Crypto ETPs Extend Outflow Streak as Bitcoin Funds Bleed $133M

Crypto investment products extended their downturn for a fourth straight week, with net outflows of US$173 million (AU$265 million) over the latest reporting period and US$3.8 billion (AU$5.81 billion) withdrawn over the past month. Total assets under management fell to about US$133 billion (AU$203.49 billion), the lowest level since April 2025.

CoinShares head of research James Butterfill linked last week’s redemptions to weak prices and negative market sentiment. 

Bitcoin started the week near US$70,000 (AU$107,100) before sliding to about US$65,000 (AU$99K) on Thursday.

Moreover, Bitcoin ETPs led the declines, with outflows of US$133.3 million (AU$204 million) and AUM dropping to roughly US$106 billion (AU$162.18 billion). In the US, spot Bitcoin ETFs recorded almost US$360 million (AU$551 million) in net outflows for the week, according to SoSoValue.

Ethereum-linked funds also saw withdrawals of US$85 million (AU$130 million), although US spot Ether ETFs posted net inflows of around US$10 million (AU$15 million). XRP and Solana products were the main exceptions, attracting US$33.4 million (AU$51 million) and US$31 million (AU$47 million) in inflows, respectively.

Flows diverged sharply by region, though: US-listed crypto products had net outflows of US$403 million (AU$617 million), while products in other regions collectively recorded about US$230 million (AU$352 million) of inflows. 

Germany, Canada and Switzerland led those gains with US$115 million (AU$176 million), US$46 million (AU$70 million) and US$37 million (AU$57 million) in inflows, respectively.

Related: Australia’s SMSFs Embrace Crypto as Regulation and ETFs Fuel New Wave of Adoption

Derivatives and Market Sentiment

It seems a lot of traders are looking at the US$60K (AU$91K) level when it comes to derivatives, as Deribit data shows the largest concentration of open interest in put options is tied to strikes below that threshold, with about US$1.24 billion (AU$1.90 billion) in open interest at US$60,000 puts. 

Notice that Bitcoin’s 200-week moving average, a long-term support level watched by traders, sits just above US$58,000 (AU$88,740).

Likewise, Bernstein analyst Gautam Chhugani recently reiterated a year-end Bitcoin target of US$150,000 (AU$229,500), describing the current drawdown as the “weakest bear case in history” rather than a structural break in the market.

Read more: Coinbase Swings to $667M Loss as Crypto Slump Crushes Trading Volumes

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