Digital asset fund flows | November 10th, 2025

Persistent outflows amid U.S. Weakness, but altcoins defy the trend

• Digital asset investment products saw a second consecutive week of outflows totalling US $1.17bn, driven by post-liquidity cascade volatility and uncertainty over a potential U.S. rate cut.

• Bitcoin and Ethereum faced heavy outflows of US$932m and US$438m respectively.

• Altcoins remained resilient, led by Solana with US $118m in inflows last week and US $2.1bn over the last 9 weeks.

Digital asset investment products saw a second week of outflows totalling US$1.17bn last week as negative sentiment pervaded the markets due to ongoing gyrations in the crypto markets following the 10^th of October liquidity cascade and uncertainty over a December interest rate cut in the US. ETP Trading volumes remained elevated at US$43bn for the week as flows on an intraday basis briefly recovered on Thursday as optimism grew that progress was being made toward resolving the US government shutdown, but this proved short-lived, with renewed outflows emerging on Friday as those hopes faded.

A continue divergence remains between the US and Europe, with the US seeing US$1.22bn in outflows, bearing the brunt of this negative sentiment, while Germany and Switzerland continued to see inflows totalling US$41.3m and US$49.7m respectively.

The primary focus was on Bitcoin, seeing outflows totalling US$932m last week. Short bitcoin ETPs saw inflows totalling US$11.8m, this coupled with similar inflows a couple of weeks ago mark the highest weekly since May 2025. Ethereum also saw substantive outflows totalling US$438m.

Altcoins remained buoyant, with Solana seeing US$118m last week and US$2.1bn over the last 9 weeks. Other notable inflows were seen in HBAR (US$26.8m) and Hyperliquid (US$4.2m).