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CoinShares Data: Fund Flows Shifted Towards ETH, XRP, and SOL in 2025
CoinShares' 2025 Digital Asset Fund Flows report reveals that crypto investment products ended the year with a strong but complex picture. Total money flowing into global digital asset funds reached $47.2 billion in 2025. This figure is just below the record of $48.7 billion recorded in 2024. A strong start to the year ensured that investor interest was generally maintained, despite the volatile movements and short-lived outflows seen in the middle of the week.In the last week of the year, there was a net inflow of $582 million into global funds. Following the outflows at the beginning of the week, the inflow of $671 million on Friday alone showed that institutional demand is still strong. Looking at the regional distribution, the US maintained its clear lead. US-originated inflows reached $47.2 billion throughout 2025. Although this figure indicates a 12% decrease compared to 2024, it did not change the country's weight in global digital asset funds.On the European side, a remarkable recovery stood out. Germany recorded a net inflow of $2.5 billion in 2025 after experiencing outflows of $43 million in 2024. A similar turnaround was seen in Canada. Canada, which experienced outflows of $603 million in 2024, closed 2025 with inflows of $1.1 billion. In Switzerland, appetite was more limited but stable; the country saw inflows of $775 million into digital asset funds, representing an 11.5% increase year-on-year. In contrast, Sweden was among the countries where outflows were concentrated, both weekly and year-on-year.The balance is shifting in the altcoin arenaAsset-based allocation clearly reveals one of the most important trends of 2025: a rotation from a Bitcoin-centric structure towards selected altcoins. While Bitcoin still holds the largest share, fund inflows decreased by 35% in 2025 to $26.9 billion. Price pressure and volatility led some investors to short Bitcoin products. Throughout the year, $105 million inflows were recorded into short Bitcoin funds, but the total assets under management for these products remained at a niche level of $139 million.Ethereum, however, was the clear winner of the year. In 2025, $12.7 billion inflows were recorded into Ethereum funds. This represents a 138% increase year-on-year. Both the expansion of institutional use cases for Ethereum and updates within the ecosystem significantly strengthened investor sentiment.On the altcoin side, the most striking performance came from XRP and Solana. XRP recorded growth of approximately 500% with $3.7 billion inflows in 2025. Solana showed an increase approaching 1000% with $3.6 billion inflows. This picture shows that investors are increasingly gravitating towards projects with scalability, low transaction costs, and specific use cases. The other altcoins in the image are showing more limited but noteworthy signals. Sui saw steady interest in 2025 with $152 million in inflows. Chainlink, with a net inflow of $22 million, demonstrated continued institutional interest, particularly in oracle infrastructure. Older projects like Zcash and Litecoin, however, saw limited inflows, indicating investor caution. Demand for multi-asset products and altcoins in the "other" category weakened throughout the year. According to CoinShares data, total inflows for altcoins excluding Bitcoin, Ethereum, XRP, and Solana declined by 30% year-on-year. The overall picture shows that 2025 was a year of selectivity in digital asset markets. While total inflows remained near record levels, capital was concentrated in certain assets. Although Bitcoin still held a central position, Ethereum and some major altcoins gained a stronger position in institutional portfolios in the past year.
Japan Shifts Gears into Crypto: 2026 Declared the “Digital Year”
Japan has sent one of its clearest and strongest messages yet regarding the integration of crypto assets into the traditional financial system. Speaking at the Tokyo Stock Exchange on the occasion of the new year, Finance Minister Satsuki Katayama stated that making digital assets more accessible to a wider audience through securities and commodity exchanges is critically important. Katayama officially declared 2026 as the "digital year," emphasizing that the Japanese financial system will play an active role in this transformation. According to local media agencies, Katayama stated that exchanges play a central role in the widespread public offering of blockchain-based digital assets. Recalling that cryptocurrency exchange-traded funds (ETFs) are used by individual investors as a hedge against inflation in the US, Katayama indicated that similar products could be considered in Japan. Currently, there is no cryptocurrency ETF open to local investors in the country, but the statements suggest this may change. Katayama said that the government will not only remain in a regulatory position but will also provide full support to exchanges for the modernization of financial market infrastructure. Katayama stated that they aim to create an environment that will pave the way for the integrated use of fintech solutions with digital asset trading, adding that this approach could put Japan back in the spotlight in global financial competition.Japan continues to take steps towards cryptoThis opening towards crypto assets is also consistent with Japan's recent accelerated regulatory reforms. Last year, the Financial Services Agency, the country's financial supervisory authority, opened discussions on allowing banks to directly hold and trade crypto assets. During the same period, JPYC, the first stablecoin pegged to the Japanese yen, was also approved. These steps are paving the way for crypto to become a legitimate tool not only for individual investors but also for institutional finance.Another important step taken in November was the reclassification of 105 major crypto assets as "financial products" under existing financial legislation. This list includes the largest assets in the market, such as Bitcoin and Ethereum. This change could pave the way for these tokens to be used more widely alongside traditional financial products.There is also a remarkable transformation on the tax side. Japan plans to reduce the tax rate applied to crypto gains from as high as 55% to 20%. This would place digital assets under the same tax regime as stocks and other traditional investment instruments. Furthermore, investors will be able to carry forward losses from crypto transactions for three years.These regulations have whetted the appetite of Japanese financial giants. SBI Holdings has long been waiting for a suitable legal framework for crypto ETFs. Meanwhile, Ripple is reportedly preparing to launch its stablecoin, RLUSD, with SBI support in the first quarter of 2026.Katayama describes 2026 as a turning point not only for digital assets but also for the chronic problems of the Japanese economy. In this process, supported by combating deflation, growth-oriented investments, and fiscal policies, digital finance is expected to play a significant leverage role.
