Digital asset fund flows | September 29th 2025

Stronger Macro Data Dented Sentiment with US$812M outflows

• Digital asset investment products saw US$812M in outflows last week, though YTD inflows remain robust at US$39.6B close to last year’s record.

• The US led outflows with US$1B, while Switzerland (+US$126.8M), Canada (+US$58.6M), and Germany (+US$35.5M) inflows suggested negative sentiment was isolated to the US.

• Bitcoin (-US$719M) and Ethereum (-US$409M) faced pressure, while Solana (+US$291m) attracted strong inflows ahead of anticipated US ETF launches.

Digital asset investment products recorded US$812m in outflows last week, as expectations for two US interest rate cuts this year moderated following stronger than anticipated macroeconomic data, particularly the revised GDP and durable goods figures. Nonetheless, cumulative inflows remain substantial, with month-to-date inflows at US$4B and year-to-date (YTD) inflows at US$39.6B, maintaining momentum to potentially match last year’s record of US$48.6B.

From a regional perspective, the US experienced the most significant outflows, totalling US$1B. By contrast, other regions demonstrated resilience, led by Switzerland (US$126.8M), Canada (US$58.6M), and Germany (US$35.5M).

Bitcoin registered US$719M in outflows over the week. Importantly, there was no commensurate increase in short-bitcoin investment product demand, suggesting that the negative sentiment was likely low-conviction and likely prove temporary.

Ethereum also suffered, seeing outflows of US$409M last week, bringing its US$12B YTD inflows almost to a halt as September inflows now stand at a paltry US$86.2M.

Solana was the standout performer, seeing US$291M , and XRP US$93.1M, likely in hot anticipated of the upcoming US ETF launches.