Global cryptocurrency exchange-traded products attracted $224 million in inflows last week after an outflow of $414 million the week before, according to CoinShares.
The headline number looks like a recovery, but a deeper look shows the rebound is much narrower than it appears.
Switzerland alone accounted for approximately $157 million of the $224 million total, meaning that 70% of global inflows came from a single country. Germany and the United States each contributed about $28 million. Canada added a much smaller $11 million.
The asset breakdown is equally concentrated. XRP led all entries with approximately $120 million, more than half of the global total and its biggest weekly inflow since mid-December 2025.
Virtually none of the total comes from US XRP spot ETFs. SoSoValue data shows that the five US-listed The $120 million was almost entirely European and international ETP demand.
Bitcoin ETPs earned $107 million, but only $22 million came from US spot ETFs, which remain in negative territory so far this year. Strategy revealed over the weekend that it bought 4,871 BTC for roughly $330 million in the same week, meaning a single company spent 15 times what the entire US spot bitcoin ETF complex attracted.
ETFs absorbed approximately 50,000 BTC in the March 30-day rolling window, the highest since October 2025, CoinDesk reported last week. But almost all of the sustained institutional buying pressure is coming from two channels (Spot ETFs and Strategy) and even the ETF channel is weakening on a weekly basis.
The broader ETP market, which includes leveraged products, short products, and altcoin funds in dozens of countries, does not bear out the “institutions are buying” narrative.
Ether products continued to bleed, recording $53 million in outflows after $222 million the previous week, bringing year-to-date outflows to $327 million. This is in stark contrast to Bitmine Immersion Technologies (BMNR), which bought 71,252 ETH last week in its largest weekly purchase since December 2025 and now holds 4.8 million tokens worth approximately $10 billion. ETH fund investors are leaving while the world’s largest corporate buyer of ETH is accelerating.
CoinShares’ James Butterfill attributed ether’s weakness in part to uncertainty around the CLARITY Act, stablecoin legislation closely tied to the Ethereum ecosystem.
Geographic concentration is important to read where the conviction really lies. The Coinbase Premium Index, which tracks whether bitcoin is trading at a premium or discount on the exchange most associated with US institutional flows, has been persistently negative since bitcoin’s all-time high above $126,000 in October 2025.
US buyers are not stepping in on a large scale and the ETP data confirms this. The $28 million in U.S. tickets versus $157 million in Switzerland suggests that the marginal buyer right now is European, not American.
