Switzerland was responsible for 70% of worldwide crypto ETP inflows last week, with XRP products accounting for over half of the total.

Key Takeaways:

• Global crypto ETPs received $224 million in inflows last week, with approximately 70% originating from Switzerland and significantly smaller amounts from Germany, the US, and Canada.
• While XRP and bitcoin products drove the gains, the majority of XRP demand and most bitcoin inflows came from Europe and other global markets, not US spot ETFs.
• Ether funds experienced continued outflows despite Bitmine Immersion Technologies increasing large ETH acquisitions, highlighting a divergence between fund investors and a major corporate buyer amid US regulatory uncertainty.

According to CoinShares, global crypto exchange-traded products attracted $224 million in inflows last week following a $414 million outflow the previous week.

While the headline figure suggests a recovery, a closer examination reveals the rebound is much more limited than it initially seems.

Switzerland alone contributed roughly $157 million of the $224 million total, indicating that 70% of global inflows originated from just one nation. Germany and the United States each provided approximately $28 million, while Canada added a much smaller $11 million.

The asset distribution is equally concentrated. XRP topped all inflows at around $120 million, representing more than half of the global total and marking its largest weekly intake since mid-December 2025.

Almost none of this came from US spot XRP ETFs. SoSoValue data indicates that the five US-listed XRP spot ETFs recorded near-zero daily flows over the past two weeks, with combined net assets of $940 million across Canary, Bitwise, Franklin, 21Shares, and Grayscale products. The $120 million was almost exclusively driven by European and international ETP demand.

Bitcoin ETPs attracted $107 million, but only $22 million came from US spot ETFs, which remain in negative territory for the year. Strategy announced over the weekend that it purchased 4,871 BTC for about $330 million that week, meaning a single entity spent 15 times what the entire US spot bitcoin ETF complex attracted.

ETFs absorbed approximately 50,000 BTC in March’s rolling 30-day window, the highest level since October 2025, CoinDesk reported last week. However, nearly all sustained institutional buying pressure is flowing through two channels — spot ETFs and Strategy — and even the ETF channel is weakening weekly.

The broader ETP market, encompassing leveraged products, short products, and altcoin funds across dozens of nations, does not support the narrative that institutions are buying.

Ether products continued to decline, posting $53 million in outflows after $222 million the previous week, bringing year-to-date outflows to $327 million. This contrasts sharply with Bitmine Immersion Technologies (BMNR), which acquired 71,252 ETH last week in its biggest single-week purchase since December 2025, now holding 4.8 million tokens valued at roughly $10 billion. ETH fund investors are exiting while the world’s largest corporate ETH buyer accelerates.

CoinShares’ James Butterfill attributed the ether weakness in part to uncertainty surrounding the CLARITY Act, stablecoin legislation closely linked to Ethereum’s ecosystem.

Geographic concentration is crucial for understanding where real conviction lies. The Coinbase Premium Index, which tracks whether bitcoin trades at a premium or discount on the exchange most linked to US institutional flows, has been persistently negative since bitcoin’s all-time high above $126,000 in October 2025.

US buyers are not entering at scale, and the ETP data confirms this. The $28 million in US inflows compared to $157 million from Switzerland suggests the marginal buyer at this moment is European, not American.

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