Crypto Investment Products See Significant Outflows
Last week, global crypto investment products managed by firms like BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares experienced notable net outflows totaling $513 million. This trend comes as investors continue to process the massive liquidation events that occurred on October 10, according to data from CoinShares.
James Butterfill, head of research at CoinShares, pointed out that the cumulative net outflows now amount to $668 million. He suggests that while the ETP industry might be indifferent to this situation, on-chain investors seem to be adopting a more pessimistic stance.
Interestingly, despite the outflows, weekly trading volume for exchange-traded crypto products remains robust at $51 billion, nearly double what was seen earlier in 2025, Butterfill mentioned.
The bulk of the outflows was concentrated in the U.S., which accounted for $621 million in existing crypto investment products. Conversely, funds in Germany, Switzerland, and Canada saw net inflows of $59.3 million, $48 million, and $42.3 million, respectively.
In terms of market performance, Bitcoin (BTC) and Ethereum (ETH) saw declines of about 5.8% and 6.3% over the past week, according to The Block’s price page.
The primary driver of the outflows was Bitcoin-focused investment products, which saw a withdrawal of $946 million last week. Cumulatively, year-to-date inflows into these funds have reached $29.3 billion, which is a drop compared to the total of $41.7 billion from 2024.
The U.S. Spot Bitcoin Exchange Traded Fund faced significant net outflows of $1.2 billion, marking the second-largest outflow since its launch in January 2024, per The Block’s collected data.
On the other hand, Butterfill noted that Ethereum investors responded positively, with Ethereum-based funds garnering $205 million in inflows last week. The drop in Ethereum’s price was perceived as an opportunity by some investors to buy in. Notably, 2x leveraged ETPs recorded the largest inflow totaling $457 million, indicating a degree of confidence among investors.
However, the US-based Spot Ethereum ETF didn’t fare as well, experiencing outflows of $311.8 million during the same period.
In the backdrop, excitement over upcoming U.S. ETF launches for Solana and XRP has contributed to inflows into related ETPs, amounting to $156 million and $73.9 million, according to Butterfill.
