Crypto exchange-traded products (ETPs) posted $224 million in inflows last week, reversing a $414 million outflow from the prior week, according to CoinShares. However, the apparent rebound masks a highly concentrated flow profile.
Switzerland accounted for the bulk of the demand, contributing approximately $157 million—around 70% of total inflows. In contrast, the United States and Germany each saw about $28 million, while Canada added just $11 million, underscoring the uneven geographic distribution.
On the asset side, flows were similarly skewed. XRP led by a wide margin, drawing roughly $120 million—more than half of total inflows—and marking its strongest weekly performance since December 2025.
Importantly, this surge was not driven by U.S. investors. SoSoValue data shows that U.S.-listed spot XRP ETFs recorded little to no activity over the past two weeks, with combined assets under management holding near $940 million across issuers including Canary, Bitwise, Franklin, 21Shares, and Grayscale. The bulk of XRP inflows instead originated from European and other international markets.
Bitcoin ETPs brought in $107 million, though only $22 million came from U.S. spot ETFs, which remain in negative territory year to date. Meanwhile, Strategy disclosed it purchased 4,871 BTC—worth approximately $330 million—over the same period, far exceeding the capital allocated through U.S. ETF channels.
Over a longer timeframe, ETF demand has been more robust. Spot Bitcoin ETFs absorbed around 50,000 BTC over a 30-day rolling window in March, the highest level since October 2025. Still, institutional buying appears increasingly concentrated, largely flowing through ETFs and Strategy, with ETF momentum beginning to fade on a weekly basis.
Broader ETP activity—spanning leveraged, inverse, and altcoin products globally—does not fully support the narrative of widespread institutional participation.
Ether products continued to face persistent selling pressure, recording $53 million in outflows last week after $222 million the week prior. Year-to-date outflows have now reached $327 million.
This stands in contrast to corporate accumulation trends. Bitmine Immersion Technologies (BMNR) acquired 71,252 ETH during the week—its largest weekly purchase since December 2025—and now holds approximately 4.8 million ETH, valued at around $10 billion.
CoinShares’ James Butterfill attributed Ether’s weakness in part to uncertainty surrounding the CLARITY Act, proposed stablecoin legislation closely linked to Ethereum’s ecosystem.
Regional flow data further highlights the shift in market leadership. The Coinbase Premium Index—often used as a gauge of U.S. institutional demand—has remained negative since Bitcoin’s record high above $126,000 in October 2025, indicating muted participation from U.S. buyers.
Taken together, the data suggests that the marginal source of demand is currently outside the U.S. With Switzerland contributing the majority of inflows, Europe appears to be leading the latest wave of crypto investment.