Geopolitical Tensions Stirred the Crypto Market: Bitcoin Surpassed $93,000
Bitcoin made a notable surge in the cryptocurrency market in the first days of the new year, surpassing the $93,000 level on Monday. This movement, accompanied by a widespread increase in risk appetite, was not limited to Bitcoin; strong buying was also seen in many major crypto assets, especially Ethereum.Bitcoin experiences a riseAccording to the latest price movements, Bitcoin crossed the $93,000 threshold overnight, with a 24-hour increase exceeding 2%. Ethereum rose to levels around $3,190, while major altcoins such as XRP, BNB, and Solana also recorded gains ranging from 2% to 5%. The price chart in the image shows that Bitcoin has been following a gradual upward trend in recent days and is continuing its efforts to hold above $92,000. In the short term, the $93,000 region stands out as a psychological threshold, and the market is closely watching whether this level will be permanent. Indeed, the BTC price has retreated to the $92,500 level at the time of writing. The sudden volatility in the market has also had severe consequences in the derivatives market. According to Coinglass data, approximately $141 million worth of positions were liquidated in the last four hours alone. About $133 million of these liquidations consisted of short positions. The intense closing of short positions is considered one of the key factors accelerating the upward momentum of the price. Liquidations occur when investors experience insufficient collateral in leveraged transactions, resulting in the automatic closure of their positions. According to analysts, this rise is not unique to the crypto market. A similar picture is seen in Asian markets. South Korea's Kospi index and Japan's Nikkei index rose by more than 2%, highlighting a trend described as a "rally of everything" globally. Investors repositioning their portfolios in the first week of the new year is making assets with limited supply, such as Bitcoin, attractive again.Military operation in Venezuela Geopolitical developments also play a decisive role in pricing. News of the US military operation in Venezuela and the potential capture of leader Nicolás Maduro resonated in global markets over the weekend. With traditional markets closed, cryptocurrencies became one of the most liquid sectors pricing in the news flow. According to analysts, investors generally viewed these developments positively in terms of risky assets, supporting buying activity in the crypto market. Following these developments, oil prices saw limited pullbacks, while safe-haven assets like gold and silver experienced significant movements. The crypto market's ability to simultaneously price in both risk appetite and geopolitical uncertainty once again highlighted why Bitcoin excels during such periods. Looking ahead, investors are focused on the opening of US stock markets and the trajectory of macroeconomic data. The $95,000 level is particularly being watched as a significant resistance point for Bitcoin. A break above this level could accelerate the rise, while a short-term pause is anticipated.
New Bitcoin and Ethereum Transfer from BlackRock to Coinbase
BlackRock, the world's largest asset manager, is back in the spotlight with a new move strengthening its institutional presence in the crypto markets. According to on-chain data, the company made high-value Bitcoin and Ethereum transfers via Coinbase Prime, indicating continued fund flows linked to spot ETFs.BlackRock Moves Bitcoin and ETH HoldingsAccording to the latest on-chain data shared by the blockchain data platform Lookonchain, BlackRock made a remarkable new transfer via Coinbase Prime. The data shows that the world's largest asset manager deposited 1,134 BTC and 7,255 ETH into Coinbase Prime wallets. At current prices, the total value of this transfer is approximately $123.5 million. This move has once again brought BlackRock's approach to crypto assets to the forefront. According to on-chain records, the total value of Bitcoin investments is $101.4 million, while the value of Ethereum transfers is approximately $22.1 million. It is noteworthy that the transfers were made to Coinbase Prime custody accounts linked to BlackRock’s spot ETF products. This indicates a funding and rebalancing process parallel to ETF demand, rather than direct trading activity.BlackRock acquired $22 billion in assets throughout 2025.This latest move is seen as part of a broader picture showing BlackRock pursuing a non-aggressive but steady growth strategy towards digital assets throughout 2025. According to 2025 Cryptocurrency Market Report, the company added over $22 billion in new assets to its on-chain crypto portfolio during the year. The total value of Bitcoin and Ethereum assets, which was approximately $54.8 billion at the beginning of January 2025, increased to $77.3 billion by the end of the year. This increase corresponds to a growth of over 41 percent year-on-year. Bitcoin continued to be the main backbone of BlackRock’s crypto portfolio. Assets, which were around 552,000 BTC at the beginning of 2025, rose to over 770,000 BTC by the end of the year. Thus, a net increase of 217,000 BTC was recorded on the Bitcoin side. In terms of value, the Bitcoin position increased from $51.1 billion to $67.1 billion. This shows that BlackRock continues to position Bitcoin as a strategic reserve asset even during volatile periods. On the Ethereum side, a more striking growth stood out. BlackRock's ETH assets increased from 1.07 million ETH to 3.48 million ETH throughout 2025. This increase indicates approximately 184% value growth on the Ethereum side. It is observed that interest in Ethereum accelerated, especially in the third quarter of the year, with tokenization, on-chain yield, and institutional consensus scenarios coming to the fore. The launch of spot Bitcoin and Ethereum ETFs in the US at the beginning of the year was one of the key factors determining the direction of institutional demand. Despite volatile price movements, ETF inflows have largely been concentrated in BlackRock products. iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) have become regulated and transparent crypto access points for many investors.
