Surprising $224 Million Inflow Into Crypto: Driven By One Country And XRP

The recent movements in the world of exchange-traded products (ETPs) within the crypto market are remarkable. Last week, $224 million in inflows were observed globally, following an exodus of $414 million the week before, according to data from CoinShares. At first glance, it appears as though the market is recovering, but closer inspection reveals that this recovery is much more limited than it seems.

Notably, Switzerland accounted for approximately $157 million of the total inflow, representing nearly 70% of the global total. Germany and the United States each contributed about $28 million, while Canada contributed a modest $11 million. This strong concentration raises questions regarding the sustainability of these inflows. For investors, this could mean that future growth depends primarily on the Swiss market and that there is a certain vulnerability in the broader market.

XRP was the undisputed leader in inflows, with approximately $120 million, accounting for more than half of the global total and marking the largest weekly inflow for XRP since mid-December 2025. However, it is crucial to emphasize that this inflow came practically entirely from US spot ETFs. According to SoSoValue, the five US-listed XRP spot ETFs showed virtually no daily inflows over the past two weeks, with total net assets of $940 million in the products of Canary, Bitwise, Franklin, 21Shares, and Grayscale. Demand for XRP comes primarily from Europe and international markets.

Bitcoin ETPs attracted $107 million in the same timeframe, but only $22 million came from US spot ETFs, which are in negative territory for the year so far. A notable development came from Strategy, which in the same week raised 4,871 BTC purchased for approximately $330 million, which means that these single companies spent fifteen times more than what the total US spot bitcoin ETFs yielded. This highlights the discrepancy between demand from institutional investors and the effectiveness of the US markets.

In March, ETFs absorbed approximately 50,000 BTC over a 30-day period, the highest tally since October 2025. However, it is worth noting that the sustained institutional buying pressure largely comes via two channels: spot ETFs and the aforementioned Strategy, with the ETF channel weakening weekly. The broader ETP market, which also includes manipulated products, short products, and altcoin funds, does not confirm the prevailing narrative that 'institutions are buying'.

Ether, on the other hand, is lagging behind, with $53 million in outflows after $222 million the week before, bringing the total loss this year to $327 million. This contradiction is particularly striking compared to Bitmine Immersion Technologies (BMNR), which bought 71,252 ETH last week, the largest single purchase since December 2025, and now holds 4,8 million tokens worth approximately $10 billion. While Ether funds are losing investors, the world's largest corporate buyer of ETH is actually accelerating its purchases.

The weakness in Ether is partly attributed to the uncertainty surrounding the CLARITY Act, the law related to stablecoins and a crucial link within the Ethereum ecosystem. This type of policy change can have significant consequences for the adoption and price movements of Ethereum.

The geographical concentration of inflows offers valuable insights into where true market convictions lie. The Coinbase Premium Index, which tracks the price of bitcoin on the exchange most associated with US institutional inflows, has shown a persistent negative trend since bitcoin peaked above $126,000 in October 2025. This indicates that US buyers are currently not entering in large numbers, and the ETP data confirms this observation. The $28 million in inflows from the US versus $157 million from Switzerland suggests that the marginal buyer is currently European, not American. This raises questions about the future of the US crypto market and its appeal to institutional investors.

Frequently Asked Questions

What can we deduce from the strong influx from Switzerland?
The high inflow from Switzerland may indicate stronger confidence or a more developed crypto market in that country, which could be potentially interesting for investors but also carries a risk of dependence on a single geographical region.

How does the lack of inflow from the US affect the market?
The lack of substantial inflow from the United States may indicate a cooling of interest among institutional investors in the US crypto market, which could result in a stagnation of growth and innovation within this sector in the long term.

What is the impact of the CLARITY Act on Ethereum and Ether products?
The uncertainty surrounding the CLARITY Act could deter investors in Ether products, leading to outflows. At the same time, if the policy is favorable, it could accelerate adoption and strengthen the ecosystem.