Last Week, Digital-asset funds record US$812m outflows; Bitcoin and Ether see heaviest exits while Solana attracts flows ahead of expected US ETF launches
Key points
- Digital-asset investment products posted US$812 million in net outflows last week.
- Bitcoin products accounted for US$719 million of outflows.
- Ethereum-related products saw US$409 million in outflows.
- Solana stood out with US$291 million of inflows, likely driven by investor positioning ahead of anticipated U.S. spot ETF launches.
- The United States was the largest source of redemptions (roughly US$1 billion), while Switzerland, Canada and Germany recorded net inflows.
What the numbers show
CoinShares’ Volume 253 report highlights the main moves for the week:
- Bitcoin: −US$719m in outflows, with no parallel rise in demand for short-Bitcoin products — a signal CoinShares interprets as low-conviction selling rather than a coordinated shorting wave.
- Ethereum: −US$409m in outflows, stalling what had been a strong year-to-date inflow trend for Ether-focused products.
- Solana: +US$291m in inflows, which CoinShares links to investor positioning ahead of anticipated U.S. ETF launches that could include non-Bitcoin tokens.
From a regional perspective, the U.S. accounted for the largest net withdrawals (approximately US$1bn), while flows into Swiss, Canadian and German products suggested the outflows were geographically concentrated rather than universal.
Why flows moved this way
CoinShares attributes the weekly outflows largely to a reassessment of interest-rate expectations after stronger macroeconomic releases, which trimmed the market’s view of how quickly U.S. interest rates might fall and briefly reduced risk appetite in crypto investment products. At the same time, regulatory developments — notably a faster pathway for crypto ETF approvals in the U.S. — are encouraging investors to redeploy capital toward tokens expected to be included in upcoming spot ETF products, helping explain Solana’s inflows.
Broader context and implications
- Temporary versus structural: CoinShares notes the outflows do not appear driven by a surge in bearish, short-product demand, which suggests the selling may be temporary and tied to macro noise rather than a durable shift in conviction.
- ETF wave: Regulators and asset managers are moving quickly to bring more spot crypto ETFs to market; industry reporting shows the SEC’s changed approach has shortened approval timelines and prompted filings for ETFs that could include tokens beyond Bitcoin, a development investors are already pricing in. That regulatory backdrop likely explains why altcoins such as Solana are seeing pre-launch demand.
- Market watchers: Traders and portfolio managers will be watching next week’s macro calendar and any SEC announcements closely; a dovish surprise could reverse outflows, while continued resilience in macro data could extend the pain for risk assets.
CoinShares’ weekly note said the negative flows “appear to be low-conviction” given the absence of corresponding demand for short-Bitcoin products, implying the moves may prove temporary as investors reposition rather than capitulate.
Notes on sources
This article is based on CoinShares’ weekly fund-flows report (Volume 253) and reporting on the evolving U.S. ETF landscape. The CoinShares research note provides the week’s flow figures and regional breakdown; coverage of anticipated ETF approvals and shortened regulatory timelines offers context for token-level flows such as those into Solana.
Summary
Digital-asset investment products experienced a pullback last week as stronger-than-expected macroeconomic data dented risk appetite, producing US$812m in net outflows, according to CoinShares’ weekly fund-flows report. The sell-off was concentrated in the biggest tokens: Bitcoin and Ethereum saw the largest withdrawals from investment vehicles, while Solana bucked the trend with sizeable inflows amid mounting expectations that new U.S. spot ETFs could be approved soon.
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