The First Major Test of 2026: $2.2 Billion Worth of Options on BTC and ETH Expire Today
The crypto derivatives markets have started 2026 with high volume. As of today, over $2.2 billion worth of options contracts tied to Bitcoin and Ethereum are expiring. This is being closely watched by investors and professional traders as it is the first large-scale derivatives settlement of the year. The fact that both assets are trading near their critical strike prices further highlights the possibility of post-settlement volatility.Bitcoin has $1.87 billion in optionsThe lion's share of the settlement belongs to Bitcoin. Approximately $1.87 billion worth of option contracts are tied to BTC. At the time of settlement, the Bitcoin price is hovering around the $88,900 mark, slightly above the "max pain" level, which is estimated to be around $88,000. Max pain is known as the price level at which the most option contracts close worthless and usually creates an equilibrium point in favor of option sellers.Open position data reveals a noteworthy picture on the Bitcoin side. Of the total 21,001 open positions, 14,194 are call contracts and 6,806 are put contracts. The put/call ratio of 0.48 indicates that the general market trend is based on upward expectations rather than downward hedging. This structure reveals that investors are betting on price increases, but also carries the risk of sharp movements if expectations are not met. On the Ethereum front, the picture is more balanced but still optimistic. The total nominal value of ETH options is approximately $395.7 million. The Ethereum price is trading around $3,020, slightly above its maximum pain level of $2,950. There are 80,957 call and 49,998 put contracts open. The total number of open positions is 130,955, and the put/call ratio is 0.62. This ratio indicates a more cautious optimism compared to Bitcoin. The expiration dates of options are considered critical thresholds for derivatives markets. When contracts expire, investors either exercise or close their positions. During this process, prices often retreat towards maximum pain levels. However, once settlement is complete and this "magnetic effect" disappears, price movements can become freer and more volatile. Another factor that makes this settlement important is institutional positioning data. On the Bitcoin side, call contracts account for 36.4% of the volume in block transactions, while put contracts account for 24.9%. This difference is even more pronounced on Ethereum; 73.7% of block transactions consist of call contracts, with only a small portion being put contracts. Such block transactions generally indicate more strategic and long-term positions rather than short-term speculation. Furthermore, interest is not limited to near-term contracts. While March and June 2026 expiration dates stand out in Bitcoin options, strong demand is seen in quarterly expiration dates spread throughout the year on the Ethereum side. This suggests that traders are positioning themselves not only for short-term price movements but also for a broader bullish scenario extending into the coming months. However, high-volume settlements always carry risk. Price stability can weaken as hedging positions are unwound. In particular, if prices remain below critical levels, the expiration of numerous call options could increase short-term selling pressure.
BTC Commentary and Price Analysis - January 1, 2026
BTC Technical Analysis Rising Triangle Formation On the BTC side, the annual close coming with a touch of the ascending main trend shows that the structure is still strong. After this close, the price has been squeezed into an “ascending triangle” between the descending trend coming from above and the rising trend coming from below. The range of movement is gradually narrowing and volatility is decreasing, which clearly indicates that a decision zone is approaching.Within the current structure, the lower trend of the triangle continues to be preserved. This trend has limited downside attempts so far and stands as a critical threshold for the structure not to break. As long as the price stays above this region, the possibility of an upward breakout from the consolidation remains on the table.On the upside, the 93,000 region corresponds to the upper trend of the triangle and stands out as the main threshold that needs to be exceeded in the short term. Sustained price action above this area would indicate that the consolidation has ended and that the price can transition into a wider range. In this scenario, the main target zone highlighted on the chart becomes the 97,000 band.In summary, BTC is still within the main ascending structure and is searching for direction inside a narrowing triangle in the short term. As long as the lower trend is preserved, the structure remains valid and the upside potential stays open. The decision zone is clearly forming between the 93,000 – 97,000 band. A break above 93,000 would indicate that Bitcoin has moved into a higher range.These analyses, which do not provide investment advice, focus on support and resistance levels that are thought to create short- and medium-term trading opportunities depending on market conditions. However, the responsibility for trading and risk management belongs entirely to the user. In addition, it is strongly recommended to use stop loss for the positions shared.
