Crypto Products Record Largest Outflow since Mid-Nov 2025: CoinShares

Crypto investment products posted one of their worst weeks on record as CoinShares data shows crypto ETPs saw roughly $1.73 billion in net outflows last week, the largest since mid-November 2025. This came just one week after $2.2 billion in inflows,

According to the CoinShares weekly report, total assets under management across crypto funds fell to $178 billion, down from $193 billion the prior week. CoinShares head of research James Butterfill said that the outflows were a result of fading expectations for interest rate cuts, weak price action, and frustration that crypto has failed to benefit from the US dollar’s weakness.

Bitcoin and Ethereum Lead the Exit

Bitcoin BTC $87 906 24h volatility: 0.9% Market cap: $1.76 T Vol. 24h: $54.37 B products saw $1.09 billion in outflows, the largest since mid-November 2025. Ethereum ETH $2 905 24h volatility: 1.1% Market cap: $350.42 B Vol. 24h: $33.30 B followed with $630 million in withdrawals. This indicates de-risking rather than rotation. XRP XRP $1.91 24h volatility: 0.8% Market cap: $116.10 B Vol. 24h: $3.46 B products lost $18.2 million, while SUI SUI $1.44 24h volatility: 1.9% Market cap: $5.46 B Vol. 24h: $729.81 M saw $6 million in outflows.

Flows by asset | Source: CryptoQuant

Solana stood out as an exception, recording $17.1 million in inflows during the same period. Minor inflows were also seen in Binance-linked products at $4.6 million and Chainlink at $3.8 million. Also, short-Bitcoin products recorded $500,000 in inflows. Butterfill said that this confirms sentiment has not improved since the Oct. 10, 2025 price crash.

US Drives the Damage, Europe Buys the Dip

Regionally, the outflows were concentrated in the United States, which accounted for nearly $1.8 billion of the total. Sweden and the Netherlands followed with smaller outflows of $11.1 million and $4.4 million.

On the other hand, Switzerland, Germany, and Canada treated the pullback as an entry point. Switzerland recorded $32.5 million in inflows, Canada added $33.5 million, and Germany saw $19.1 million move into crypto products.

Meanwhile, at the issuer level, losses were concentrated in the largest players. BlackRock’s iShares products led all issuers with $951 million in outflows. Fidelity followed with $469 million, while Grayscale saw $270 million leave its funds. However, Volatility Shares recorded $83 million in inflows, and ProFunds Group added $37 million.

It is also important to note that Binance recorded its largest weekly net outflows since November 10 during the week starting January 19, 2026. According to CryptoQuant analysts, Bitcoin saw roughly $1.97 billion leave the exchange, Ethereum lost $1.34 billion, and ERC20-based USDT saw $3.11 billion in net outflows. At the same time, USDT on Tron recorded a $905 million inflow.

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