Capital Flees from Bitcoin and Ethereum ETFs to Tokenized Stocks

• Bitcoin ETFs experienced an eight-week outflow that evaporated USD 7 billion.
• Tokenized stocks multiplied their volume by 30 compared to July 2025.

The digital asset market is witnessing a liquidity migration from Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) towards tokenized stocks.

On the other hand, ETFs ended an eight-week consecutive losing streak by receiving USD 281 million last week. Amid this backdrop, the monthly trading volume of tokenized stocks surged by 280% during June 2026, reaching a historic record of USD 3.4 billion.

This inflow of USD 281 million marks the first week with positive balances for ETFs since May 2026. Financial instruments based on Bitcoin attracted USD 197 million, while Ether-linked products drew in USD 84 million.

This movement with ETFs interrupted a trend of massive withdrawals that accumulated outflows of USD 7 billion over the past two months.

Despite this rebound, the annual balance of these exchange-traded products shows signs of deceleration. The net inflows accumulated over the last 12 months fell to USD 1 billion. This amount contrasts with the USD 10 billion recorded at the end of April 2026. The figure is far from the historical peak of USD 12 billion reached in October 2025.

By early July 2026, weekly withdrawals peaked at USD 2 billion. This represents a stabilization in capital flow that suggests a temporary halt to capitulation.

Such behavior can be interpreted as a return of buying interest at current price levels. However, there are other products that are attracting greater interest. Tokenized stocks are digital representations of traditional stocks and are currently performing better.

In light of the stagnation of ETFs, trading in tokenized stocks has solidified as the fastest-growing sector in the cryptocurrency ecosystem.

The liquidity of this segment maintained a stable and low trend during the second half of 2025. During that period, monthly volumes fluctuated between USD 88 million and USD 174 million. The trend shift formally began in January 2026.

The monthly trading volume rose to USD 227 million at the beginning of the year and reached USD 895 million in May. This nearly fourfold increase in five months preceded the historic jump recorded in June. In that month, the monthly volume grew to USD 3.4 billion, representing a 30-fold increase compared to July 2025 metrics.

This event coincided with the Nasdaq debut of aerospace company SpaceX on June 12, 2026. The initial public offering of the company founded by Elon Musk raised USD 75 billion in traditional stock markets.

The event immediately stimulated the traded volume in digital asset derivative markets. An example of this was the perpetual contract for SpaceX, identified by the acronym SPCX, which quickly positioned itself as the third most traded asset on the Binance futures platform.

The fundamental difference between both sectors lies in the operational infrastructure of the assets. Traditional exchange-traded funds act as passive and closed investment vehicles that limit user options. In contrast, tokenized stocks operate natively within decentralized finance protocols. This technical feature facilitates direct interaction with multiple autonomous smart contracts.

Investors seek additional functions beyond mere exposure to the price movements of companies. The design of tokenized stocks allows them to be used as collateral or guarantees for loans on automated platforms. They also facilitate participation in complex yield strategies and direct integration into decentralized networks. This dynamism attracts institutional firms looking to optimize operational efficiency and retail capital interested in continuous operational flexibility.

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