Key Insights:
- Crypto news of ETPs hitting record $2 billion in outflows last week stirs uncertainty in the market.
- United States accounts for 97% of total outflows with $1.97 billion exit.
- Bitcoin and Ethereum see $1.38 billion and $689 million in outflows respectively.
Crypto ETPs experienced outflows of $2 billion last week and was the largest single-week exit since February 2025.
The figure extends a three-week negative trend that has now reached $3.2 billion in total outflows. Data from CoinShares shows that monetary policy uncertainty and selling pressure from large cryptocurrency holders drove the withdrawals.
The outflows have pushed total assets under management for digital asset ETPs down from $264 billion in early October to $191 billion.
Crypto ETPs Record Largest Weekly Outflows Since February
The $2 billion weekly outflow figure is the third consecutive week of negative flows for crypto ETPs.
The extended selling period began in late October and has accelerated through mid-November. Year-to-date flows still show a positive $46.119 billion cumulative total, with total assets under management at $191.470 billion across all products.
The recent price drop in major cryptocurrencies has contributed to the reduction in assets under management.
The combination of price weakness and active selling by investors has compounded the AUM decline.
United States Accounts for 97% of Total Outflows
Geographic data reveals that the United States dominated the outflow activity. American investors pulled $1.975 billion from crypto ETPs during the week, representing 97% of the global total.
Month-to-date figures show US outflows reaching $2.901 billion. The country maintains $133.985 billion in assets under management across digital asset products.
Switzerland recorded the second-largest outflows at $39.9 million for the week. The country showed $20.4 million in positive month-to-date flows.
Hong Kong saw a $12.3 million exit during the period, with month-to-date outflows of $39 million.
Canada experienced $9.8 million in weekly outflows, bringing its month-to-date total to negative $17.4 million.
Sweden recorded outflows of $21.3 million for the week and $39.3 million for the month. The country’s year-to-date flows show negative $801 million.
Germany stood out as the only major market with positive weekly flows. German investors added $13.2 million to crypto ETPs during the week, viewing the price weakness as an entry opportunity.
Month-to-date inflows for Germany reached $52.5 million, with year-to-date flows at $2.387 billion.
Bitcoin and Ethereum Lead Asset-Specific Losses
Bitcoin products suffered the largest outflows among individual assets. BTC saw $1.378 billion exit last week, with month-to-date outflows reaching $2.014 billion.
The three-week outflow period now is approximately 2% of total Bitcoin ETP assets under management. Total AUM for Bitcoin products stands at $149.650 billion.
Ethereum products experienced proportionally larger outflows relative to their asset base. Weekly outflows hit $688.8 million, with month-to-date figures at $1.120 billion.
The outflows are roughly 4% of total Ethereum ETP assets under management. Current AUM for Ethereum products sits at $26.859 billion.
Solana-based crypto ETPs recorded minor weekly outflows of $8.3 million. The figure contrasts with positive month-to-date flows of $109.9 million.
Year-to-date flows show $3.398 billion, with total assets under management at $3.603 billion.
XRP products saw weekly outflows of $15.5 million. Month-to-date data shows positive flows of $12.4 million. Total assets under management for XRP products reached $2.404 billion.
Multi-Asset Products and Short Positions See Inflows
While single-asset crypto ETPs faced selling pressure, multi-asset products attracted capital. These diversified products recorded weekly inflows of $31.2 million. Month-to-date figures show $43.9 million entering multi-asset structures.
Short Bitcoin positions also gained during the market weakness. These inverse products saw weekly inflows of $9.1 million and month-to-date additions of $20.9 million.
Major providers all experienced outflows during the week. iShares ETFs recorded the largest exit at $954 million for the week.
Month-to-date outflows for the provider reached $1.832 billion. Grayscale Investments saw $633 million leave its products during the week, with month-to-date outflows at $775 million.
Fidelity Wise Origin Bitcoin Fund recorded weekly outflows of $89 million and month-to-date exits of $527 million. Smaller providers including 21Shares AG, Bitwise Funds Trust, and ARK 21 Shares all posted weekly outflows.
ProShares ETFs stood out with weekly inflows of $111 million, though month-to-date figures show positive flows of $268 million.