Core Insights - Grayscale research indicates that the net outflow of approximately $1 billion from U.S. spot Bitcoin ETPs in December 2025 was primarily driven by year-end tax-loss harvesting rather than a deterioration in demand [1] - The first trading day of 2026 saw a reversal with nearly $500 million in net inflows [1] - On-chain data shows no significant sell-off from OG whales [1] Industry Developments - There has been substantial progress in the tokenization of institutional-grade assets, including the DTCC receiving a no-action letter from the SEC to initiate tokenization services [1] - JP Morgan Asset Management launched a tokenized money market fund on Ethereum [1] Regulatory Environment - The U.S. Senate plans to review the cryptocurrency market structure bill on January 15 [1] - Grayscale anticipates that legislation may be passed in 2026 [1]
灰度：2025 年 12 月美国现货比特币 ETP 净流出约 10 亿美元主要由年末税务卖出驱动，而非需求恶化
Xin Lang Cai Jing·2026-01-07 02:46