Global crypto ETPs see $1.2 billion in weekly outflows, driven by post-liquidity cascade volatility: CoinShares

Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares witnessed net outflows of $1.17 billion last week, according to CoinShares' data.

"Negative sentiment pervaded the markets due to ongoing gyrations in the crypto markets following the 10th of October liquidity cascade and uncertainty over a December interest rate cut in the U.S.," CoinShares Head of Research James Butterfill wrote in a Monday report. "ETP trading volumes remained elevated at $43 billion for the week as flows on an intraday basis briefly recovered on Thursday, but this proved short-lived, with renewed outflows emerging on Friday."

Amid continued divergence between regions, U.S.-based funds dominated with $1.22 billion in net outflows, while crypto investment products in Switzerland, Germany and Brazil generated net inflows of $49.7 million, $41.3 million, and $12 million, respectively.

Weekly crypto asset flows. Image: CoinShares.

Last week, BTC and ETH fell 5.3% and 8.4%, respectively, according to The Block's price page, though staging something of a recovery on Sunday that has continued into early Monday trading on hopes of an end to the U.S. government shutdown.

Altcoins defy the trend

Bitcoin-based ETPs again led the outflows, with $932 million exiting the funds last week, while short Bitcoin funds also witnessed $11.8 million in net inflows. "This coupled with similar inflows a couple of weeks ago mark the highest weekly since May 2025," Butterfill said.

The U.S. spot Bitcoin exchange-traded funds saw $1.2 billion in net outflows alone, according to data compiled by The Block, led by $581 million exiting BlackRock's IBIT.

Ethereum products also struggled, seeing net outflows of $438 million globally last week, with the U.S.-based spot Ethereum ETFs losing $507.7 million, again led by BlackRock's ETHA, offset by funds in other regions.

Meanwhile, Solana ETPs recorded further net inflows of $118 million last week to notch $2.1 billion over the past nine weeks — driven by strong demand for the newly launched U.S. ETFs. HBAR and Hyperliquid ETPs also registered notable inflows of $26.8 million and $4.2 million, respectively.