Global cryptocurrency exchange-traded products recorded $224 million in net inflows last week, with the bulk of that capital originating outside the United States. Switzerland alone accounted for approximately 70% of total inflows, dwarfing contributions from Germany, the U.S., and Canada. The figures highlight a continued divergence in appetite for crypto investment products across different regions.
XRP and bitcoin products were the primary drivers of last week’s gains. However, the majority of XRP demand and a significant portion of bitcoin inflows came from European and other international markets rather than from U.S. spot ETFs. This pattern suggests that overseas investors are currently more active in driving crypto ETP growth than their American counterparts.
Ether funds bucked the broader positive trend, continuing to experience outflows during the same period. This occurred even as Bitmine Immersion Technologies scaled up substantial purchases of ETH, pointing to a notable split between institutional fund investors and a prominent corporate buyer. The divergence raises questions about where conviction in Ethereum currently resides within the market.
Regulatory uncertainty in the U.S. appears to be a contributing factor to the cautious stance among fund investors toward ether products. While corporate entities like Bitmine Immersion Technologies are moving to accumulate ETH directly, fund-level demand has not followed suit. The contrast underscores how different types of market participants are responding to the same regulatory environment in distinct ways.
The geographic concentration of inflows in Switzerland and broader Europe reflects an ongoing trend of international markets taking a leading role in crypto ETP adoption. Smaller contributions from the U.S. and Canada suggest that domestic regulatory conditions continue to temper enthusiasm among investors in those markets. Whether that balance shifts in coming weeks may depend in part on developments in U.S. crypto policy.
Originally reported by CoinDesk.
