Crypto exchange-traded products saw another week of net withdrawals over the Christmas period, underscoring fragile sentiment as investors close out the year with a cautious stance. While total inflows for 2025 remain strong, recent flow data suggests confidence has not fully recovered since October’s market pullback.

According to weekly figures from asset manager CoinShares, crypto ETPs recorded $446 million in net outflows last week. That brings cumulative withdrawals since Oct. 10 to roughly $3.2 billion, pointing to sustained caution even as broader markets stabilize. The pullback contrasts with year-to-date inflows of $46.3 billion, a level broadly in line with last year, but one that masks uneven investor outcomes.

Related reporting: Crypto ETP Inflows Hit $48.7B in 2025, Surpassing 2024 Record as Ether and Altcoins Surge

CoinShares head of research James Butterfill noted that assets under management have increased by only about 10% year-to-date, despite the large headline inflows. He said this suggests many investors have not seen meaningful gains once timing and flow patterns are taken into account, particularly those who entered positions later in the cycle.

Beneath the headline outflows, the data shows a clear shift in investor preferences rather than a wholesale exit from crypto markets. Products tracking Bitcoin and Ether continued to see consistent redemptions, while newer exchange-traded products tied to alternative assets attracted fresh capital.

Weekly ETP flows by crypto asset in millions. Source: CoinShares

Newer crypto ETFs attract capital despite risk-off mood

XRP and Solana ETPs stood out during the week, posting the strongest inflows across the sector. XRP products attracted $70.2 million, while Solana-based funds added $7.5 million, according to CoinShares data. These inflows come even as broader sentiment toward crypto remains defensive.

Data from SoSoValue shows that XRP ETFs have not experienced a single daily outflow since their launch, while Solana ETFs have recorded outflows on only three days since debut. Since entering the US market in mid-October, XRP products have accumulated more than $1 billion in net inflows, with Solana ETFs drawing roughly $750 million over the same period.

By contrast, Bitcoin ETPs recorded $443 million in outflows last week, while Ether products saw $59.5 million exit. Since the launch of the newer ETFs, Bitcoin and Ether funds have shed approximately $2.8 billion and $1.6 billion, respectively, highlighting a rotation toward more targeted exposures.

The pattern suggests investors remain engaged with crypto, but are increasingly selective. Rather than broad market bets, capital is being allocated to specific narratives and newer products perceived as offering differentiated upside or improved risk profiles.

US-led redemptions offset by German inflows

Regionally, the bulk of last week’s outflows came from the United States, reinforcing the defensive posture of US-based investors heading into year-end. CoinShares data shows $460 million in US outflows, accounting for nearly all global redemptions during the period.

In contrast, Germany continued to buck the trend. German-listed crypto ETPs recorded $35.7 million in inflows last week, bringing month-to-date additions to roughly $248 million — the highest of any country. The steady buying suggests German investors are treating recent price weakness as an opportunity to build positions rather than reduce risk.

As 2025 draws to a close, the data paints a picture of a market that has become more disciplined. Capital is still flowing into crypto, but with greater discrimination across assets, products, and regions, reflecting a maturing investor base navigating a more complex macro and regulatory backdrop.