An analyst noted that macro tensions are overriding fund inflows as the primary short-term price driver.
A significant surge of capital flowed into digital asset investment products last week, marking the highest weekly total since October despite Bitcoin’s recent decline.
Crypto investment products saw $2.17 billion in inflows last week, according to the latest report from digital asset manager CoinShares. This weekly total was the largest since October 10, 2025.
U.S. spot Bitcoin exchange-traded funds were the biggest contributors to that figure, with last week’s netflow hovering around $1.42 billion, per SoSoValue data. A detailed view shows that BlackRock’s IBIT led with $1.03 billion in weekly net inflows. Fidelity’s FBTC was the second-largest contributor with $194.4 million, followed by Bitwise’s BITB with $75.64 million, Ark Invest and 21Shares’ ARKB with $42.50 million, and Grayscale’s mini BTC trust with $30.40 million.
By asset, Bitcoin dominated with $1.55 billion netflow. “Despite proposals under the CLARITY Act from the US Senate Banking Committee that could restrict stablecoins from offering yield, Ethereum and Solana still recorded inflows of $496 million and $45.5 million, respectively,” CoinShares Head Of Research James Butterfill wrote in the report. XRP and other altcoins, such as Sui, Lido, and Hedera, also made the list.
“In the current environment, macro factors and global tension, tariffs, etc., have a larger short-term impact on the market,” Nicolai Søndergaard, research analyst at Nansen, told Decrypt. “As such, even if we are seeing inflows, the crypto market has still taken quite a hit in recent months, and will need more stability before it, in isolation, will perform.”
In trending markets, ETFs are a key source of buying pressure. Recently, however, they have been a lagging indicator. Last week’s surge could therefore be a reaction to the early January buying pressure that briefly pushed Bitcoin toward $97,000.
Bitcoin’s drop this week still has room for recovery, especially as the higher-timeframe market structure remains constructive, with a pattern of higher lows and higher highs since mid-December 2025.
Prediction market users on Myriad, owned by Decrypt’s parent company Dastan, remain confident, placing an 83.7% chance on Bitcoin recovering to the $100,000 psychological level.
Bitcoin is down 2.1% over the past 24 hours, and is currently trading just below $93,000, according to CoinGecko data.
