James Richardson
Global crypto investment funds — including those managed by BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares — experienced $513 million in net outflows last week, according to data from CoinShares. The decline came as investors continued to process the massive liquidation event on October 10, which rattled the digital asset markets.
“Total outflows since the sell-off have reached $668 million, suggesting that while ETP investors largely moved on, on-chain participants remain more bearish,” said James Butterfill, Head of Research at CoinShares, in a Monday report.
Butterfill also noted that weekly trading volumes in crypto exchange-traded products (ETPs) stayed unusually high at $51 billion, nearly double the 2025 average, signaling persistent volatility and investor repositioning.
Nearly all redemptions originated in the United States, where $621 million exited crypto investment vehicles. In contrast, European and Canadian markets saw steady inflows — with Germany attracting $59.3 million, Switzerland $48 million, and Canada $42.3 million, highlighting regional divergence in investor sentiment.
According to PRIME’s price page, both Bitcoin (BTC) and Ethereum (ETH) slipped last week, losing 5.8% and 6.3%, respectively.
Bitcoin Funds Lead the Sell-Off
Bitcoin-based funds were the hardest hit, recording $946 million in weekly outflows, dragging year-to-date inflows down to $29.3 billion — well below 2024’s $41.7 billion total.
Data compiled by PRIME showed that U.S. spot Bitcoin ETFs accounted for $1.2 billion in net outflows, marking their second-largest withdrawal since launching in January 2024.
Ethereum Investors “Buy the Dip” Amid Market Weakness
Despite the bearish tone in Bitcoin markets, Ethereum investors took advantage of lower prices, with ETH-based funds attracting $205 million in inflows last week.
“Ethereum investors bought the dip, offsetting Bitcoin outflows,” Butterfill noted, adding that the largest inflows were seen in a 2x leveraged Ethereum ETP, which drew $457 million — a sign of renewed confidence among traders.
However, not all Ethereum products fared well. U.S.-listed spot ETH ETFs suffered $311.8 million in outflows, showing that enthusiasm was largely concentrated in leveraged or European products.
Solana and XRP ETFs Gain Traction Ahead of U.S. Launches
Excitement surrounding potential U.S. Solana and XRP ETF approvals fueled inflows into existing ETPs linked to those assets, with Solana products pulling in $156 million and XRP products attracting $73.9 million, according to Butterfill.
These inflows suggest that investors are rotating exposure into high-growth altcoins as regulatory clarity for alternative crypto ETFs grows.
