Global crypto exchange-traded products drew $224 million in inflows last week, following a $414 million outflow the previous week, according to CoinShares.
The headline number looks like a rebound, but a deeper look shows that the pullback is far narrower than it appears.
Switzerland alone accounted for about $157 million of the $224 million total, meaning 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 division is correspondingly concentrated. XRP led all inflows at around $120 million, more than half of the global total and its biggest weekly intake since mid-December 2025.
Virtually none of the total from US spot XRP ETFs. SoSoValue data shows that the five US-listed XRP spot ETFs have recorded almost zero daily flows over the past two weeks, with total net assets of $940 million across Canary, Bitwise, Franklin, 21Shares and Grayscale products. The $120 million was almost entirely European and international ETP demand.
Bitcoin ETPs drew $107 million, but only $22 million came from US spot ETFs, which remain in negative territory year-to-date. Strategy disclosed over the weekend that it bought 4,871 BTC worth approximately $330 million in the same week, meaning a single firm spent 15 times what the entire US spot bitcoin ETF complex attracted.
ETFs absorbed roughly 50,000 BTC in March’s rolling 30-day window, the most since October 2025, CoinDesk reported last week. But almost all of the sustained institutional buying pressure is coming through 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 across dozens of countries, does not confirm the “institutions are buying” narrative.
Ether products continued to bleed, posting $53 million in outflows after $222 million the week before, bringing year-to-date outflows to $327 million. That is in stark contrast to Bitmine Immersion Technologies (BMNR), which bought 71,252 ETH last week in its biggest single-week purchase since December 2025 and now holds 4.8 million tokens worth about $10 billion. ETH Fund Investors Exit As Largest Corporate ETH Buyer On Earth Accelerates.
CoinShares’ James Butterfill attributed the ether weakness in part to uncertainty surrounding the CLARITY Act, the stablecoin legislation closely tied to the Ethereum ecosystem.
The geographical concentration is important for the reading, where the conviction actually sits. 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 record high above $126,000 in October 2025.
US buyers are not stepping in on a large scale, and ETP data confirms that. The $28 million in US approaches versus $157 million from Switzerland suggests that the marginal buyer right now is European, not American.
