Digital asset fund flows | October 20th 2025

Ethereum investors buy the dip, offset by Bitcoin outflows

• Digital asset ETPs saw US$513M in outflows after the 10 Oct liquidity cascade, though ETP investors largely shrugged it off.

• Outflows were US-focused (US$621M), while Germany, Switzerland, and Canada recorded inflows as investors bought the dip.

• Bitcoin led outflows (US$946M), while Ethereum (US$205M), Solana (US$156M), and XRP (US$73.9M) saw strong inflows on continued ETF launch enthusiasm.

Digital asset investment products recorded outflows totalling US$513m last week and digital asset markets gyrated following the Binance liquidity cascade on 10^th October 2025. Net outflows following this event now total US$668M, suggesting investors in the ETP world shrugged off this event, while on-chain investors were more bearish – more detail in our weekly update. ETP volumes remained very elevated at US$51B for the week, nearly double this year’s weekly average.

The outflows were almost solely US focussed, seeing US$621M, in contrast to Germany, Switzerland and Canada, where investors saw the price weakness as a buying opportunity with inflows of US$54.2M, US$48M and US$42.4M respectively.

Bitcoin was the primary focus, being the only major asset to see outflows which totalled US$946m last week. Year-to-date (YTD) inflows are now at US$29.3B, lagging 2024’s US$41.7B.

Investors saw the price weakness in Ethereum as a buying opportunity, seeing US$205m inflows, with the largest weekly inflows being into a 2x leveraged ETP totalling US$457M, highlighting conviction amongst investors.

Hype for the Solana and XRP ETP launches drove inflows of US$156M and US$73.9M, respectively.