The delay of the U.S. Clarity Act has sparked regulatory anxiety: nearly $1 billion flowed out of digital asset ETPs in a single week, with Ethereum being the most affected. The delay in the passage of the U.S. Clarity Act, extended regulatory uncertainty, and market concerns over whale selling have led to a significant withdrawal of funds from digital asset investment products. Latest data shows that this round of capital outflow is almost entirely concentrated in the U.S. market. U.S. related digital asset products recorded a net outflow of approximately $990 million, making it the core source of global capital withdrawal. In contrast, Canada and Germany recorded inflows of about $46.2 million and $15.6 million respectively, providing limited hedging against the overall outflow. This structural difference indicates that investor concerns over the U.S. regulatory outlook are dominating market sentiment. The Clarity Act is seen as key legislation that could reshape the U.S. digital asset regulatory framework, and its delay means that compliance pathways and policy boundaries remain unclear. For institutional funds, regulatory uncertainty often translates directly into rising risk premiums, triggering phased withdrawals. This also explains why negative sentiment this round is mainly concentrated on U.S.-led digital asset ETP products. In terms of asset classes, Ethereum (ETH) has been under the most pressure, with a weekly outflow of up to $555 million, ranking first among all digital assets. Given that Ethereum is likely to be most affected by the potential applicability of the Clarity Act, the early withdrawal of funds is not surprising. Nevertheless, the cumulative capital inflow for Ethereum this year has still reached $12.7 billion, far exceeding last year's $5.3 billion, indicating that long-term funds have not completely turned pessimistic. Bitcoin (BTC) also experienced an outflow of $460 million, underperforming market expectations. In comparison, the capital inflow for Bitcoin ETPs in 2024 is $27.2 billion, while the market previously expected its total inflow for the year to be as high as $41.6 billion, with the current gap gradually becoming evident. It is worth noting that funds have not completely withdrawn from the crypto market. Solana (SOL) and XRP continue to receive selective support from investors, recording net inflows of $48.5 million and $62.9 million, respectively. This shows that some funds are rotating from assets with higher regulatory risks or greater uncertainty to projects with relatively clear narratives and more stable risk perceptions. Overall, the delay of the U.S. Clarity Act is becoming an important variable influencing short-term capital flows. Until the regulatory path is clarified, the U.S.-centric digital asset market may still face fluctuations in capital, and capital differentiation and structural rotation may become the main features of the next phase of the crypto market.