Crypto markets see $224 million inflow bounce, led by one nation and XRP demand

Crypto exchange-traded products (ETPs) saw $224 million in inflows last week, bouncing back from $414 million in outflows the previous week, according to CoinShares. But beneath the headline recovery, flows were heavily concentrated and far from broad-based.

Switzerland dominated activity, contributing roughly $157 million—about 70% of total inflows. By comparison, the United States and Germany each added around $28 million, while Canada accounted for just $11 million, highlighting a clear regional imbalance.

The concentration extended to asset flows. XRP products led the market, attracting about $120 million, more than half of the global total and the token’s strongest weekly inflow since December 2025.

Notably, the surge in XRP demand did not come from the U.S. SoSoValue data shows that U.S.-listed spot XRP ETFs recorded minimal activity over the past two weeks, with total assets holding near $940 million across multiple issuers. The inflows were instead driven almost entirely by European and international ETP demand.

Bitcoin ETPs brought in $107 million, but only $22 million came from U.S. spot ETFs, which remain negative year to date. At the same time, Strategy disclosed a purchase of 4,871 BTC—worth around $330 million—during the week, far exceeding the inflows seen across the entire U.S. ETF segment.

Zooming out, ETFs have still absorbed significant supply, taking in roughly 50,000 BTC over a 30-day window in March—the highest level since October 2025. However, sustained institutional demand appears increasingly concentrated in just a few channels, primarily ETFs and Strategy, with ETF inflows losing momentum week to week.

Broader ETP flows, including leveraged and altcoin-focused products across global markets, do not point to widespread institutional buying.

Ether products continued to face persistent outflows, losing $53 million last week after $222 million the week before. That brings total outflows for the year to $327 million.

At the same time, corporate accumulation tells a different story. Bitmine Immersion Technologies (BMNR) purchased 71,252 ETH during the week—its largest weekly buy since December 2025—and now holds approximately 4.8 million ETH, valued at करीब $10 billion.

According to CoinShares’ James Butterfill, some of Ether’s weakness may be tied to uncertainty around the CLARITY Act, proposed stablecoin legislation closely linked to Ethereum’s ecosystem.

Regional data further underscores the shift in demand. The Coinbase Premium Index, often used as a proxy for U.S. institutional activity, has remained negative since Bitcoin’s all-time high above $126,000 in October 2025, suggesting limited participation from U.S. investors.

With Switzerland accounting for the majority of inflows and U.S. demand remaining subdued, the data points to Europe as the current driver of marginal buying in the crypto market.