Digital asset investment products just recorded one of their worst weeks of 2025, with $2.03 billion in outflows, the largest since February. The three-week slide has now reached $3.2 billion, driven by a mix of macro uncertainty and heavy selling from large crypto holders.
U.S. Dominates the Withdrawals
The United States accounted for an overwhelming 97% of total outflows, shedding $1.97 billion in a single week. Switzerland ($39.9M) and Hong Kong ($12.3M) also saw notable redemptions, while Germany bucked the trend with $13.2M in inflows, indicating dip-buying sentiment among European investors.
AUM Falls Sharply From October Peak
CoinShares data shows that total assets under management (AUM) in crypto ETPs have crashed from $264B in early October to $191B today, a 27% decline.
The weekly flows chart visualizes the severity of this reversal: a deep negative bar marking one of the steepest outflows in nearly a year.
Bitcoin Takes the Largest Hit
Bitcoin investment products saw $1.378 billion in outflows last week, representing 2% of total AUM withdrawn in just three weeks.
Ethereum had an even sharper proportional decline, with $688.8M in outflows – around 4% of its AUM evaporating.
Other assets saw smaller movements:
• Solana (SOL): −$8.3M
• XRP: −$15.5M
• Litecoin: +$3.3M
• Sui: +$6M
The flows-by-asset chart highlights Bitcoin and Ethereum as the overwhelming drivers of the total negative figure.
Multi-Asset and Short Bitcoin ETPs Gain Traction
Despite the broader weakness, two categories saw significant inflows:
• Multi-asset ETPs: +$69M over three weeks
• Short Bitcoin ETPs: +$18.1M
This positioning aligns with the view that investors are hedging volatility or reallocating into diversified baskets rather than abandoning the sector entirely.
Country Breakdown: U.S. Pressure vs. Global Nuance
The exchange-country data adds more clarity:
• U.S.: −$1.975B (core driver of the drawdown)
• Switzerland: −$39.9M
• Hong Kong: −$12.3M
• Brazil, Canada, Sweden: modest outflows
• Germany: +$13.2M, a rare positive signal
The column showing YTD flows reveals that despite this pullback, the U.S. still leads by far in total inflows for 2025, suggesting structural interest remains intact even amid short-term fear.
Macro Uncertainty Meets Whale Selling
CoinShares attributes the sharp downturn to two main forces:
- Monetary policy uncertainty, as markets anticipate shifting interest-rate timelines.
- Crypto-native whale selling, pressuring market prices and forcing ETP outflows.
Together, these pressures have created the steepest redemptions since early 2025.
Outlook
While the flows paint a bearish weekly picture, the presence of inflows into multi-asset products, plus Germany’s contrarian buying, shows that sentiment isn’t uniformly negative. AUM remains far higher than early-cycle levels, and institutional positioning suggests hedging, not abandonment.
