Global Crypto Market Volatility and Institutional Product Launches Highlight Shifting Dynamics

The global crypto market experienced significant outflows in the week ending November 15, 2025, with digital asset investment products losing $2 billion as Bitcoin (BTC-USD) and Ethereum (ETH-USD) ETFs faced sustained investor withdrawals . This marked the third consecutive week of outflows, totaling $3.2 billion since early October, as total assets under management (AuM) in digital asset ETPs declined 27% from a peak of $264 billion to $191 billion. CoinShares’ Head of Research, James Butterfill, attributed the trend to “monetary policy uncertainty and crypto-native whale sellers,” noting that Bitcoin ETFs alone recorded $1.38 billion in outflows, while Ethereum ETFs lost 4% of their AuM ($689 million) .

Amid this liquidity crunch, institutional infrastructure is evolving to address long-term exposure needs. Cboe Futures Exchange announced the launch of Bitcoin and Ether Continuous Futures on December 15, 2025, offering U.S.-regulated perpetual-style exposure with daily cash adjustments to align prices with underlying assets . These contracts, centrally cleared through Cboe Clear U.S., LLC, eliminate the need for position rolling by extending expiration terms to 10 years. Rob Hocking, Cboe’s Global Head of Derivatives, emphasized the product’s utility for “capital efficiency, volatility management, and tactical trading,” while Kaiko’s Anne-Claire Maurice highlighted their role in reducing “operational friction for institutional investors seeking efficient, long-term crypto exposure” .

Parallel developments in Asia underscored growing institutional demand. Singapore’s SGX Derivatives introduced Bitcoin and Ether perpetual futures in November 2025 to meet “rising institutional crypto demand” and bridge traditional finance (TradFi) with crypto-native ecosystems . These products, regulated by the Monetary Authority of Singapore (MAS), mirror global trends in perpetual futures trading and follow EDXM International’s earlier July 2025 launch of similar contracts. SGX’s move aligns with Singapore’s cautious regulatory approach, which includes the 2022 Financial Services and Markets Act (FSM) granting MAS authority over cross-border crypto services. The MAS has also enforced strict compliance deadlines for local crypto firms, imposing penalties of up to SGD 250,000 ($200,000) and three-year prison terms for non-compliance .

The interplay between liquidity outflows and product innovation reveals broader market tensions. While U.S. and Hong Kong investors withdrew $1.97 billion and $12.3 million respectively, German investors injected $13.2 million, viewing price weakness as an entry opportunity . Meanwhile, Cboe’s and SGX’s perpetual futures aim to streamline portfolio management by addressing operational inefficiencies in traditional futures, yet they operate within regulatory frameworks that balance innovation with risk mitigation.

These developments reflect a maturing crypto market where institutional-grade infrastructure competes with volatile retail sentiment. The U.S. and Singapore’s regulatory approaches—Cboe’s U.S.-regulated transparency versus Singapore’s FSM-compliant oversight—demonstrate divergent strategies to accommodate institutional participation while managing systemic risks. As CoinShares noted, the recent outflows highlight the fragility of crypto ETPs in uncertain macroeconomic environments, yet the launch of perpetual futures signals persistent demand for tools to hedge against price volatility and manage long-term exposure .