a16z's 17-Point Crypto Roadmap for 2026
Venture capital firm Andreessen Horowitz (a16z) has revealed key trends expected to dominate 2026 in a new research report published by its crypto team. According to the report, stablecoins, tokenization of real-world assets, and privacy-focused infrastructure are among the most critical forces shaping the next growth phase of the crypto ecosystem. a16z emphasizes that the sector is now beginning to move beyond the experimental phase and towards real use cases at the infrastructure level.The a16z report identifies crypto trendsThe report highlights that stablecoins are no longer a niche crypto product. According to a16z data, stablecoins reached approximately $46 trillion in transaction volume last year. This figure points to a scale comparable to large payment networks like PayPal, and also comes very close to the US ACH system. The near-instant and very low-cost nature of stablecoin transfers has positioned digital dollars as a powerful payment and consensus tool in the global internet economy. However, the report notes that the biggest obstacle facing the sector is still the “entry and exit ramps.” In other words, it's still not easy enough for users to seamlessly integrate stablecoins with traditional financial systems. a16z states that a new generation of startups is beginning to bridge this gap. Solutions integrated into local payment infrastructures, QR code-based networks, and card issuance platforms are making it possible to spend stablecoins in traditional stores. It is predicted that these developments could take stablecoins beyond the crypto world, making them one of the fundamental consensus layers of the internet. The tokenization of real-world assets is also highlighted as a significant topic in the report. Banks, fintech companies, and asset managers are showing increasing interest in moving stocks, commodities, and debt instruments onto the blockchain. However, a16z argues that today's tokenization models are largely “skeletal copies.” Many projects offer a digital reflection of traditional financial structures and don't fully leverage the advantages inherent to crypto. At this point, a16z points out the growing importance of crypto-specific derivative products. Perpetual futures contracts, in particular, stand out because they offer deeper liquidity and simpler implementation. The report states that the adaptation of emerging market equities to this model, called "perpification," holds significant potential. It is also expected that debt markets will shift from off-chain loans that are later tokenized to direct on-chain borrowing models. Privacy, meanwhile, emerges as another critical area of competition for 2026. According to a16z, privacy is no longer a secondary feature, but rather a powerful competitive advantage for blockchain networks. As inter-network interoperability increases, privacy-focused systems can create network effects that make it difficult for users to switch to other platforms. They can also offer stronger protection against increased transaction-based surveillance. The intersection between AI agents and crypto infrastructure is also highlighted in the report. The emergence of autonomous systems performing transactions without human intervention necessitates moving beyond the "Know Your Customer" model. a16z brings up the “Know Your Agent” approach at this point and emphasizes the need for new payment standards that will enable secure, instant value transfers between machines.In conclusion, a16z argues that 2026 will be a transition year for crypto. Hype-driven narratives are expected to be replaced by a more predictable period of growth where regulation, institutional participation, and crypto-specific innovations intersect. According to the report, stablecoins, tokenization, and privacy infrastructures will form the cornerstones of a more resilient and sustainable on-chain economy.
The Outflow Streak of Spot Bitcoin ETFs Ended at the End of the Year
A seven-day outflow from US spot Bitcoin ETFs was replaced by strong inflows this week. This recovery, coinciding with the year-end holiday period, indicates that institutional investor interest remains strong. Net inflows were seen not only in Bitcoin, but also in Ethereum and recently approved XRP, Solana, and Dogecoin-based spot ETFs, reinforcing the view that the crypto ETF market is heading into 2026 on a more solid footing. According to market data, US-traded spot Bitcoin ETFs recorded a total net inflow of $355 million on Tuesday, ending the seven-day outflow streak. The fact that these inflows came from six different funds shows that the recovery was not limited to a single product. BlackRock leads the wayThe strongest daily contribution came from BlackRock's IBIT fund, which leads in net asset size. IBIT alone recorded a net inflow of $143.8 million. Ark & 21Shares’ ARKB fund followed with $109.6 million. Fidelity’s FBTC fund also stood out with a $78.6 million inflow. Positive flows were also reported at the end of the day in spot Bitcoin ETFs belonging to Grayscale, Bitwise, and VanEck.According to LVRG Research Director Nick Ruck, this picture shows that the impact of year-end tax optimization and risk reduction pressures is beginning to weaken. Ruck stated that these inflows, seen despite the fact that market liquidity generally decreases during holiday periods, reveal that institutional demand is still resilient. It is emphasized that long-term investors, in particular, continue to maintain their positions through the ETF channel despite short-term fluctuations.The recovery on the Bitcoin side was also accompanied by Ethereum ETFs. Spot Ethereum ETFs recorded a total net inflow of $67.84 million on Tuesday after four days of negative flows. This development showed that institutional interest in Ethereum is also gaining momentum towards the end of the year. In addition, the fact that all of the recently launched spot XRP, Solana, and Dogecoin ETFs closed with net inflows for the day indicated increased appetite for altcoin-based products. Experts agree that crypto ETFs are undergoing a significant maturation process throughout 2025. Nick Ruck reminded that despite some crypto assets generating negative returns throughout the year, ETFs attracted tens of billions of dollars in cumulative inflows. He stated that structural developments in assets such as Ethereum, Solana, and XRP have enabled these products to gain a more permanent place in institutional portfolios. Looking ahead to 2026, expectations are even more optimistic. It is predicted that the crypto ETF ecosystem will open up to a wider range of investors as the regulatory framework becomes clearer across the market. It is stated that if large platforms increase their reach and new products are launched, fund inflows could surpass previous peaks. Another development supporting these expectations is the consecutive new applications made by companies. Bitwise alone applied for 11 different altcoin ETFs today. Some of these products aim to offer direct investment strategies in crypto assets, while others offer indirect strategies. The industry believes this diversification will make the ETF market deeper and more flexible. NovaDius Wealth President Nate Geraci, in a post on the social media platform X, argued that 2026 will be the year crypto fully enters the mainstream. According to Geraci, crypto will no longer be perceived as a standalone product, but rather as a "rail" that forms the infrastructure of the financial system.
