4 min readPersistent Outflows Signal Fragile Sentiment Despite Strong YTD Flows
Digital asset products saw US$446M in weekly outflows, taking total post–October 10th outflows to US$3.2B and indicating sentiment has yet to fully recover.
Outflows were concentrated in the US, while Germany stood out with continued inflows, suggesting selective buying during recent price weakness.
XRP and Solana ETFs continue to attract inflows since launch, contrasting with sustained outflows from Bitcoin and Ethereum over the same period.
Digital asset investment products saw outflows of US$446M last week, bringing total outflows since the October 10th shock price decline to US$3.2B. This suggests investor sentiment has yet to fully recover. Year-to-date (YTD) flows, however, remain broadly in line with last year, with inflows totalling US$46.3B compared to US$48.7B in 2024. Total assets under management (AuM) have risen by just 10% YTD, indicating that the average investor has not seen a positive outcome this year once flows are taken into account.
Regionally, outflows were broad-based, with the US the main focus, recording outflows of US$460M. Switzerland also saw minor outflows of US$14.2M. Germany was the notable exception, attracting inflows of US$35.7M. Germany has now seen the largest inflows this month at US$248M, suggesting investors there are using recent price weakness as an opportunity to accumulate positions.
XRP and Solana recorded the largest inflows last week, totalling US$70.2M and US$7.5M respectively. Since the mid-October ETF launches in the US, they have seen US$1.07B and US$1.34B of inflows respectively, bucking the negative sentiment seen across other assets. In contrast, Bitcoin and Ethereum saw outflows of US$443M and US$59.5M last week, and since the launch of the XRP and Solana ETFs, have recorded outflows of US$2.8B and US$1.6B respectively.
