Daniel Walker
Global crypto investment vehicles managed by major firms — including BlackRock, Fidelity, Grayscale, Bitwise, ProShares, and 21Shares — saw $1.9 billion in net outflows last week, according to fresh data from CoinShares.
The withdrawals extend a four-week streak of negative flows, bringing cumulative outflows to $4.9 billion, equivalent to 2.9% of total assets under management. CoinShares Head of Research James Butterfill noted that this marks one of the largest withdrawal periods in recent years.
Butterfill highlighted that “proportionally, this is the third-largest outflow cycle since 2018 — surpassed only by March 2025 and February 2018 — reflecting a 36% drop in AUM driven by both price weakness and redemptions.”
Bitcoin and Ethereum slid 8.3% and 9.4% last week before recovering slightly over the weekend. At the time of writing, Bitcoin trades near $86,299, while Ethereum sits around $2,803.
Regional Flow Breakdown Shows Broad Weakness
Redemptions were widespread across major regions.
-
United States: $1.69 billion in net outflows
-
Germany: $118.2 million
-
Switzerland: $79.7 million
-
Canada: $27.1 million
-
Sweden: $26.8 million
Only Brazil and Australia recorded net inflows, bringing in $3.5 million and $2 million, respectively.
Despite the downturn, year-to-date inflows remain strong at $44.4 billion. Butterfill pointed to “tentative signs of a sentiment shift” as crypto products drew $258 million in inflows on Friday, breaking a seven-day streak of withdrawals.
Bitcoin Funds Lead Outflows — But Also the Rebound
Bitcoin-backed ETPs experienced $1.27 billion in outflows last week, yet also delivered the largest bounce, attracting $225 million in inflows on Friday.
Short Bitcoin products continue to gain traction during the downturn, gathering $19 million in weekly inflows and pushing three-week totals to $40 million — a surge that has increased their assets under management by 119%.
U.S. spot Bitcoin ETFs accounted for $1.2 billion in net redemptions, driven largely by the $1.09 billion withdrawal from BlackRock’s IBIT.
Ethereum, Solana See Heavy Outflows as XRP Defies Trend
Ethereum-based investment products faced $589 million in global outflows, with U.S. spot Ethereum ETFs responsible for $500.2 million of that sum — again led by BlackRock’s ETHA.
Solana ETPs also struggled, losing $156 million over the week.
In contrast, XRP investment products stood out, attracting $89.3 million in net inflows, boosted by Bitwise’s newly launched U.S. spot XRP ETF.