Metaplanet Accelerates Bitcoin Purchases: Exceeds 35,000
Metaplanet, an investment and operations company listed on the Tokyo Stock Exchange, further strengthened its long-term Bitcoin treasury strategy by purchasing an additional 4,279 Bitcoin in the last quarter of 2025. According to the company's statement, approximately $451 million was spent on this purchase, with an average purchase price of $105,412. With this latest transaction, Metaplanet's total Bitcoin holdings have risen to 35,102 BTC. This amount makes the company the fourth largest Bitcoin holder among publicly traded firms.$3.78 Billion TreasuryMetaplanet's total Bitcoin investment has reached $3.78 billion to date. According to company data, the average cost is around $107,607. Management emphasizes that it does not view its current holdings solely as a store of value, but also places them at the center of a balance sheet-based long-term growth plan. In this context, the company aims to reach a total of 210,000 BTC by the end of 2027.The company's shares closed 2025 at 405 yen, an increase of approximately 8 percent. However, Metaplanet shares are still trading about 80 percent below their all-time high seen in June. This clearly demonstrates the volatility in market valuations of companies pursuing a Bitcoin treasury strategy. The most important element that distinguishes Metaplanet from similar examples is its "Bitcoin revenue generation" model. Instead of passively holding all of its Bitcoins, the company has established a structure that generates revenue through derivative products. In this option-based strategy, a separate Bitcoin pool is used; premium income is obtained by selling options from this pool. In this way, the company's main Bitcoin asset, which is planned to be held long-term, is protected while ensuring a regular cash flow. This revenue stream exceeded expectations for 2025. In the latest official announcement, it was stated that the Bitcoin revenue generation unit is expected to generate approximately 8.58 billion Japanese yen, or around 54-55 million dollars, annually. The company stated that it is still evaluating the impact of this performance on consolidated financial results and will share updated guidance in the coming period.Metaplanet's revenue growth is progressing at a remarkable pace. This unit, which was approximately $4.3 million in the last quarter of 2024, reached the $26.5–27 million range in the last quarter of 2025. The quarterly compound growth rate is around 57 percent. This shows that the company is positioning Bitcoin not only with the expectation of price increase, but also as an active financial instrument.This approach is reminiscent of the aggressive Bitcoin accumulation strategy of US-based Strategy in recent years. Strategy continued its Bitcoin purchases throughout 2025 using equities and debt instruments and transformed its balance sheet into a directly BTC-based structure. Metaplanet's hybrid model complements this approach with a revenue-generating mechanism.On the other hand, market conditions are creating pressure for companies. Metaplanet's mNAV indicator, which represents the ratio between market capitalization and net Bitcoin asset value, fell below 1 in October. This suggests that the company's shares are trading at a discount compared to its Bitcoin holdings. Similar pressure is reportedly being observed in other companies that implement Bitcoin treasury models.
