Crypto exchange-traded products saw $446 million in net outflows last week, reinforcing a risk-averse trend that has lingered since October’s sharp market pullback.
Data from asset manager CoinShares shows cumulative withdrawals have reached $3.2 billion since Oct. 10, underscoring that investor confidence has yet to fully rebound heading into year-end. These weekly outflows stand in contrast to robust year-to-date inflows of $463 billion, broadly in line with 2024 totals.
CoinShares head of research James Butterfill noted that assets under management are up only 10% year to date, suggesting that “once flows are taken into account, the average investor has not experienced a positive outcome this year.”
Flow data also points to a divergence in positioning. Bitcoin and Ether products continued to post steady outflows, while newer XRP and Solana ETPs drew fresh inflows, indicating capital rotation rather than a broad withdrawal from the asset class.
XRP and Solana ETFs buck broader market caution
XRP and Solana exchange-traded products stood out last week, posting the strongest inflows despite the wider risk-off tone across crypto markets. XRP ETPs attracted $70.2 million in fresh capital, while Solana products saw $7.5 million in inflows.
Data from SoSoValue shows XRP ETFs have yet to record a single day of outflows since launch, and Solana ETFs have seen redemptions on only three occasions. Since debuting in the United States in mid-October, XRP ETFs have drawn more than $1 billion in net inflows each, defying the cautious sentiment weighing on legacy crypto ETPs. Solana ETFs, meanwhile, have accumulated roughly $750 million in total net inflows.
In contrast, Bitcoin products posted $443 million in weekly outflows, while Ether ETPs lost $59.5 million. Since the launch of newer ETFs, Bitcoin and Ether funds have seen cumulative outflows of $2.8 billion and $1.6 billion, respectively.
Overall, the data suggests crypto capital remains active but increasingly selective as 2025 draws to a close. Rather than signaling capitulation, the flows point to a more disciplined market, with investors favoring targeted exposure over broad-based bets.
US outflows dominate as Germany continues to add
Regionally, outflows were widespread but overwhelmingly driven by the United States, highlighting persistent caution among US investors into year-end.
CoinShares data shows that $460 million of last week’s global outflows originated in the US, accounting for the bulk of redemptions and reinforcing defensive positioning after October’s market shock.
Germany, by contrast, recorded $35.7 million in weekly inflows, lifting its month-to-date total to about $248 million—the highest of any region. The steady buying suggests German investors are using recent price weakness as an opportunity to increase exposure.
