Digital asset fund flows | December 22nd, 2025

US Clarity Act delays trigger US-led digital asset outflows

• Digital asset investment products saw US$952m in outflows, the first in four weeks, driven by delays to the US Clarity Act, prolonging regulatory uncertainty, and concerns over whale selling.

• Outflows were almost entirely concentrated in the US at US$990m, partially offset by inflows from Canada and Germany.

• Ethereum led outflows at US$555m, while Bitcoin saw US$460m, whereas Solana and XRP continued to attract inflows, indicating selective investor support.

Digital asset investment products recorded outflows for the first time in four weeks, totalling US$952m. We believe this reflected a negative market reaction to delays in passing the US Clarity Act, which has prolonged regulatory uncertainty for the asset class, alongside concerns over continued selling by whale investors. As a result, it now appears highly unlikely that ETPs will exceed last year’s inflows, with total assets under management standing at US$46.7bn compared with US$48.7bn in 2024.

The negative sentiment was focussed almost solely in the US, seeing US$990m in outflows. This was marginally offset by inflows from investors in Canada and Germany, at US$46.2m and US$15.6m respectively.

Ethereum saw the largest outflows, totalling US$555m, this is understandable given it has the most to gain or loose from the Clarity Act. It is important to note that inflows this year have far surpassed last years at USE12.7bn, compared to US$5.3bn last year.

Bitcoin saw US$460m in outflows and remains well behind, with inflows of US$27.2bn vs US$41.6bn in 2024.

Solana and XRP continue to see support with inflows of US$48.5m and US$62.9m respectively.