Overview
- Outflows were concentrated in U.S.-listed products at about $990 million, partially offset by modest inflows in Canada ($46.2 million) and Germany ($15.6 million).
- Ethereum led redemptions with roughly $555 million and Bitcoin saw about $460 million, while Solana drew $48.5 million and XRP attracted $62.9 million in inflows.
- CoinShares’ James Butterfill linked the withdrawals to the Clarity Act delay and ongoing selling by large holders.
- Total assets under management for digital-asset ETPs stand at $46.7 billion, below last year’s $48.7 billion, making it unlikely 2025 inflows will top 2024.
- Analysts characterize the moves as year-end de-risking and rotation in thin liquidity, leaving near-term flows sensitive to legislative progress in January.