Global exchange-traded crypto products attracted $224 million in inflows last week following an outflow of $414 million the week before, according to CoinShares.
The overall figure looks like a recovery, but a closer look shows that the rebound is much more limited than it appears.
Switzerland alone accounted for around $157 million of the total $224 million, meaning 70% of global flows came from a single country. Germany and the United States each contributed $28 million. Canada added a much more modest $11 million.
Asset allocation is also concentrated. XRP dominated overall inflows with around $120 million, more than half of the global total and its largest weekly inflow since mid-December 2025.
Virtually none of the total comes from US spot XRP ETFs. Data from SoSoValue shows that the five US-listed spot The $120 million was almost entirely the European and international demand for FTEs.
Bitcoin ETPs attracted $107 million, but only $22 million came from U.S. spot ETFs, which remain in negative territory year-to-date. Strategy revealed over the weekend that it purchased 4,871 BTC for around $330 million in the same week, meaning a single firm spent 15 times what the entire US spot Bitcoin ETF complex attracted.
ETFs absorbed around 50,000 BTC during the March 30-day rolling window, the highest since October 2025, CoinDesk reported last week. But almost all sustained institutional buying pressure comes through two channels – spot ETFs and strategy – and even the ETF channel is weakening every week.
The broader ETP market, which includes leveraged products, short products, and altcoin funds in dozens of countries, does not bear out the narrative that “institutions are buying.”
Ether products continued to bleed, posting outflows of $53 million after $222 million the week before, bringing year-to-date outflows to $327 million. This stands in stark contrast to Bitmine Immersion Technologies (BMNR), which purchased 71,252 ETH last week in its largest weekly purchase since December 2025 and now holds 4.8 million tokens worth around $10 billion. ETH fund investors are leaving as the world’s largest ETH buyer accelerates.
CoinShares’ James Butterfill attributed ether’s weakness in part to uncertainty surrounding the CLARITY Act, the stablecoin legislation closely tied to the Ethereum ecosystem.
Geographic focus is important to read where the belief actually lies. The Coinbase Premium Index, which determines whether bitcoin trades at a premium or discount on the exchange most associated with U.S. institutional flows, has been consistently negative since bitcoin’s all-time high above $126,000 in October 2025.
U.S. buyers are not stepping in on a large scale, and ETP data bears this out. The $28 million in U.S. entries versus $157 million from Switzerland suggests that the current marginal buyer is European, not American.
