'Ethereum investors buy the dip' amid $513 million in weekly global crypto ETP outflows: CoinShares

Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares witnessed net outflows of $513 million last week, according to CoinShares' data, as investors continue to digest the record liquidation cascade on Oct. 10.

"Net outflows following this event now total $668 million, suggesting investors in the ETP world shrugged off this event, while onchain investors were more bearish," CoinShares Head of Research James Butterfill wrote in a Monday report.

Weekly trading volumes in digital asset exchange-traded products also remained elevated at $51 billion — nearly double the 2025 weekly average, Butterfill noted. 

The outflows were almost entirely U.S.-focused, with $621 million existing crypto investment products in the country. In contrast, funds in Germany, Switzerland, and Canada attracted $59.3 million, $48 million, and $42.3 million worth of net inflows, respectively.

Weekly crypto asset flows. Images: CoinShares.

Last week, BTC and ETH fell around 5.8% and 6.3%, respectively, according to The Block's price page.

'Ethereum investors buy the dip, offset by Bitcoin outflows'

Bitcoin-based investment products were the primary focus of the net outflows, losing $946 million last week. Year-to-date inflows for the funds are now at $29.3 billion, lagging 2024's $41.7 billion total.

The U.S. spot Bitcoin exchange-traded funds saw $1.2 billion in net outflows alone, according to data compiled by The Block — their second-largest since they debuted in January 2024.

"Ethereum investors bought the dip, offset by Bitcoin outflows," Butterfill said, arguing that investors saw the price weakness in ETH as a buying opportunity, with Ethereum-based funds adding $205 million worth of inflows last week. The largest flows came into a 2x leveraged ETP totaling $457 million — highlighting conviction among investors, Butterfill added.

However, the U.S.-based spot Ethereum ETFs were less fortunate, seeing $311.8 million in weekly outflows.

Meanwhile, hype surrounding upcoming U.S. Solana and XRP ETF launches drove inflows for existing ETPs linked to those assets to $156 million and $73.9 million, respectively, Butterfill said.