Global crypto investment products issued by asset managers like BlackRock, Fidelity, and Grayscale have swung sharply back into outflow territory, shedding $1.73 billion last week in the largest weekly pullback since mid-November 2025, according to CoinShares data.

The reversal almost fully unwound the $2.2 billion of inflows recorded a week earlier, a signal of the speed at which institutional positioning turned amid a deteriorating macro and price backdrop.

James Butterfill, head of research at CoinShares, noted dwindling expectations for interest rate cuts, negative price momentum, and frustration that digital assets have yet to participate in the debasement trade have likely driven the renewed selling pressure.

Spot prices also reflected institutional activity. Bitcoin fell over 5% in the last seven days to trade under $89,000, as The Block's price page shows. Ether also slumped nearly 10%, and the majors retraced amid macro headwinds.

Bitcoin products lead withdrawals

By asset, bitcoin funds led the retreat with $1.09 billion in outflows. CoinShares data also showed modest inflows into short-bitcoin products, though the firm said overall sentiment has yet to meaningfully improve since the October 2025 price shock. Ether ETPs followed with $630 million in weekly outflows, while XRP products saw $18.2 million exit, signaling broad-based risk aversion.

Meanwhile, outflows were heavily concentrated in the United States, which accounted for nearly $1.8 billion of weekly redemptions.

However, sentiment elsewhere was more mixed. Switzerland, Germany, and Canada added to positions despite recent price weakness, with crypto funds in the countries logging inflows of $32.5 million, $19.1 million and $33.5 million, respectively, while products in Sweden and the Netherlands posted smaller outflows.

Solana was a notable exception, attracting $17.1 million in inflows and bucking the wider trend. Smaller allocations also flowed into products tracking Binance and Chainlink, according to the report.