Bitcoin Failed to Surpass $90,000 Again, Liquidations Accelerated
Bitcoin started the new week with a familiar scenario. After a brief surge on Monday morning, rising above the $90,000 level, BTC was once again sharply rejected and quickly retreated. Recent price movements reveal that upward momentum in the market remains weak and the necessary demand for a strong breakout has not yet materialized.Bitcoin failed to stay above $90,000Since mid-December, Bitcoin's attempts to surpass the $90,000 threshold have created a sense of déjà vu. According to data, BTC has been turned back from this critical level at least six times since December 16th. Even in the past week alone, two attempts were unsuccessful. The price, which rose to $90,500 last Monday, experienced a sharp drop of approximately $4,000 in the following days. In another attempt to rise on Friday, Bitcoin failed to even reach $90,000. Following these unsuccessful attempts, the market traded sideways between $87,000 and $88,000 for several days. At the start of the week, buyers re-entered the market, pushing BTC up to $90,400. However, the situation remained unchanged. This short-lived rise ended with a "dead cat bounce," as many analysts have pointed out, and Bitcoin quickly fell below $88,000. In the latest price movements, BTC is trading around $86,800, with its market capitalization having fallen to approximately $1.75 trillion. Bitcoin's dominance over altcoins hovers slightly above 57%. This sharp price fluctuation has also led to significant liquidations in the futures market. In the last 24 hours, a total of $281.2 million in positions have been liquidated in the cryptocurrency markets. Approximately 51.9% of these liquidations were from long positions. In the last 12 hours alone, $234.3 million in liquidations occurred, with 52.2% of this being the liquidation of long positions. Looking at shorter timeframes, it's noteworthy that $111 million worth of positions were liquidated in the last 4 hours, and $65 million in the last hour alone.Liquidations are strikingExchange-based data also reveals the extent of volatility. In the last 12 hours, approximately $60.3 million was liquidated on Bybit, with the majority coming from short positions. On Binance, approximately $54.4 million was liquidated, with long positions predominating. The overall picture shows that the market is aggressively opening positions in both directions, but there is no clear consensus on the direction. Similar weakness is observed in the altcoin market. Ethereum rose above $3,000 during the day, approaching $3,050, but could not maintain this level and fell back to $2,960. BNB retreated to around $856, while XRP dropped below the critical support level of $1.90. On a daily basis, Solana, Zcash, and Dogecoin recorded limited gains, while Bitcoin Cash was the biggest loser among large-cap altcoins. CC, however, stood out positively with a rise of approximately 4%. During all these movements, the total cryptocurrency market capitalization experienced increases and decreases of approximately $70 billion within hours before returning to the $3.06 trillion level.On-chain and institutional data also support the cautious picture. The apparent demand indicator for Bitcoin turned negative, falling to approximately -3,491 BTC, the lowest level seen since October. The fact that the Coinbase premium index, reflecting US investor behavior, remains in negative territory also indicates that selling pressure has not completely ended. In addition, a net outflow of approximately $782 million from spot Bitcoin ETFs last week shows a weakening risk appetite on the institutional side.
$446 Million Outflow from Crypto Funds: Bitcoin Under Pressure, Money Flowing into SOL and XRP
Data from CoinShares' Digital Asset Fund Flows Weekly Report shows that investor sentiment in digital asset investment products remains fragile. In the last week, there was a net outflow of $446 million from crypto investment funds, bringing the total outflow since the sharp price drop on October 10th to $3.2 billion. This indicates that even though the year as a whole appears strong, market confidence has not fully recovered in the short term.Looking at the situation since the beginning of the year, the picture is more balanced. The total amount that entered digital asset funds throughout 2025 is $46.3 billion. This figure is quite close to the $48.7 billion inflow recorded in 2024. However, the fact that total assets under management (AUM) increased by only 10 percent during the year suggests that returns have remained limited for the average investor. When fund flows are taken into account, it appears that the year has not been a year of net gains for many investors.The US is at the center of outflows, while Germany stands out positivelyLooking at regional changes, it is seen that outflows are predominantly from the US. Last week, $460 million in outflows were recorded from listed products in the US. Switzerland also recorded a relatively limited outflow of $14.2 million. In contrast, Germany stood out with a weekly inflow of $35.7 million. The total inflow in Germany since the beginning of the month reached $248 million. This indicates that German investors are viewing the recent price pullbacks as buying opportunities. According to country-specific data, risk appetite is weak in the US, while a more selective and opportunity-oriented approach is emerging in some parts of Europe.Pressure continues on Bitcoin and EthereumLooking at assets, outflows from Bitcoin and Ethereum dominated the week. Net outflows of $443 million were recorded from Bitcoin investment products and $59.3 million from Ethereum funds. Total outflows from Ethereum since the beginning of the month reached $241 million, while the monthly net inflow from Bitcoin was recorded at -$25 million. Despite this, year-to-date figures are still high. Bitcoin funds have attracted net inflows of $26.7 billion throughout 2025, while Ethereum funds have seen net inflows of $12.6 billion. However, recent weeks indicate that investors are acting cautiously in these two major assets and preferring to reduce their positions. The difference is more pronounced in altcoins.The altcoin data shown in the image more clearly reveals the divergence within the market. XRP was the strongest performing asset last week with inflows of $70.2 million. The total amount that entered XRP products since the beginning of the month is $424.8 million. The total inflow into XRP funds since the beginning of the year has exceeded $3.3 billion. Solana also performed positively. Last week, Solana funds saw inflows of $7.5 million, bringing the total monthly inflow to $124.8 million. Year-to-date Solana inflows stand at $3.5 billion. In contrast, the outflow trend continues in multi-asset funds and some smaller products. While multi-asset products saw weekly outflows of $27.2 million, total outflows since the beginning of the month reached $193 million. Although there were limited inflows into Chainlink and some niche products, the overall picture shows that investors are selectively taking positions in certain altcoins.
