Crypto exchange-traded products (ETPs) recorded $224 million in inflows last week, rebounding from $414 million in outflows the week prior, according to CoinShares. Yet the recovery was far from broad-based, with both geographic and asset-level flows heavily concentrated.
Switzerland led the rebound, accounting for roughly $157 million—about 70% of total inflows. By contrast, the United States and Germany each contributed around $28 million, while Canada added just $11 million, highlighting a significant regional imbalance.
The concentration was even more pronounced across assets. XRP products drew approximately $120 million, representing more than half of total inflows and marking the strongest weekly demand since December 2025.
Notably, this surge came almost entirely from outside the U.S. SoSoValue data shows that U.S.-listed spot XRP ETFs saw little to no activity over the past two weeks, with total assets hovering near $940 million across major issuers. The inflows were instead driven by European and international ETP markets.
Bitcoin ETPs attracted $107 million, but only $22 million originated from U.S. spot ETFs, which remain negative on a year-to-date basis. Over the same period, Strategy disclosed it had purchased 4,871 BTC—worth approximately $330 million—far outpacing the inflows into the entire U.S. ETF complex.
Over a longer horizon, ETFs have absorbed meaningful supply, taking in around 50,000 BTC over a 30-day rolling window in March—the highest level since October 2025. However, recent data suggests institutional demand is becoming more concentrated, largely flowing through a limited number of vehicles, with ETF momentum softening in recent weeks.
Flows across the broader ETP universe—including leveraged, inverse, and altcoin-focused products—do not point to widespread institutional accumulation.
Ether products continued to see sustained outflows, losing $53 million last week after $222 million the week before. Year-to-date outflows have now reached $327 million.
At the same time, corporate buying tells a different story. Bitmine Immersion Technologies (BMNR) acquired 71,252 ETH during the week—its largest weekly purchase since December 2025—and now holds approximately 4.8 million ETH, valued at around $10 billion.
According to CoinShares’ James Butterfill, some of Ether’s weakness may be tied to uncertainty surrounding the CLARITY Act, proposed stablecoin legislation closely linked to Ethereum’s ecosystem.
Regional indicators reinforce the shift in demand. The Coinbase Premium Index—often used as a gauge of U.S. institutional activity—has remained negative since Bitcoin’s peak above $126,000 in October 2025, signaling limited participation from U.S. investors.
With Switzerland driving the majority of inflows and U.S. demand remaining subdued, the latest rebound suggests that marginal buying power in crypto markets is currently concentrated in Europe rather than the United States.
