Cryptocurrency Markets June 25 Spot ETP Flows: Combined Net Redemptions Increased Sequentially to $779mn Yesterday; WTD Outflows Tracking >$1,600mn

Research evidence excerpt

Cryptocurrency Markets June 25 Spot ETP Flows: Combined Net Redemptions Increased Sequentially to $779mn Yesterday; WTD Outflows Tracking >$1,600mn

J P M O R G A N North America Equity Research

26 June 2026

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Cryptocurrency Markets

June 25 Spot ETP Flows: Combined Net Redemptions

Increased Sequentially to $779mn Yesterday; WTD

Outflows Tracking >$1,600mn

We estimate U.S. spot Bitcoin ETP and U.S. spot ether ETP preliminary net Brokers, Asset Managers &

redemptions of $696mn and $79mn, respectively, on Thursday, June 25, 2026. We Exchanges

estimate the U.S. spot Solana ETPs posted net outflows of $4mn yesterday. Kenneth B. Worthington, CFA AC

(1-212) 622-6613

U.S. Spot Bitcoin ETP Flows kenneth.b.worthington@jpmorgan.com

Madeline Daleiden

We estimate U.S. spot Bitcoin ETP preliminary net redemptions of $696mn on (1-212) 622-4911

Thursday, June 25, 2026, the sixth consecutive day of net outflows and a session madeline.daleiden@jpmchase.com

with multiple vehicles contributing. Fidelity’s FBTC led the group lower with net Michael Cho

redemptions of $274mn, and BlackRock’s IBIT followed closely behind with net (1-212) 622-3619

outflows of $265mn. Other net redemptions include and ARKInvest/21Shares’ michael.cho@jpmchase.com

ARKB ($82mn), Invesco/Galaxy’s BTCO ($53mn), and others included in Table J.P. Morgan Securities LLC

1 below. Morgan Stanley’s MSBT was the only net inflowing vehicle yesterday

with net inflows of $9mn. The group’s total notional trading volumes were slightly