Digital asset investment products saw another $288 million in net outflows last week, extending the decline to a fifth straight week. According to CoinShares, cumulative outflows have now reached $4.0 billion. Trading activity also weakened, with volume dropping to $17 billion, the lowest level since July 2025.
Bitcoin accounted for the largest share of withdrawals, with investors pulling $215 million. At the same time, short-Bitcoin products drew $5.5 million, pointing to mixed positioning rather than a uniform market view. Ethereum also posted notable outflows, losing $36.5 million over the week.
Pressure extended beyond the two largest assets. Multi-asset funds recorded $32.5 million in outflows, while Tron products lost $18.9 million. A few altcoins, including XRP, Solana, and Chainlink, posted small inflows, but those gains were too limited to offset the broader pullback across digital asset products.
US redemptions dominate while selected overseas markets add exposure
Regional flows showed a sharp split. Investors in the United States were responsible for $347 million in net outflows during the week. Outside the US, investors added $59 million, treating the recent weakness as a buying opportunity.
Switzerland, Canada, and Germany led those inflows, posting $19.5 million, $16.8 million, and $16.2 million respectively. The contrast suggests that the same market decline produced very different responses depending on geography.
Spot ETF data shows continued caution, especially in Ethereum products
Data from Sosovalue showed that US spot Bitcoin ETFs recorded $204 million in net outflows on February 23 (ET). Within the spot Bitcoin ETF group, VanEck's HODL posted the largest single-day net inflow at $6.35 million.
Spot Ethereum ETFs lost $49.48 million on the same day. BlackRock's ETHA accounted for the biggest single-day net outflow among those products, at $45.38 million. The ETF figures show that investors remained cautious toward Ethereum exposure, with selling concentrated in a major fund.