Global cryptocurrency exchange-traded products (ETPs) have recorded a fourth straight week of investor withdrawals, with nearly $3.74 billion exiting the market over the past month, according to new data from digital asset manager CoinShares.
The latest weekly report shows $173 million in outflows, extending a month-long pullback across crypto-linked investment products offered by major firms such as BlackRock, Fidelity, and Bitwise.
Selling Pressure Slows but Persists
While the pace of withdrawals has eased compared with earlier in the month — when weekly outflows reached $1.7 billion — the broader trend remains negative. The previous week saw $187 million in redemptions.
James Butterfill, head of research at CoinShares, said the figures point to moderating but ongoing selling pressure. In other words, the intensity of the retreat has softened, but investors have yet to return decisively.
Trading volumes also cooled sharply. ETP turnover dropped to $27 billion from a record $63 billion the week before, suggesting that speculative activity has faded alongside the pullback in fund flows.
Butterfill noted that the week began with a brief rebound, as inflows reached $575 million. That optimism quickly reversed, with $853 million in outflows following renewed price weakness. Sentiment improved slightly toward the end of the week after softer-than-expected U.S. inflation data, leading to $105 million in Friday inflows.
US Leads Outflows as Europe and Canada See Inflows
Regional data revealed a clear divide in investor behavior.
U.S.-based crypto funds accounted for $403 million in weekly outflows, the largest share globally. In contrast, other regions collectively saw $230 million in inflows. Germany led with $115 million in new investments, followed by Canada with $46.3 million and Switzerland with $36.8 million.
The shift suggests that while U.S. investors have reduced exposure, demand for digital asset products has remained more resilient in parts of Europe and Canada.
Bitcoin and Ethereum See Redemptions
Bitcoin-linked products absorbed the bulk of last week’s withdrawals, with $133 million in outflows. Short-bitcoin products — which are designed to profit from falling prices — also recorded $15.4 million in outflows over the past two weeks. CoinShares noted that such patterns have historically appeared near market lows, though it did not draw conclusions about current price direction.
Ethereum funds faced $85.1 million in redemptions, continuing a period of pressure for the second-largest cryptocurrency. Smaller products, including those tied to Hyperliquid, saw more modest withdrawals of about $1 million.
Select Altcoins Show Pockets of Strength
Despite the broader caution, several alternative cryptocurrencies attracted fresh capital. XRP investment products led with $33.4 million in inflows, followed by Solana at $31 million and Chainlink at $1.1 million.
These selective inflows suggest that some investors are rotating within the crypto market rather than exiting entirely.
Prices Remain Under Pressure
The fund flow data comes amid a subdued price environment. Bitcoin has slipped nearly 2 percent over the past week and continues to trade below the $70,000 mark. Ether remains under $2,000 after two consecutive weeks of notable outflows.
Taken together, the numbers reflect a market in consolidation. Investor enthusiasm has cooled, trading activity has slowed, and regional differences have become more pronounced. Whether this period marks a pause before renewed inflows or a longer reset will likely depend on broader economic signals and price stability in the weeks ahead.
For now, the data shows a crypto investment landscape that is cautious, selective, and still searching for its next catalyst.
