Grayscale: The net outflow of approximately $1 billion from the US spot Bitcoin ETP by December 2025 is mainly driven by year-end tax selling rather than deteriorating demand.

2026-01-07 02:24:03

Grayscale research indicates that by December 2025, the net outflow of U.S. spot Bitcoin ETPs will be approximately $1 billion, mainly driven by year-end tax-loss harvesting rather than deteriorating demand, with a near $500 million net inflow reversal on the first trading day of 2026. On-chain data also shows no significant selling by OG whales. On the fundamentals side, institutional-level asset tokenization has made substantial progress, including DTCC receiving an SEC no-action letter to initiate tokenization services, and JP Morgan Asset Management launching a tokenized money market fund on Ethereum. In terms of regulatory pace, the U.S. Senate plans to review the Crypto Market Structure Act on January 15, and Grayscale expects legislation to be passed in 2026.

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