Whalesbook
Global Inflows Show Strong Concentration
Global crypto exchange-traded products (ETPs) saw $224 million in new investments last week, reversing the $414 million outflow from the previous week. However, this recovery was not widespread. Switzerland alone accounted for about $157 million, making up a dominant 70% of the total global inflows. Germany and the United States each added approximately $28 million, while Canada contributed $11 million.
XRP ETPs Drive Demand
Demand for XRP ETPs was particularly strong, attracting about $120 million. This represented more than half the week's total inflows and marked the largest weekly investment for XRP since mid-December 2025. This surge came primarily from European and international investors, as U.S. spot XRP ETPs saw minimal inflows and hold $940 million in net assets. Bitcoin ETPs also attracted $107 million, though only $22 million came from U.S. spot ETFs, which have seen outflows year-to-date.
Ether Products See Continued Outflows
In contrast, Ether ETPs continued to face selling pressure, with $53 million in outflows last week. This adds to the prior week's $222 million outflow, bringing year-to-date outflows to $327 million. This trend in fund flows contrasts with significant corporate buying activity. For instance, Bitmine Immersion Technologies (BMNR) purchased 71,252 ETH last week, its biggest weekly acquisition since December 2025 and adding to its holdings now worth approximately $10 billion. Uncertainty around stablecoin legislation impacting Ethereum's ecosystem is a cited reason for the weak performance of Ether funds.
U.S. Institutional Interest Remains Subdued
Data indicates U.S. institutional investors are not yet buying digital assets in large volumes. The Coinbase Premium Index, which tracks U.S. institutional flow sentiment, has stayed low since Bitcoin reached its record high above $126,000 in October 2025. This wide difference in inflows between Switzerland and the U.S. suggests that European investors are currently the main drivers of demand in the ETP market.