Global crypto exchange-traded products (ETPs) recorded $224 million in inflows last week, rebounding from $414 million in outflows the prior week, according to CoinShares. While the headline suggests a recovery, the underlying data points to a far more concentrated and uneven picture.
Switzerland dominated flows, accounting for roughly $157 million—about 70% of the global total. By comparison, both Germany and the United States contributed just $28 million each, while Canada added a modest $11 million.
The asset mix shows a similar concentration. XRP products led inflows with approximately $120 million, representing more than half of the global total and marking the token’s strongest weekly intake since mid-December 2025.
Notably, this demand did not originate from the United States. Data from SoSoValue indicates that the five U.S.-listed spot XRP ETFs saw near-zero flows over the past two weeks, with total assets under management around $940 million across products from Canary, Bitwise, Franklin, 21Shares, and Grayscale. The bulk of XRP inflows instead came from European and international ETP markets.
Bitcoin ETPs attracted $107 million, but only $22 million came from U.S. spot ETFs, which remain in negative territory on a year-to-date basis. In contrast, Strategy disclosed it purchased 4,871 BTC—worth roughly $330 million—during the same period, meaning a single company deployed significantly more capital than the entire U.S. spot ETF segment combined.
ETF demand has still been meaningful over a longer horizon. Spot products absorbed around 50,000 BTC over a rolling 30-day period in March, the highest since October 2025. However, sustained institutional buying appears increasingly concentrated in just two channels: ETFs and Strategy. Even within ETFs, weekly momentum has begun to soften.
Broader ETP flows—which include leveraged, inverse, and altcoin-focused products across global markets—do not fully support the narrative of widespread institutional accumulation.
Ether products, meanwhile, continued to see persistent outflows. Funds recorded $53 million in redemptions last week following $222 million in outflows the week prior, bringing total year-to-date outflows to $327 million.
This trend stands in contrast to corporate accumulation. Bitmine Immersion Technologies (BMNR) acquired 71,252 ETH last week—its largest weekly purchase since December 2025—and now holds approximately 4.8 million ETH, valued at around $10 billion. The divergence highlights a split between fund flows and corporate positioning.
CoinShares’ James Butterfill attributed some of Ether’s weakness to regulatory uncertainty surrounding the CLARITY Act, proposed stablecoin legislation closely tied to Ethereum’s ecosystem.
Geographic flow patterns further underscore shifting market dynamics. The Coinbase Premium Index—often used as a proxy for U.S. institutional demand—has remained negative since Bitcoin’s all-time high above $126,000 in October 2025, signaling subdued buying interest from U.S. investors.
ETP data reinforces that trend. With Switzerland contributing $157 million compared to just $28 million from the U.S., the marginal buyer in the current market appears to be European rather than American.
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