The extension of the US "Clarity Act" has sparked regulatory anxiety: nearly $1 billion in digital asset ETP outflows in one week, with Ether leading the way.

Due to the postponement of the U.S. Clarity Act, prolonged regulatory uncertainty, and market concerns about Whale dumping, there has been a significant capital withdrawal from digital asset investment products. The latest data shows that the net outflow of funds from related investment vehicles reached $952 million in a single week, marking the first negative shift after four consecutive weeks of inflows, with market sentiment clearly weakening.

From a regional distribution perspective, this round of capital outflow is almost entirely concentrated in the US market. US-related digital asset products recorded a net outflow of approximately $990 million, becoming the core source of global capital withdrawal. In contrast, Canada and Germany recorded inflows of approximately $46.2 million and $15.6 million, respectively, providing limited hedging against the overall outflow. This structural difference indicates that investor concerns about the regulatory outlook in the US are dominating market sentiment.

The “Clear Act” is seen as key legislation that could reshape the regulatory framework for digital assets in the United States. Its delayed passage means that compliance paths and policy boundaries remain unclear. For institutional funds, regulatory uncertainty often directly translates into an increase in risk premiums, triggering phased withdrawals. This also explains why the current negative sentiment is mainly concentrated on digital asset ETP products dominated by the United States.

From the perspective of asset classes, Ethereum (ETH) is under the most pressure, with a weekly outflow of up to $555 million, ranking first among all digital assets. Given that Ethereum is likely to be most affected by the potential applicability of the “Clarity Act,” it is not surprising that funds are the first to withdraw. Nevertheless, the cumulative inflow of funds into Ethereum this year has still reached $12.7 billion, far exceeding last year's $5.3 billion, indicating that long-term funds have not completely turned pessimistic.

Bitcoin (BTC) has also seen an outflow of $460 million, performing below market expectations. In comparison, the inflow for Bitcoin ETP in 2024 is $27.2 billion, while the market previously anticipated an annual inflow of as much as $41.6 billion, and the current gap is gradually becoming apparent.

It is worth noting that funds have not fully withdrawn from the crypto market. Solana (SOL) and XRP continue to receive selective support from investors, recording net inflows of $48.5 million and $62.9 million, respectively. This indicates that some funds are rotating from assets with higher regulatory risks or greater uncertainties to projects with relatively clear narratives and more stable risk perceptions.

Overall, the delay of the U.S. “Clarity Act” is becoming an important variable for short-term capital flows. Before the regulatory path is clarified, the digital asset market centered in the U.S. may still face capital fluctuations, and capital differentiation and structural rotation may become the main characteristics of the next stage of the crypto market.