Digital asset fund flows | February 23rd, 2026

US outflows extend streak amid weak volumes

• Digital asset products recorded US$288m in outflows, the 5^th consecutive weekly decline, with cumulative outflows reaching US$4.0bn; trading volumes fell to US$17bn, the lowest since July 2025.

• Regional divergence remains pronounced: the US saw US$347m in outflows, while Europe and Canada saw US$59m in inflows.

• Bitcoin drove the bulk of weakness with US$215m in outflows, while short-bitcoin products saw the largest inflows at US$5.5m; minor inflows into select altcoins.

Digital asset investment products remain in the doldrums, with modest outflows totalling US$288m. This marks the 5^th consecutive week of outflows, bringing the cumulative total to US$4.0bn, still well below the US$6bn recorded over the same period last year. After several weeks of record ETP trading volumes, activity fell sharply to US$17bn, the lowest level since July 2025, underscoring growing investor apathy.

Regionally, a clear divergence persists. US investors continued to exhibit negative sentiment, accounting for US$347m in outflows, while investors elsewhere viewed the recent price weakness as a buying opportunity, resulting in US$59m of inflows. Switzerland, Canada and Germany led with inflows of US$19.5m, US$16.8m and US$16.2m respectively.

Bitcoin remains the key proponent of this negative sentiment, seeing US$215m in outflows, while short-bitcoin investment products saw renewed interest with US$5.5m inflows, the largest of any asset.

Ethereum saw the second largest outflows totalling US$36.5m. Multi-asset products and Tron saw outflows of US$32.5m and US$18.9m respectively.

Minor inflows were seen in XRP (US$3.5m), Solana (US$3.3m) and Chainlink (US$1.2m) but this wasn’t enough to offset the net outflows in altcoins.