Crypto ETPs Records $1.5 Billion Outflows As Bearish Sentiments Gain Momentum

Digital assets exchange-traded products (ETPs) recorded $1.467 billion in outflows last week, according to CoinShares data. It marks the biggest outflows for this category of investment products since January 2026.

The almost $1.5 billion in outflows last week were also the third-highest in 2026, outstripped by the $1.7 billion twice weekly in January. It highlights the return of strong bearish sentiments among investors.

Bitcoin and Ethereum Dominate Outflows

Interestingly, the massive outflows last week came from only Bitcoin and Ethereum. According to the data, Bitcoin alone recorded $1.315 billion in weekly redemptions, the largest weekly redemption for the flagship asset in 2026.

Unsurprisingly, the US spot crypto exchange-traded funds (ETFs) accounted for the majority of the outflows. BlackRock iShares shed $1.19 billion, while Fidelity and Ark 21Shares saw outflows of $129 million and $107 million, respectively.

Collectively, US-issued crypto ETPs lost a monster $1.425 billion. The monthly flows into a negative $1.06 billion across all assets, with Bitcoin accounting for  -$953 million. Overall, Bitcoin year-to-date flows remain positive at $2.62 billion.

Ethereum also recorded $222.8 million in outflows last week, compounding the altcoin’s struggles this year. It has now shed $298.8 million in May, taking its year-to-date flow to a negative $89 million.

However, other altcoin ETPs did not record any outflow last week. XRP products saw $31.8 million, Solana recorded $7.7 million, while Sui, Chainlink, Litecoin, and Multiasset also had positive performance.

Short Bitcoin products also had one of their best weekly flows this year, with $10.2 million last week.

Crypto ETPs See Over $2.5 Billion Redemptions in Two Weeks

Meanwhile, last week’s outflows now mean crypto ETPs have shed a cumulative $2.54 billion in just two weeks. This confirms a definitive end to the prior six weeks of consecutive inflows.

It reflects changing investor sentiment, with CoinShares Head of Research James Butterfill noting that “Iran-related risk-off has deepened and broadened.”

The bearish sentiments extend beyond the US, with several other regions also seeing outflows. Only Australia and the Netherlands, with inflows of $0.7 million and $6.6 million, respectively, saw inflows this week.

Others record outflows ranging from $16.2 million to $1.4 billion. Switzerland had -$16.2 million, Canada had -$12.5 million, Hong Kong had -$12.2 million, and Germany had -$4.4 million. France and New Zealand had a flat week, while Italy saw a slight $0.1 million in outflows.

There are no signs yet of a return to positive flows this week, with Lookonchain reporting negative net flow for Bitcoin and Ethereum ETFs on May 25.

Interestingly, both assets are also struggling to return to recent support levels. Bitcoin is below $77,000 after a slight drop in the past 24 hours, while Ethereum is also trading around $2,100 with a similar decline.