Digital Asset ETP Experiences Three Consecutive Weeks of Net Outflows, Approaching Zero Total Inflows by 2025

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Digital Asset ETP Experiences Three Consecutive Weeks of Net Outflows

This year, total capital has nearly returned to zero.

BlackRock iShares Leads with Over $340 Million in Weekly Outflows

According to a report released by cryptocurrency asset management firm CoinShares on April 14, digital asset ETPs saw a capital outflow of $795 million last week, marking the third consecutive week of net outflows. Bitcoin-related products accounted for the majority, with a weekly outflow of $751 million, while Ethereum products saw an outflow of $37.6 million.

In addition, other major altcoins such as Solana, Aave, and Sui collectively experienced outflows exceeding $6 million last week.

CoinShares noted that since February, total capital outflows from digital asset ETPs have reached $7.2 billion, nearly wiping out the total inflows since 2025. As of the time of writing, the year-to-date (YTD) net inflow amount stands at only $165 million.

James Butterfill, Head of Research at CoinShares, stated that this wave of consecutive outflows is primarily influenced by the recent announcement of a new round of tariff policies by U.S. President Trump, which has triggered market concerns regarding the macro environment. However, despite this, Bitcoin-related products still retain a positive net inflow of $545 million year-to-date. It is also worth noting that products shorting Bitcoin have experienced an outflow of $4.6 million, indicating a reduction in market allocation towards downside risks.

Publisher Perspective

From the publisher’s perspective, BlackRock’s iShares crypto ETF products have seen the largest outflows. CoinShares data indicates that iShares experienced outflows amounting to $342 million last week, bringing its total outflows for the month to $412 million. Nevertheless, BlackRock still has approximately $2.8 billion in net inflows year-to-date, and its total assets under management (AUM) exceed $49.6 billion, maintaining its dominant position in the overall market.

This wave of capital retreat demonstrates that, under the influence of policy changes and macro uncertainties, even though institutional investors once entered the market, confidence in crypto ETPs remains fragile. If tariff and inflation-related risks are not alleviated, market capital will likely continue to adopt a wait-and-see approach.