Crypto ETPs saw selling pressure cool last week, even as traders stayed busy. New data from CoinShares showed crypto ETPs had $187 million in outflows for the week. That is still a loss, but it is much smaller than the $3.43 billion that left over the prior two weeks. Many investors watch crypto ETPs because they can show how big money feels about risk when prices swing.
The change in pace matters. CoinShares research head James Butterfill said the speed of outflows often tells more than the price move itself. In past cycles, crypto ETPs have sometimes hit a turning point when outflows slow after a hard drop. This does not prove a bottom is in, but it can signal that fear is easing.
Bitcoin products drove most of the damage. CoinShares data showed Bitcoin-focused crypto ETPs were the only major group with heavy losses, with about $264 million leaving. At the same time, XRP products led the winners list. XRP crypto ETPs pulled in about $63 million. Ether crypto ETPs and Solana crypto ETPs also saw small inflows, showing some traders chose to rotate instead of leaving the market. This split matters because it suggests investors did not treat all crypto ETPs the same. Some reduced Bitcoin exposure while keeping money in other large tokens.
Spot Bitcoin ETFs in the United States also played a big role. Separate ETF tracking data pointed to roughly $318 million in weekly outflows from spot Bitcoin ETFs. When spot Bitcoin ETFs see outflows, it can add pressure to the wider Bitcoin market. That is because these funds can be a main on-ramp for traditional investors who do not want to hold coins directly.
Trading activity surged even as money left. CoinShares said weekly trading volume in crypto ETPs hit a record near $63.1 billion, above the prior high from late 2025. High volume during a downturn can mean traders are repositioning fast. Some investors sell to cut risk. Others buy what they see as value. Either way, crypto ETPs can turn into a battlefield when price moves get sharp.
Assets under management also fell. CoinShares said Bitcoin ETP assets under management were about $102.7 billion by week’s end. It also noted global crypto ETP assets under management fell to about $129 billion, the lowest level since March 2025. Lower assets under management can reflect both price declines and net outflows. It also means crypto ETPs carry less weight in some large portfolios, at least for now.
Market prices stayed jumpy. Bitcoin dipped near $60,000 last week on Coinbase before bouncing. As of Monday, prices were still soft, with Bitcoin trading near the high-$60,000 range. Ether traded near the low-$2,000 range, while XRP held near the mid-$1 range and Solana stayed in the mid-$80s. Crypto ETPs often react to these swings because investors can adjust exposure quickly, without moving funds through exchanges.
Macro news added another twist. Japan’s election result boosted attention on currencies and safe havens. Reports said Japan’s ruling conservatives won a landslide, which helped the yen firm and pushed local stocks to record highs. When the yen strengthens, the dollar can weaken, and that can shift how global investors price risk. At the same time, gold moved back above $5,000 an ounce, pulling focus toward old-school safety trades. Some analysts warned that a gold rebound can slow a crypto rebound, since both can compete for the same “store of value” narrative during stress.
Still, the product pipeline kept moving. 21Shares filed updated paperwork with the U.S. Securities and Exchange Commission for a proposed Ondo-linked ETF, tied to the ONDO token. The filing shows issuers still see demand for more crypto ETPs, even after weeks of outflows. It also highlights a wider theme: Wall Street wrappers for on-chain assets keep expanding, from Bitcoin and Ether to newer tokens tied to real-world-asset projects.
For now, the key story is the shift in behavior. Crypto ETPs are still bleeding, but the bleeding slowed. Crypto ETPs also traded at record volume. Bitcoin crypto ETPs took the biggest hit while XRP crypto ETPs drew the biggest inflow. And with gold above $5,000 and global politics in view, crypto ETPs sit inside a bigger risk map than just blockchain news.
