Digital asset investment products recorded net outflows of US$352 million last week as trading volumes fell about 27%, according to CoinShares’ latest weekly report (Volume 250). That pullback came even as year-to-date inflows remain robust at US$35.2 billion, putting 2025 ahead of last year’s pace on an annualised basis.

Regionally, flows were mixed. The U.S. registered US$440m of redemptions, while Germany and Hong Kong attracted US$85.1m and US$8.1m of inflows respectively, a split that underlines how investor appetite is now being driven as much by local product availability and sentiment as by macro moves.

On the asset side, Bitcoin was the week’s winner with US$524m of inflows, offset by heavy Ethereum outflows of US$912m, which CoinShares says occurred across a broad set of ETP issuers and persisted for seven consecutive trading days. Meanwhile, Solana extended a long streak of inflows, 21 straight weeks, and has now seen roughly US$1.16bn inflows YTD; XRP has drawn about US$1.22bn so far this year.

The flows appear tied to fresh macro developments. A softer-than-expected U.S. nonfarm payrolls report, which showed job growth slowed sharply in August, has pushed markets to price in a higher probability of the Federal Reserve easing in September. That repricing has buoyed risk assets, including parts of the crypto market, but has not produced a uniform response across tokens and ETPs.

Bitcoin is trading around $111k on Monday. It has absorbed meaningful institutional flows this week and remains the principal beneficiary of fresh ETP inflows and broad risk-on rotation. The inflow figure reported by CoinShares helps explain why BTC was the net weekly winner despite subdued overall volumes.

Ethereum is changing hands near $4,300 after a week of sustained daily outflows from ETPs. ETH’s pullback has been exacerbated by disappointment among some investors over the lack of reliable staking yield in product wrappers, a factor flagged in recent coverage of Ethereum ETF redemptions. That dynamic helps explain why ETH led outflows even while YTD inflows for the token remain sizeable (~US$11.2bn).

Solana is trading around $215. SOL’s price strength lines up with persistent inflows into Solana-linked products; 21 straight weeks of positive flows are rare in this market and support the narrative of stable demand for SOL exposure. Meanwhile, XRP is trading around $2.88. XRP continues to attract steady allocations from product investors, contributing to its healthy YTD inflows.

CoinShares’ data show ETH outflows were broad-based and persistent across issuers. Recent reporting and market commentary suggest part of the explanation is product-specific: while spot ETH ETPs provide price exposure, they do not always pass through staking rewards or a clear yield profile, and some investors rotated away after earlier rapid inflows. That has left ETH flows more sensitive to short-term product mechanics than BTC flows, which are largely concentrated in a narrower set of large spot-Bitcoin ETPs.

With the Fed meeting window approaching and the labor market showing cracks, markets will watch incoming data and the central bank’s language closely. If rate-cut expectations firm further, risk assets, including spot crypto ETPs and mean-reverting tokens, could see renewed inflows. But the CoinShares data are a reminder that flows can rotate quickly between assets and regions, and that product design (staking, fees, issuer liquidity) matters to how those flows behave.

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