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Cryptocurrency exchange-traded products (ETPs) experienced a significant withdrawal of funds, marking a continuation of a trend in which investors are pulling back from this asset class.
CoinShares, a digital asset investment firm, reported that crypto ETPs saw outflows totaling $508 million in the past trading week, adding to the $415 million in outflows from the week prior, as reported on February 24.
The increase in selling pressure in the crypto ETP sector coincides with investors exercising caution in the aftermath of the US presidential inauguration. Concerns over trade tariffs, inflation, and monetary policy have contributed to this cautious stance, as noted by CoinShares research head James Butterfill.
Bitcoin ETPs, which represent the largest crypto asset by market cap, bore the brunt of these losses, while XRP investment products saw a continuation of significant inflows. Specifically, Bitcoin investment products accounted for $571 million in outflows last week. In contrast, altcoin ETPs, such as those for XRP, recorded inflows or no outflows, with XRP ETPs leading with $38 million in inflows.
The interest in XRP ETPs has been notable, with $819 million in inflows since November 2024, reflecting investor optimism that the US Securities and Exchange Commission might conclude its lawsuit against Ripple and approve a spot XRP ETF. Other altcoins like Solana, Ether, and Sui also experienced inflows, amounting to $8.9 million, $3.7 million, and $1.5 million, respectively.
In a rare occurrence, BlackRock (NYSE:BLK)’s iShares exchange-traded funds (ETFs) saw losses totaling $22 million during the past trading week. However, ProShares ETFs stood out as one of the few major US ETPs to not post losses, instead seeing $38 million of inflows.
On the flip side, ETPs managed by Grayscale Investments and Fidelity Digital Assets experienced the largest outflows, with $170 million and $166 million, respectively.
Regionally, the majority of the crypto ETP trading and associated outflows were from the US, which accounted for $560 million. This negative trend was not mirrored in Europe, where steady inflows continued, with Germany and Switzerland at the forefront, recording inflows of $30.5 million and $15.8 million, respectively.
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