According to data from CoinShares, global cryptocurrency exchange-traded products (ETPs) managed by major asset managers including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares recorded net inflows of $716 million last week. This marks the second consecutive week of net inflows, following $1.07 billion the prior week. CoinShares Head of Research James Butterfill noted that this trend, coupled with outflows from short-Bitcoin products, suggests a potential easing of negative market sentiment.
However, the positive momentum was not uniform. Butterfill observed that most inflows occurred early in the week, with crypto funds experiencing minor outflows on Thursday and Friday. He attributed this shift to investor reaction to U.S. macroeconomic data hinting at persistent inflationary pressures.
The weekly inflows and positive price action increased the total assets under management (AUM) for these funds to $180 billion. Despite this gain, AUM remains significantly below the all-time high of $264 billion. Inflows were geographically broad, with the United States leading at $483 million, followed by Germany ($96.9 million) and Canada ($80.7 million).
By asset, Bitcoin-based ETPs led with $352 million in inflows, bringing year-to-date inflows back above $27 billion (though still below 2024's $41.6 billion). Short-Bitcoin products saw outflows of $18.7 million, their largest since March. Butterfill suggested this could indicate ETP investors believe the recent negative sentiment has bottomed.
Notably, U.S. spot Bitcoin ETFs diverged from the global trend, posting net outflows of $87.7 million, largely driven by approximately $77.8 million in redemptions from the Ark Invest and 21Shares' ARKB fund. Ethereum products saw global net inflows of $39.1 million, but U.S. spot Ethereum ETFs recorded outflows of $65.4 million, offset by inflows elsewhere.
XRP emerged as a standout performer. XRP-based funds attracted $245 million in inflows last week, bringing their year-to-date total to $3.1 billion. A separate analysis of WisdomTree data, highlighted by researcher SMQKE, reveals XRP is the only major cryptocurrency to record consistent institutional inflows across all global regions in 2025, defying broader market outflows.
In Europe, XRP investment products attracted $549 million in new inflows year-to-date, surpassing Ethereum ($185 million) and Solana, and trailing only Bitcoin. Outside the U.S., markets added $252 million to XRP vehicles, nearly matching Bitcoin's $268 million. Given that Bitcoin products in these markets are over 25 times larger, this indicates a significantly stronger relative capital allocation into XRP.
In the United States, synthetic XRP products attracted $241 million year-to-date, outperforming Solana's synthetic product ($206 million). This occurred despite a severe downturn for U.S. investment products overall, with Bitcoin and Ethereum ETFs collectively losing $6.4 billion in November alone.
Other altcoins also saw activity. Chainlink-based products recorded their largest weekly inflows on record at $52.8 million, fueled by the launch of Grayscale's GLNK ETF in the U.S., which brought in $48.3 million.
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