🎯 points out CoinShares.🌪️$BTC 🌪️$ETH 🌪️Regulatory uncertainty in the US pressures flows and weighs on Ethereum.🤯. 🇺🇸 The US accounts for almost all outflows🌪️

Global cryptocurrency investment products (ETPs) recorded $952 million in net outflows last week, marking the first negative result after four consecutive weeks of inflows, according to data from CoinShares.

According to James Butterfill, head of research at the manager, the movement was mainly triggered by delays in the Clarity Act in the United States, reigniting regulatory uncertainty in the world's largest capital market.

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🇺🇸 USA accounts for almost all outflows🌪️

The data shows that the selling pressure was almost entirely concentrated in the United States, which accounted for around US$ 990 million in net outflows.

📌 In contrast:

• 🇨🇦 Canada recorded US$ 46.2 million in inflows

• 🇩🇪 Germany attracted US$ 15.6 million

This contrast suggests that, despite the global pullback, sentiment outside the USA remains relatively more resilient, even in a more cautious environment.

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🔻 Ethereum leads the outflows

Ethereum was the asset most impacted by the market mood change, with US$ 555 million in outflows, the highest volume among all monitored crypto assets.

According to CoinShares, Ethereum has 'more to gain or lose' with the Clarity Act, due to its central role in discussions about the classification of digital assets and market structure in the USA.

📌 The reading is that any regulatory delay directly affects assets that:

• sustain broad ecosystems

• are the basis for DeFi, stablecoins, and tokenization

• are at the center of the regulatory discussion

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🔄 Selective inflows show relative strength

Despite the negative environment, capital did not exit indiscriminately. Some large-cap assets continued to attract interest:

• Solana: US$ 48.5 million in inflows

• XRP: US$ 62.9 million in inflows

📌 CoinShares highlights that Solana and XRP have been benefiting from relative strength, extending a trend observed in recent weeks, even as broader products face pressure.

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📊 Annual outlook becomes more limited

With the recent reversal, CoinShares assesses that flows in 2025 are unlikely to surpass last year's records.

According to Butterfill:

“It now seems highly unlikely that ETPs will surpass last year's flows.”

Currently:

• Assets under management (AUM): US$ 46.7 billion

• Comparison with 2024: US$ 48.7 billion

📌 This reinforces a scenario of normalization and greater selectivity, after the strong growth observed in the previous cycle.

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🌪️🧠 🌪️

The report indicates that:

• regulatory uncertainty continues to be a dominant factor

• institutional capital is more sensitive to political decisions

• the rotation between assets remains active, there is no widespread outflow

The market seems less willing to anticipate regulatory solutions and more focused on capital preservation.

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📌🥀 The delays in the Clarity Act in the USA momentarily interrupted the positive flow for crypto ETPs, resulting in relevant outflows concentrated in the American market.

📉 Ethereum was the most impacted.

🔄 Solana and XRP showed resilience.

⚖️ Regulation remains the main short-term catalyst.

As long as uncertainty persists, the market tends to remain selective, defensive, and highly sensitive to regulatory news.