Crypto ETPs Attract $224M, With Switzerland and XRP Doing Most of the Heavy Lifting
Global crypto exchange-traded products (ETPs) pulled in $224 million in net inflows last week, reversing the prior week's $414 million in outflows, CoinShares said. The aggregate figure suggests a comeback, but the underlying demand was highly concentrated.
Switzerland accounted for about $157 million of the total, roughly 70% of worldwide inflows. Germany and the U.S. each added around $28 million, while Canada contributed $11 million.
Flows were similarly narrow by asset. XRP topped the list with about $120 million in inflows, more than half of the global total and its biggest weekly intake since mid-December 2025. That demand did not come from the U.S. SoSoValue data shows the five U.S.-listed spot XRP ETFs saw near-zero daily flows over the past two weeks, with combined net assets of $940 million across products from Canary, Bitwise, Franklin, 21Shares and Grayscale. The $120 million was driven almost entirely by European and international ETP buying.
Bitcoin ETPs brought in $107 million, but just $22 million came from U.S. spot bitcoin ETFs, which are still negative year-to-date. Strategy said over the weekend it bought 4,871 BTC for roughly $330 million during the same week, meaning one buyer spent about 15 times what the entire U.S. spot bitcoin ETF complex attracted.
CoinDesk reported last week that ETFs absorbed about 50,000 BTC in March's rolling 30-day window, the most since October 2025. Even so, sustained institutional demand remains concentrated in two avenues — spot ETFs and Strategy — and weekly ETF momentum has been fading. Broader ETP activity, including leveraged and short products and altcoin funds across dozens of markets, does not support a blanket "institutions are buying" narrative.
Ether-linked products continued to lose assets, posting $53 million in outflows after $222 million the week before, taking year-to-date outflows to $327 million. The withdrawals contrast sharply with Bitmine Immersion Technologies (BMNR), which bought 71,252 ETH last week in its largest single-week purchase since December 2025 and now holds 4.8 million tokens valued at roughly $10 billion. CoinShares research head James Butterfill said ether weakness is partly tied to uncertainty around the CLARITY Act and stablecoin legislation closely linked to Ethereum's ecosystem.
The geographic skew also matters. The Coinbase Premium Index — a gauge of whether bitcoin trades at a premium or discount on the exchange most associated with U.S. institutional activity — has stayed negative since bitcoin's October 2025 all-time high above $126,000. The latest ETP figures echo that message: U.S. inflows of $28 million versus Switzerland's $157 million point to Europe, not America, as the marginal buyer right now.
