Crypto ETP outflows persist as year-end investor caution deepens

Crypto exchange-traded products recorded $446 million in net outflows over the Christmas period, extending a cautious trend seen since October.

Data from asset manager CoinShares showed that withdrawals continued despite relatively stable prices across major digital assets.

The latest outflows brought cumulative redemptions since Oct. 10 to approximately $3.2 billion.

Analysts said the figures indicate that investor confidence has yet to fully recover heading into year end.

Weekly outflows contrasted with year-to-date inflows of $46.3 billion, broadly in line with 2024 levels.

CoinShares head of research James Butterfill said total assets under management have risen only 10% year to date.

The average investor has not seen a positive outcome this year once flows are taken into account.

James Butterfill said.

Fund flows pointed to a clear divergence in investor behaviour across different crypto products.

Bitcoin and Ether exchange-traded products continued to experience sustained weekly outflows.

Bitcoin products recorded $443 million in net outflows during the week.

Ether-linked products saw a further $59.5 million leave funds.

Since newer products launched, Bitcoin and Ether ETPs have lost $2.8 billion and $1.6 billion respectively.

In contrast, newer XRP and Solana products attracted fresh inflows.

XRP ETPs led weekly inflows with $70.2 million.

Solana products followed with $7.5 million in weekly inflows.

Data showed XRP ETFs have not recorded a single outflow day since launch.

Solana ETFs have seen outflows on only three trading days since debut.

Since launching in mid-October in the United States, XRP products have attracted over $1 billion in net inflows each.

Solana ETFs have accumulated around $750 million in total inflows.

Analysts said the trend reflects rotation rather than a broad exit from crypto exposure.

Investors appear increasingly selective rather than risk averse.

Regional data showed outflows were heavily concentrated in the United States.

US-based products recorded $460 million in weekly outflows.

The data suggested American investors remained defensive after October’s market correction.

Germany stood out as a notable exception to the broader trend.

German-listed products recorded $35.7 million in weekly inflows.

Month-to-date inflows in Germany reached approximately $248 million.

Observers said German investors appear to be buying into recent price weakness.

CoinShares said the data points to disciplined positioning rather than capitulation.

Market participants said selective exposure may define crypto investment strategies into 2026.

At the time of reporting, Bitcoin price was $87,106.43.