Although Bitcoin ETPs saw losses against altcoin funds last week, the trend probably implied the anticipation of ETFs rather than a broad altcoin season, CoinShares’ head of research said.
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Cryptocurrency investment products ended last week in the green, marking 15 consecutive weeks of inflows, even as Bitcoin funds saw minor outflows.
Global crypto recorded $1.9 billion of inflows during the trading week ending Friday, to a Monday report from European crypto asset manager CoinShares.
The latest inflows came despite heightened market volatility as Bitcoin () to as low as $115,000 by the end of the week, while Ether () briefly below $3,600 on Thursday, according to CoinGecko.
The new gains brought the year-to-date (YTD) inflows to a new high of $29.5 billion, while total assets under management (AUM) for the first time reached $221.4 billion. Month-to-date inflows also set a record of $11.2 billion, surpassing the previous record of $7.6 billion seen in December 2024 following the US election.
Ether ETPs see second-largest inflows on record
The majority of last week’s gains were driven by Ether investment products, which saw $1.59 billion in inflows. According to CoinShares’ head of research, James Butterfill, the figure represents the second-largest weekly inflow ever recorded for Ether ETPs.
Solana () and XRP () followed Ether ETPs in recorded gains last week, with inflows totaling $311.5 million and $189.6 million, respectively.
On the other hand, Bitcoin ETPs saw minor outflows of $175 million as BTC investment products ended a 12-day inflow streak on July 21.
According to Butterfill, the divergence in the flows between Bitcoin and highlights potential anticipation of altcoin ETFs rather than a broader altcoin season.
“These altcoin inflows may be driven less by broad-based enthusiasm and more by anticipation surrounding potential US ETF launches,” Butterfill said.
He added that several altcoin ETPs saw minor outflows, including Litecoin () and Bitcoin Cash (), $1.2 million and $0.7 million, respectively.
Inflows drop 57% week-over-week
Last week’s $1.9 billion in inflows marked a 57% decline from the , the largest weekly inflows on record.
BlackRock’s iShares crypto ETFs led last week’s gains with $1.56 billion inflows, down nearly 64% from the previous week’s $4.3 billion.
Fidelity Investments extended outflows to $123 million, while Cathie Wood’s ARK Invest slowed down outflows from $120 million to $90 million.
European issuer 21Shares saw the largest inflows among issuers after iShares, with modest inflows of $80 million. Grayscale Investments followed with $78 million in inflows.
Although Grayscale now sees $356 million in inflows, its YTD flows are red with nearly $1.3 billion of outflows. BlackRock’s YTD inflows stand at $25.8 billion, or 87.5% of total inflows in crypto ETPs in 2025.
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