Digital asset fund flows | November 17th, 2025

Largest Weekly Outflows Since February Driven by Policy Uncertainty

• Digital asset ETPs saw US$2B in outflows last week, driven by monetary policy uncertainty and crypto-native whale selling.

• The US accounted for 97% of outflows (US$1.97B), while Germany bucked the trend with US$13.2M in inflows amid broader global negativity.

• Bitcoin and Ethereum led the losses with outflows of US$1.38B and US$689M, while investors shifted toward multi-asset ETPs (+US$69M) and increased short-bitcoin positions.

Digital asset investment products saw outflows totalling US$2B last week, the largest since February this year. It marks the third week outflows with this run now totalling US$3.2B. We believe the combination of monetary policy uncertainty and crypto-native whale sellers are the main reasons for this most recent negative funk. The recent price falls have seen total assets under management (AuM) in digital asset ETPs fall from their early October peak of US$264B to US$191B, a 27% decline.

While the negative sentiment was broad regionally, the US saw 97% of the outflows which totalled US$1.97B, while Switzerland and Hong Kong Followed with outflows of US$39.9M and US$12.3M respectively. German investors were the contrarians, seeing the recent price weakness as an opportunity with inflows totalling US$13.2M.

Bitcoin bore the brunt of the negative sentiment with outflows totalling US$1.38B last week, this 3-week run of outflows now represents 2% of total AuM. Ethereum proportionally fared worse, with its US$689M of outflows last week representing 4% of AuM. Solana and XRP also saw minor outflows of US$8.3M and US$15.5M respectively.

Investors looking for safety in numbers have added US$69m into multi-asset ETPs over the last 3 weeks, while short bitcoin ETPs have seen inflows of $18.1M over the same period.