Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares witnessed net outflows of $513 million last week, according to CoinShares’ data, as investors continue to digest the record liquidation cascade on Oct. 10.
“Net outflows following this event now total $668 million, suggesting investors in the ETP world shrugged off this event, while onchain investors were more bearish,” CoinShares Head of Research James Butterfill wrote in a Monday report.
Weekly trading volumes in digital asset exchange-traded products also remained elevated at $51 billion — nearly double the 2025 weekly average, Butterfill noted.
The outflows were almost entirely U.S.-focused, with $621 million existing crypto investment products in the country. In contrast, funds in Germany, Switzerland, and Canada attracted $59.3 million, $48 million, and $42.3 million worth of net inflows, respectively.
Weekly crypto asset flows. Images: CoinShares.
Last week, BTC and ETH fell around 5.8% and 6.3%, respectively, according to The Block’s price page.
‘Ethereum investors buy the dip, offset by Bitcoin outflows’
Bitcoin-based investment products were the primary focus of the net outflows, losing $946 million last week. Year-to-date inflows for the funds are now at $29.3 billion, lagging 2024’s $41.7 billion total.
The U.S. spot Bitcoin exchange-traded funds saw $1.2 billion in net outflows alone, according to data compiled by The Block — their second-largest since they debuted in January 2024.
“Ethereum investors bought the dip, offset by Bitcoin outflows,” Butterfill said, arguing that investors saw the price weakness in ETH as a buying opportunity, with Ethereum-based funds adding $205 million worth of inflows last week. The largest flows came into a 2x leveraged ETP totaling $457 million — highlighting conviction among investors, Butterfill added.
However, the U.S.-based spot Ethereum ETFs were less fortunate, seeing $311.8 million in weekly outflows.
Meanwhile, hype surrounding upcoming U.S. Solana and XRP ETF launches drove inflows for existing ETPs linked to those assets to $156 million and $73.9 million, respectively, Butterfill said.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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