This year, crypto markets have attracted a solid net inflow of $12 billion, according to a new report by JPMorgan. Flows resulted from the shifting trend of digital wallets off crypto exchanges and into these funds, with spot bitcoin ETFs drawing in $16 billion. That means JPMorgan is skeptical as to whether this growth can be sustained; other people might not be quite so sure.

Inflows this year have taken digital asset investments to $25 billion in aggregate, combining flows into ETFs with CME futures and capital in crypto venture funds. Analysts noted massive fund churn, with most inflows to the ETFs said to be coming from transfers of existing wallets rather than fresh capital injections. This has set exchanges’ bitcoin reserves to be 0.22 million lower on this readjustment, or around $13 billion lower.

JPMorgan highlighted the strength of the current market against those of past years, although they warned that the pace should slow. However, it has been seen in previous times that whenever digital currencies have rallied, the crypto market was more resilient than ever, even with bitcoin at high prices and other economic uncertainty factors.