimes including staking mechanisms, marking a clear intent to diversify crypto-related financial products.

This strategic repositioning of investors and market participants could have profound effects. Improved regulatory clarity, coupled with increased structuring of financial tools, could open a new phase of broader institutional adoption. Meanwhile, international competition is intensifying. China is advancing on the digital yuan front, and a yuan-backed stablecoin is being prepared in Hong Kong. If the United States continues on this path, it could consolidate crypto dominance centered on the dollar. Conversely, a political reversal or legislative blockages could quickly reverse the momentum.