Crypto exchange-traded products posted a second consecutive week of heavy withdrawals. CoinShares data showed that after $1.07 billion left the sector in the previous week, roughly $1.3 billion flowed out again in the latest reporting period, pushing total assets under management down to $148.7 billion. Bitcoin funds still accounted for the bulk of the market with $120.2 billion, or about 80% of total crypto ETP assets.
The pressure was not limited to Bitcoin products. Ether-focused funds contracted by $223 million over the week, while the broader market tone stayed defensive. James Butterfill, Head of Research at CoinShares, said the selling pressure reflected a cautious environment shaped by geopolitical risk in the Middle East. He added that investors were showing weaker risk appetite even as the CLARITY Act process moved forward in the United States.
US-listed products accounted for most of the damage
The regional breakdown showed how strongly the US market influenced the week’s result. Funds based in the United States recorded $1.43 billion in net outflows, and $1.26 billion of that came from spot Bitcoin ETFs listed in the US alone. That concentration made the American market the main driver of the global pullback.
Other jurisdictions also posted losses, though on a much smaller scale. Switzerland saw $16.2 million in outflows, Canada $12.5 million, Hong Kong $12.2 million, and Germany $4.4 million. A few markets moved the other way: the Netherlands recorded $6.6 million in net inflows, while Australia added $700,000.
Altcoin funds drew fresh money despite the broader retreat
Even with the sector shrinking overall, several altcoin ETPs attracted new capital. XRP funds brought in $31.8 million, the strongest result among altcoin products for the week. Solana funds added $7.7 million, while Sui took in $600,000 and Chainlink $400,000. Short Bitcoin products also gained $10.2 million, pointing to continued demand for bearish positioning.
Separate data from SoSoValue showed notable activity in smaller crypto-linked products as well. Hyperliquid ETF products recorded $72.3 million in weekly inflows. The split was clear by the end of the week: total crypto ETP assets fell, but selective demand remained for specific altcoins and hedging vehicles.