DWF Research Report: Stablecoin Annual Turnover Rate Reaches 49.7x, Setting a New Record; Bitcoin and Ethereum ETFs Experience Continuous Outflows

DWF has released its latest research report showing that the global stablecoin annual turnover rate (Velocity) has reached a historical high of 49.7x. In the first five months of this year, it has facilitated $664 million in filtered trading volume. The analysis indicates that stablecoin development has entered the third stage of “real-world adoption,” with remittances and B2B and B2C payments becoming the fastest-growing areas, while the share of trading volume related to exchanges has been significantly reduced. Since 2025, the growth rate of stablecoin trading volume has completely outpaced the growth in supply, driving its turnover rate from 39.3x up to the current 49.7x—reflecting that its real-world application value is outweighing its speculative attributes.

By contrast, the spot cryptocurrency ETF channel is facing a predicament of capital withdrawing. Bitcoin spot ETFs have seen net outflows since October 2025, with cumulative pullbacks totaling $6.6 billion over the past three quarters, setting a record for the longest continuous outflow since the product’s launch. Over the past month, the outflow pattern has shifted from the early “switching positions across products” to a collective exit of capital—for example, on May 27, total net outflows across all issuers on the entire network reached $733.4 million in a single day. Meanwhile, the performance of the Ethereum spot ETF is also far from optimistic. Although the outflow pressure from Grayscale’s ETHE has been largely used up, the market had expected incremental capital to rotate into low-fee products such as BlackRock’s ETHA, but it did not arrive as anticipated. Multiple issuers repeatedly recorded “zero inflows” in May and even net outflows, and the lack of institutional buy orders has caused ETH’s price to struggle with volatility around the $2,000 level.