2025 Was the Year of Leverage in Crypto: $150 Billion Evaporated
The cryptocurrency markets experienced an intense and turbulent period throughout 2025, both in terms of price movements and market structure. According to CoinGlass data, the total amount of liquidations in the crypto market throughout the year exceeded $150 billion. The average daily liquidation amount ranged between $400 and $500 million.The high volume liquidations of both long and short positions throughout the year showed that the uncertainty in the market was two-sided. The sharp price fluctuations, especially led by Bitcoin and Ethereum, brought about on-chain liquidations in the futures market. While the liquidation volume approached the billion-dollar level on some days, these sudden liquidations also triggered short-term panic selling in the spot markets.What happened in the crypto markets in 2025?One of the most notable developments of 2025 was the impact of macroeconomic fluctuations on crypto prices. Inflation and interest rate data from the US strengthened the search for direction in risky assets throughout the year. While expectations of interest rate cuts occasionally fueled buying in the crypto market, the climate of uncertainty led to a rapid increase in leveraged positions, followed by sharp liquidations. Regulation was also a key factor shaping market dynamics in 2025. Draft regulations on digital assets in the US and Europe directly impacted investor sentiment. In particular, regulatory steps targeting stablecoins, decentralized finance (DeFi) protocols, and cryptocurrency exchanges occasionally generated sudden price movements in the market. Following such news flows, leveraged positions were rapidly unwinded, and liquidation volumes increased significantly.On the institutional side, a cautious but steady interest was observed throughout the year. Spot ETFs and portfolio adjustments by large funds shaped the medium-to-long-term outlook of the market. However, even these institutional moves were not enough to curb the tendency of short-term traders to use high leverage. On the contrary, increased liquidity and trading volume paved the way for more aggressive positions in futures markets. The altcoin market also experienced high volatility in 2025. While projects focused on AI, gaming, and real-world assets (RWA) saw periodic rallies, these increases were followed by sharp corrections. This cycle led to significant liquidations, particularly for small and medium-sized investors. The consistent liquidation bars in CoinGlass data show that this volatile structure extended throughout the year. Overall, 2025 was a year where high risk and high volatility intertwined for the crypto markets. The total liquidation amount exceeding $150 billion reveals the weight of leveraged trading on the market, while the average daily liquidation figure of $400-500 million points to the persistence of this risk.
Pre-Christmas Wave of Outflows from Spot Bitcoin and Ethereum ETFs
Significant outflows were observed from spot Bitcoin and Ethereum ETFs in the US as the year drew to a close. According to data, US spot Bitcoin ETFs recorded a net outflow of $188.6 million on Tuesday, marking the fourth consecutive trading day of negative outflows. Spot Ethereum ETFs also saw a net outflow of $95.5 million on the same day. Reduced liquidity before the Christmas holidays and year-end portfolio adjustments are cited as key reasons for these movements.Significant asset outflows from BlackRock, Grayscale, and Bitwise fundsAccording to market data, the majority of outflows from Bitcoin ETFs were concentrated in the IBIT fund issued by BlackRock, with a single day outflow of $157.3 million. Fidelity's FBTC, Grayscale's GBTC, and Bitwise's BITB fund were among the other products that reported net outflows on Tuesday. On a weekly basis, spot Bitcoin ETFs experienced a total net outflow of $497.1 million last week. This chart indicates a complete reversal of the $286.6 million net inflow seen in the week ending December 12. A similar picture emerges on the Ethereum side. Spot Ethereum ETFs, which recorded an inflow of $84.6 million the day before, saw a net outflow of $95.5 million on Tuesday. Leading the outflows was Grayscale’s ETHE fund, with a daily outflow of $50.9 million. This figure stood out as the highest single-day outflow recorded among Ethereum ETFs that day.Market commentators believe that these ETF outflows do not indicate a lasting deterioration in investor confidence. Vincent Liu, CIO of Kronos Research, stated that these movements are more due to year-end dynamics. According to Liu, low liquidity, portfolio rebalancing processes, and profit-taking are among the main reasons for the outflows from Bitcoin and Ethereum ETFs. Similarly, LVRG Research director Nick Ruck stated that investors are reducing risk in the pre-Christmas period, with seasonal profit-taking and tax planning accelerating this process.Rick Maeda from Presto Research emphasized that ETF inflows should not be exaggerated. Maeda said that fund flows have already been volatile in the last few months, and balance sheet adjustments are natural, especially after the volatile fourth quarter. Comparing this to previous years, Maeda noted that over $1.5 billion in outflows occurred from spot Bitcoin ETFs in the four trading days before Christmas 2024, compared to the relatively limited outflows currently seen.Crypto prices also remained under pressure in line with this picture. Bitcoin fell 0.7% in the last 24 hours to $86,931, while Ethereum dropped 1.18% to $2,931. In contrast, spot XRP ETFs saw net inflows of $8.2 million, and spot Solana ETFs saw net inflows of $4.2 million. This situation indicates that investor interest is partly shifting towards different assets.In contrast to this stagnation in the crypto markets, US stocks showed a strong performance. The S&P 500 rose 0.46% on Tuesday, closing at a historic high of 6,909.79 points. The Nasdaq Composite increased by 0.57%, while the Dow Jones Industrial Average rose by 0.16%. According to data released by the US Department of Commerce, the US economy grew by 4.3% on an annualized basis in the third quarter. This rate surpasses the 3.8% growth in the second quarter.US markets will close early on December 24th and will be closed on December 25th due to the Christmas holiday. According to experts, the real signals will become clearer after the holiday, with the return of liquidity. Vincent Liu states that investors should closely monitor the weekly jobless claims data to be released on December 27th and price-driven fund flows. These indicators may offer a healthier picture in terms of market expectations for the first few months of 2026.
