Last week, there was a notable shift in flows for cryptocurrency-backed exchange-traded products (ETPs), with global inflows totaling $224 million—reversing the previous week’s outflows of $414 million. While this turnaround offers a signal of recovery, a closer examination reveals that the rebound is concentrated in specific regions and asset types, rather than being broad-based across global markets.
Majority of inflows originate from Switzerland
Swiss investors dominated the weekly activity, accounting for around $157 million of the total inflows, or approximately 70 percent of the global figure. Germany and the United States followed, contributing about $28 million each, while Canada saw modest participation with only $11 million in net inflows. This pronounced regional concentration suggests that institutional confidence is currently mostly centered among European players, particularly those based in Switzerland.
Accordingly, market observers note that institutional demand in Europe is leading, while U.S. investors remain hesitant to commit substantial capital to crypto ETPs at this stage. The lack of strong engagement from American institutions stands out, signaling caution or uncertainty about the market’s trajectory on that side of the Atlantic.
Despite the enthusiasm in certain European centers, the broader ETP space does not fully support the narrative of “aggressive institutional buying.” Notably, ETPs listed in the U.S. have underperformed, experiencing weaker demand compared to their European counterparts.
Strong demand for XRP and Bitcoin, continued outflows from Ether products
From an asset perspective, XRP-backed investment products attracted significant attention, pulling in roughly $120 million and representing more than half of the total weekly inflows. This marks the highest level for XRP ETPs since December 2025. However, XRP ETFs traded on U.S. exchanges saw almost no activity, highlighting the regional divergence in investor interest.
Data shows that although the five U.S.-listed XRP ETFs collectively hold assets worth about $940 million, their trading volume was nearly non-existent over the past two weeks. The overwhelming majority of the $120 million in new inflows instead originated from Europe and other international markets, underscoring the overseas focus of current demand.
Bitcoin ETPs recorded $107 million in net inflows for the week. Of this, only $22 million went into American-listed Bitcoin ETFs. In contrast, technology firm MicroStrategy made headlines by investing approximately $330 million to acquire 4,871 Bitcoin—an amount 15 times greater than the total inflow into all U.S. spot Bitcoin ETFs during the same period. MicroStrategy has a track record of bold, large-scale Bitcoin purchases, continuing its aggressive acquisition strategy.
The trend for Ether-based investment products remained negative, with outflows totaling $53 million last week. Since the start of the year, Ether ETPs have witnessed cumulative redemptions of $327 million. Nonetheless, Bitmine Immersion Technologies bucked the trend by acquiring 71,252 ETH in a single week, marking its largest purchase since December 2025. The firm’s Ether holdings now approach 4.8 million coins, carrying a market value close to $10 billion.
James Butterfill attributed the persistent weakness in Ether products to uncertainty surrounding the CLARITY Act, a stablecoin regulatory bill directly connected to the Ethereum ecosystem.
In the U.S., analysts observe that Bitcoin often trades at a discount on domestic exchanges. The Coinbase Exchange Price Index, which reached a record high in October 2025, has remained negative ever since, reflecting lingering hesitancy or structural factors influencing American pricing.
In sum, the latest figures show European institutional investors—especially those in Switzerland—are currently steering the recovery in crypto investment products, while U.S. participation remains relatively muted as uncertainties linger.
