JPMorgan analysts have raised questions about the sustainability of the $12 billion inflows into crypto assets so far this year. They noted that while most of the money has been transferred through spot bitcoin exchange-traded funds (ETFs), they are skeptical about the sustainability of the inflows given the current high price of bitcoin relative to production costs and gold. Although annualized net inflows could reach $26 billion based on this trend, analysts remain skeptical, consistent with their early doubts about the impact of spot bitcoin ETF approval on attracting new capital into the crypto space.