US GDP Surprise, Bitcoin Remains Flat
The latest macroeconomic data released from the US revealed that the economy performed stronger than expected in the third quarter of 2025. According to preliminary data from the Bureau of Economic Analysis (BEA), real Gross Domestic Product (GDP) grew by 4.3 percent year-on-year in the third quarter. This rate surpassed the 3.8 percent growth recorded in the second quarter, indicating continued momentum in the economy. Thus, the US economy entered the second half of the year with reduced recession fears. Looking at the details of the data, it appears that growth was primarily fueled by consumer spending, a recovery in exports, and increased government spending. In particular, the strong performance of household consumption indicated resilience in domestic demand despite the high interest rate environment. Increased government spending and exports were also among the factors supporting growth. However, weakness was observed on the investment front. The decline in fixed capital investments raised questions about the sustainability of the growth composition going forward. The GDP price index exceeding expectations showed that the risks on the inflation front have not completely disappeared. This outlook strengthened expectations that the Fed may take a more cautious approach to interest rate cuts. While markets continue to foresee approximately two interest rate cuts in total for 2026, the lack of a clear expectation of a cut for 2027 is noteworthy. The negative surprises seen in durable goods data also indicated that tight financial conditions continue to put pressure on some sectors.Bitcoin and altcoins are trading sidewaysDespite this strong macroeconomic picture, there was no significant price change in the cryptocurrency market. The Bitcoin price traded sideways in the 87,000-88,000 dollar range at the time the data was released. Apart from the limited fluctuations seen in the intraday chart, it was noteworthy that the price did not show a strong breakout either upwards or downwards. Although Bitcoin retreated by approximately 2 percent in the 24-hour period, this movement is considered to be related to short-term technical corrections rather than macroeconomic data. The chart suggests the market has largely priced in the US growth data. Strong GDP figures reduce recession risks, while persistently high inflation and the possibility of delayed interest rate cuts have limited buying appetite in the Bitcoin market. Therefore, investors appear to be cautious and a clear direction has not yet emerged.
VanEck Report Sends Bullish Signal for Bitcoin
A new report published by VanEck suggests that the recent decline in Bitcoin mining activity could herald a positive period for the market. The report, titled “Mid-December 2025 ChainCheck,” published on Monday, emphasizes that historical data shows a more frequent positive return in Bitcoin price following declines in mining power. VanEck analysts, in their analysis since 2014, noted that Bitcoin has seen a 65% positive return in the 90-day period following periods when the network's total processing power (hashrate) decreased. In contrast, this rate remained at 54% during periods when the hashrate increased. The report describes this as a "counter-signal," suggesting that miners giving up and withdrawing from the network under financial pressure can create a positive picture for long-term investors. VanEck, noting the re-emergence of this historical pattern, reported that the total hashrate of the Bitcoin network declined by approximately 4 percent in the month leading up to December 15th. This drop was the sharpest monthly decline since April 2024. According to the report, during periods when pressure on the hashrate persists for longer, future returns tend to occur not only more frequently but also at higher rates. For miners, the situation is becoming increasingly difficult. The recent volatility in the Bitcoin price has also dragged down mining profitability. According to VanEck data, the break-even electricity cost for a mid-range mining device has dropped significantly. For example, for a device like the Antminer S19 XP, this level fell from approximately $0.12 per kilowatt-hour at the end of 2024 to around $0.077 in mid-December 2025. Break-even electricity cost represents the highest energy price at which a miner can operate without incurring losses. The decline in this indicator suggests that an environment has emerged where only low-cost operators can survive.Bitcoin price fluctuatesThe Bitcoin price has been volatile in recent weeks. After reaching a peak of $126,080 in November, the cryptocurrency fell to approximately $81,000 on November 21st. According to the latest data, Bitcoin is trading around $87,779, down 1 percent in the last 24 hours. According to the report, long-term institutional buyers stepped in during this period and began to balance the selling pressure. In particular, institutional entities called digital asset treasuries (DATs) viewed price pullbacks as buying opportunities. It was stated that these institutions purchased approximately 42,000 BTC between mid-November and mid-December, which corresponds to a 4 percent increase on a monthly basis. Thus, the total Bitcoin holdings of DATs reached approximately 1.09 million BTC.This accumulation process stands out as the strongest monthly increase since the purchase of over 128,000 BTC seen between mid-July and mid-August 2025. VanEck predicts that many digital asset treasuries may change their strategy in the coming period and may prefer to sell preferred shares instead of issuing shares to finance Bitcoin purchases.
