Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares returned to net outflows of $812 million last week, according to CoinShares’ data.
The outflows came as expectations for two further U.S. rate cuts this year eased after stronger-than-expected macroeconomic data, particularly the revised GDP and durable goods figures, CoinShares Head of Research James Butterfill wrote in a Monday report.
“Nonetheless, cumulative inflows remain substantial, with month-to-date inflows at $4 billion and year-to-date inflows at $39.6 billion, maintaining momentum to potentially match last year’s record of $48.6 billion,” Butterfill said.
Weekly crypto asset flows. Images: CoinShares.
Negative sentiment isolated to US
Regionally, U.S.-based digital asset investment products led with $1.04 billion in net outflows while crypto funds in Switzerland, Canada, and Germany saw net inflows of $126.8 million, $58.6 million, and $35.5 million, respectively — suggesting negative sentiment was isolated to the U.S., Butterfill said.
Bitcoin-based funds dominated the outflows, losing $719 million. “Importantly, there was no commensurate increase in short-bitcoin investment product demand, suggesting that the negative sentiment was likely low-conviction and will likely prove temporary,” Butterfill noted.
The U.S. spot Bitcoin exchange-traded funds saw $897.6 million in outflows alone, offset by inflows in other regions, according to data compiled by The Block, led by Fidelity’s FBTC product, which lost $737.8 million.
Ethereum products also suffered, seeing $409 million exit last week, with the U.S. spot Ethereum ETFs losing $795.8 million.
Solana and XRP funds were the outliers, however, generating $291 million and $93.1 million worth of net inflows, respectively — likely in anticipation of upcoming U.S. ETF launches, 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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