ETF Whiplash: Crypto Index Funds, Massive Outflows, and the Next Market Cycle

While Bitcoin and crypto have had a brutal few weeks, with BTC down about 10 percent this week and wiping out its 2025 gains, spot ETFs have seen some of their largest single-day outflows since launch, including hundreds of millions exiting leading products. At the same time, 21Shares just launched the first U.S. crypto index ETFs under the more conservative 1940 Act, offering diversified baskets of assets like ETH, ADA, and SOL to professional investors, even as institutional players such as major universities increase their direct BTC exposure.

Join us to explore how ETFs and institutional positioning are reshaping market structure: Are we seeing capitulation, rotation into index products, or the early contours of a new “crypto winter”? Discussion can focus on what this means for portfolio construction, liquidity for different chains, and how builders should think about cycles when designing protocols or startups.

We will meet in the Enterprise Works building of the Research Park where there is open parking for guests and a CUMTD bus stop. Please RSVP so we know how many to expect, as lunch will be provided!