Étienne Girard
Global crypto investment products managed by major firms such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares experienced a massive $1.17 billion in net outflows last week, according to data from CoinShares.
CoinShares Head of Research James Butterfill attributed the withdrawals to negative market sentiment driven by continued volatility following the October 10 liquidity cascade and uncertainty surrounding a potential U.S. interest rate cut in December.
“Trading activity in exchange-traded products (ETPs) stayed high at $43 billion for the week, but Thursday’s brief recovery quickly reversed as outflows intensified again on Friday,” Butterfill noted.
Regional Divergence: U.S. Sees Heavy Outflows While Europe Gains
The U.S. market was hit hardest, with $1.22 billion in outflows, dominating the global total. In contrast, Switzerland, Germany, and Brazil saw modest inflows of $49.7 million, $41.3 million, and $12 million, respectively.
Despite these regional differences, both Bitcoin (BTC) and Ethereum (ETH) fell 5.3% and 8.4% last week, according to PRIME. However, a slight recovery took place over the weekend, fueled by optimism surrounding the potential end of the U.S. government shutdown.
Altcoins Stand Strong Against the Trend
Bitcoin-based ETPs led the losses with $932 million in outflows, while short Bitcoin products saw $11.8 million in inflows — marking one of the highest weekly inflows since May 2025.
U.S.-listed spot Bitcoin ETFs alone recorded $1.2 billion in net outflows, led by BlackRock’s IBIT, which saw $581 million withdrawn.
Ethereum-based products also struggled, registering $438 million in global outflows, with U.S. spot ETH ETFs losing $507.7 million — again led by BlackRock’s ETHA — partially offset by modest inflows from non-U.S. markets.
Solana, HBAR, and Hyperliquid Defy the Downtrend
While major assets saw red, Solana (SOL) ETPs extended their winning streak with $118 million in net inflows, pushing their nine-week total to $2.1 billion, thanks to strong demand for recently launched U.S. ETFs.
Similarly, HBAR and Hyperliquid ETPs attracted $26.8 million and $4.2 million in new capital, respectively — signaling growing investor confidence in alternative blockchain projects despite the broader market downturn.
