JPMorgan Chase (JPM) said in a research note on Wednesday that year-to-date, net inflows into digital assets have reached $12 billion, and if funds continue at the same pace, that number could grow to $26 billion by the end of the year. Spot Bitcoin ETFs attracted a net inflow of $16 billion, the report said. This figure, combined with CME futures flows plus funds raised by crypto venture capital funds, would bring total inflows to the digital asset market to $25 billion this year. Still, not all of these inflows are new money coming into the cryptocurrency space. "We believe that exchanges' digital wallets could see a significant shift towards new spot bitcoin ETFs," wrote analysts led by Nikolaos Panigirtzoglou.