Crypto investment products posted a selective recovery last week, with Europe supplying most of the fresh capital. Switzerland alone accounted for about $157 million in net inflows, roughly 70% of the global total. Germany and the United States followed with around $28 million each, while Canada added about $11 million. The concentration was striking. Current demand is centered far more heavily in Europe than in the U.S.
Swiss investors dominate weekly flows
The regional split points to a rebound that is narrow rather than broad-based. Swiss investors drove the week’s activity by a wide margin, while U.S. participation remained comparatively subdued. Market observers said institutional demand is being led by Europe, and American investors are still showing caution toward crypto ETPs. That gap also appeared in listed products, with U.S. ETPs trailing their European peers in demand.
XRP takes the lead while Bitcoin stays positive
By asset, XRP-linked investment products drew about $120 million, more than half of all weekly inflows and the highest level for XRP ETPs since December 2025. Yet XRP ETFs listed on U.S. exchanges saw almost no activity. The divergence was sharp. The five U.S.-listed XRP ETFs hold roughly $940 million in assets combined, but their trading volume was nearly absent over the past two weeks, meaning most of the new money came from Europe and other international markets.
Bitcoin ETPs recorded $107 million in net inflows for the week. Only $22 million of that went to U.S.-listed Bitcoin ETFs. Over the same period, MicroStrategy spent about $330 million to acquire 4,871 BTC, an amount equal to roughly 15 times the total inflows into all U.S. spot Bitcoin ETFs during that stretch. The comparison highlighted how muted ETF demand in the U.S. has been.
Ether products extend outflows despite one large buyer
Ether-based investment products stayed under pressure, posting $53 million in outflows last week. Since the beginning of the year, cumulative redemptions from Ether ETPs have reached $327 million. Even so, Bitmine Immersion Technologies moved the other way, buying 71,252 ETH in a single week, its largest purchase since December 2025. The company’s Ether holdings are now approaching 4.8 million coins, with a market value close to $10 billion.
James Butterfill linked the ongoing weakness in Ether products to uncertainty around the CLARITY Act, a stablecoin regulation bill tied directly to the Ethereum ecosystem. Analysts in the U.S. also noted that Bitcoin often trades at a discount on domestic exchanges. The Coinbase Exchange Price Index, after reaching a record high in October 2025, has remained in negative territory since then, signaling continued hesitation in the American market.
The latest flow data shows a recovery led by European institutions rather than a synchronized global move. Switzerland is at the center of that rebound, while U.S. investors are still participating with restraint.