Crypto’s $224 million inflow rebound was led by mostly one country and XRP
Switzerland accounted for 70% of global crypto ETP inflows last week with XRP products contributing more than half the total.
What to know:
- Global crypto ETPs saw $224 million in inflows last week, with roughly 70% coming from Switzerland and far smaller contributions from Germany, the United States and Canada.
- XRP and bitcoin products led the gains, yet most XRP demand and the bulk of bitcoin inflows originated in Europe and other international markets rather than from U.S spot ETFs.
- Ether funds continued to suffer outflows even as Bitmine Immersion Technologies ramped up large ETH purchases, underscoring a split between fund investors and a major corporate buyer amid US regulatory uncertainty.
Switzerland alone accounted for roughly $157 million of the $224 million total, meaning 70% of global inflows came from a single country. Germany and the United States each contributed about $28 million. Canada added a much smaller $11 million.
The asset breakdown is similarly concentrated. XRP led all inflows at approximately $120 million, more than half the global total and its largest weekly intake since mid-December 2025.
Virtually none of the total from U.S. spot XRP ETFs. SoSoValue data shows the five U.S.-listed XRP spot ETFs recorded near-zero daily flows throughout the past two weeks, with total net assets sitting at $940 million across Canary, Bitwise, Franklin, 21Shares, and Grayscale products. The $120 million was almost entirely European and international ETP demand.
Bitcoin ETPs drew $107 million, but only $22 million came from U.S. spot ETFs, which remain in negative territory year-to-date. Strategy disclosed over the weekend that it bought 4,871 BTC for approximately $330 million in the same week, meaning a single company spent 15 times what the entire U.S. spot bitcoin ETF complex attracted.
