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

DWF released the latest research report showing that the global stablecoin annual turnover rate (Velocity) has reached a record high of 49.7x. In the first five months of this year, it facilitated a filtered trading volume of $664 million. Analysis indicates that the current development of stablecoins has entered the third stage of "real-world adoption," with remittances, B2B, and B2C payments becoming the fastest-growing sectors, while trading volume related to exchanges has significantly decreased. Since 2025, the growth rate of stablecoin trading volume has completely outpaced the increase in supply, driving its turnover rate from 39.3x to the current 49.7x, reflecting that its practical application value is surpassing its speculative nature.
In contrast, the spot cryptocurrency ETF channels are facing capital withdrawal challenges. Bitcoin spot ETFs have experienced net outflows since October 2025, with a total withdrawal of $6.6 billion over the past three quarters, setting the longest continuous outflow record since the product’s launch. The outflows over the past month have evolved from early "cross-product rebalancing" to a collective departure of capital, for example, on May 27, the total net outflow of all issuers on the network reached $733.4 million in a single day. Meanwhile, the performance of Ethereum spot ETFs is also not optimistic. Although the outflow pressure from Grayscale’s ETHE has largely been exhausted, the market’s expected incremental funds did not rotate into low-fee products like BlackRock’s ETHA as anticipated. Several issuers recorded "zero inflows" or even net outflows in May, and the lack of institutional buying has caused ETH prices to struggle around the $2,000 mark.