Last week, a change in direction was noted in the products traded on the exchange based on cryptocurrencies, compared to the losses of the previous week. A total of $224 million inflows were recorded globally. In the previous week, there was an outflow of 414 million dollars. Although these figures at first glance signal a recovery, the details actually indicate that this movement has spread to a very limited area.
Most of the entries originate from Switzerland
Switzerland alone accounted for approximately $157 million of the total weekly inflows. Thus, 70% of the global total belonged to this country. Germany and the USA contributed $28 million, respectively. Canada posted lower volume with an inflow of only $11 million.
This regional concentration shows that corporate investment confidence is currently concentrated mainly on investors in Europe. It is observed that investors in the US market have not yet intervened significantly.
On the other hand, it seems that the perception that “institutions are buying aggressively” in the ETP market is not fully supported. It is stated that ETPs listed in the USA have performed particularly poorly.
Demand for XRP and Bitcoin; Exits from Ether products
In terms of assets, XRP investment products attracted attention with an inflow of approximately 120 million dollars. This amount constituted more than half of the total weekly inflows, reaching the highest level since December 2025. It was observed that there was almost no movement in the XRP ETFs traded in the USA.
According to the data, although the total asset size of five different US-listed XRP ETFs stands at $940 million, it has traded with almost zero volume over the past two weeks. The bulk of the $120 million weekly inflow came from European and international markets.
There was a net inflow of $107 million in Bitcoin ETPs. However, Bitcoin ETFs traded on its platform in the US attracted only $22 million. By contrast, MicroStrategy spent nearly $330 million in one week, buying 4,871 Bitcoins, thus investing 15 times the total inflow of all U.S. spot Bitcoin ETFs alone. The strategy company has stood out with similar large acquisitions before.
The decline in Ether products continued. In the last week, these assets saw a total outflow of 53 million dollars. This development shows that outflows in Ether ETPs, reaching $327 million, have continued since the beginning of the year. However, Bitmine Immersion Technologies made its highest weekly purchase since December 2025 by purchasing 71,252 ETH alone last week. The company currently holds approximately 4.8 million Ether in total, and the market value of these assets is approaching $10 billion.
James Butterfill attributed the weakness in Ether products to the stablecoin law called the CLARITY Act, which is directly tied to the Ethereum ecosystem and remains unclear.
It is stated that Bitcoin prices in the USA are frequently traded at a discount on US-based exchanges. The Coinbase Exchange Price Index remained consistently negative after the record high in October 2025.
As a result, current figures show that institutional investors, especially in Europe, stand out, but interest in this area in the USA remains limited for now.
