Cryptocurrency investment firm CoinShares revealed that Cryptocurrency exchange-traded products (ETPs) recorded $508 million in outflows last week. The firm also noted that ETPs saw $415 million in outflows the previous week.
CoinShares research head James Butterfill believes that the increased selling pressure in the crypto ETP space emanated from market uncertainty around trade tariffs, inflation, and monetary policy. Butterfill also argued that the continued outflows from ETPs were due to investors exercising caution following the U.S. Presidential inauguration
Cryptocurrency ETPs receive $924M outflows in two consecutive weeks
Crypto ETPs see $508M outflow as Bitcoin sell-off continues — CoinShares
Crypto ETPs saw $508 million in outflows last week, with Bitcoin ETFs losing $571 million. XRP funds recorded $38 million in inflows as investor sentiment remained cautious.https://t.co/lgn3cRN2F6
— Helen Partz (@coindanslecoin) February 24, 2025
Butterfill revealed that digital asset investment products realized outflows totaling $508 million last week and $415 million the previous week. He also noted that crypto ETPs recorded a total of $924M of outflows in the last two weeks. Cryptocurrency exchange-traded products also saw an 18-week run totaling $29 billion prior to the two-week outflows.
Butterfill highlighted that the record outflows were caused by investors who expressed caution after the continued uncertainty around trade tariffs by President Trump.
“We believe investors are exercising caution following the U.S. Presidential inauguration and the consequent uncertainty around trade tariffs, inflation and monetary policy.”
~ James Butterfill, Head of Research at CoinShares.
He also acknowledged that the outflows were evident in trading turnover, which fell considerably from $22 billion two weeks ago to $13 billion last week.
The crypto investment firm noted that the flows in ETPs were focused on the U.S., which saw $560 million in outflows. According to Butterfill, the negative sentiment was not reflected in Europe since it continued to see healthy inflows. The firm highlighted that Germany and Switzerland saw the most inflows, totaling $30.5 million and $15.8 million, respectively.
CoinShares also revealed that Bitcoin was the primary focus, with $571 million in outflows. The firm added that investors chose to add to short positions, with short-Bitcoin receiving around $2.8 million in inflows.
Butterfill highlighted that altcoins continued to see inflows, with XRP leading the pack with inflows of $38.3 million. XRP has received $819 million of inflows since mid-November 2025. Butterfill believes that the inflows in XRP reflected investors’ hopes that the Securities and Exchange Commission (SEC) would drop its Ripple lawsuit. Other digital assets such as Solana, Ethereum, and Sui received inflows of $8.9M, $3.7M, and $1.47M, respectively.
Bitcoin ETF outflows surpass $1 billion over two consecutive weeks
According to CoinShares, ProShares exchange-traded funds were among the only major U.S. ETPs that did not post losses last week, recording around $38 million in inflows. BlackRock’s iShares ETF marked a rare event in the past trading week, with losses of $22 million. The market share of BlackRock’s Bitcoin ETFs has grown to 50.4% despite experiencing a broader sell-off. According to Dune, BlackRock now accounts for over $56.8 billion worth of Bitcoin holdings of all U.S. ETF issuers.
The firm also added that crypto ETPs by Grayscale Investment and Fidelity Digital Asset saw the largest outflows, with $170 million and $166 million, respectively.
SoSoValue also revealed that Bitcoin ETF outflows have reached $1.1 billion over two consecutive weeks leading to February 21. The firm noted that the 12 spot Bitcoin ETFs recorded $559.41 million in net outflows last week and another $585.55 million from the previous week.
The company observed that the BTC ETFs began the week from February 18 to February 21 with $60.63 million in outflows, reversing the positive flows seen on the last trading day of the prior week. Bitcoin ETFs also recorded $71.07 million and $364.93 million in outflows over the next two days, which was the highest net outflow observed in February so far.
Grayscale recorded a majority of outflows on that day, with $60.08 million exiting the fund as it continued its outflow streak following its conversion from a trust structure. The crypto firm also noted that Bitwise’s BITB and Fidelity’s FBTC contributed to the negative momentum, with outflows of $16.58 million and $12.47 million, respectively. BlackRock’s iShares Bitcoin ETF realized positive inflows of $21.64 million, while VanEck’s HODL recorded a slight gain of $4.71 million.
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