Grayscale research points out that in December 2025, the U.S. spot Bitcoin ETP will see a net outflow of approximately $1 billion, primarily driven by year-end tax-loss harvesting rather than a decline in demand. On the first trading day of 2026, there’s an immediate reversal with nearly $500 million in net inflows. On-chain data also shows no significant sell-off by OG whales. On the fundamentals side, institutional-grade asset tokenization is making substantial progress, including DTCC receiving a no-action letter from the SEC to launch tokenization services, and JP Morgan Asset Management introducing a tokenized money market fund on Ethereum. In terms of regulation, the U.S. Senate plans to review the crypto market structure bill on January 15, and Grayscale predicts it could be legislated by 2026. http://(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=54694