Macro data dents sentiment as crypto investment products see $812 million in weekly outflows: CoinShares

MarketsSeptember 29, 2025, 8:56AM EDT
Macro data dents sentiment as crypto investment products see $812 million in weekly outflows: CoinShares

Quick Take

  • Crypto investment products registered net outflows of $812 million globally last week, according to asset manager CoinShares.
  • Stronger-than-anticipated macroeconomic data impacted sentiment in the U.S., although year-to-date flows remain robust at $39.6 billion. 
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Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares returned to net outflows of $812 million last week, according to CoinShares' data.

The outflows came as expectations for two further U.S. rate cuts this year eased after stronger-than-expected macroeconomic data, particularly the revised GDP and durable goods figures, CoinShares Head of Research James Butterfill wrote in a Monday report.

"Nonetheless, cumulative inflows remain substantial, with month-to-date inflows at $4 billion and year-to-date inflows at $39.6 billion, maintaining momentum to potentially match last year's record of $48.6 billion," Butterfill said.

Weekly crypto asset flows. Images: CoinShares.
Weekly crypto asset flows. Images: CoinShares.

Negative sentiment isolated to US

Regionally, U.S.-based digital asset investment products led with $1.04 billion in net outflows while crypto funds in Switzerland, Canada, and Germany saw net inflows of $126.8 million, $58.6 million, and $35.5 million, respectively — suggesting negative sentiment was isolated to the U.S., Butterfill said.

Bitcoin-based funds dominated the outflows, losing $719 million. "Importantly, there was no commensurate increase in short-bitcoin investment product demand, suggesting that the negative sentiment was likely low-conviction and will likely prove temporary," Butterfill noted.

The U.S. spot Bitcoin exchange-traded funds saw $897.6 million in outflows alone, offset by inflows in other regions, according to data compiled by The Block, led by Fidelity's FBTC product, which lost $737.8 million.

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Ethereum products also suffered, seeing $409 million exit last week, with the U.S. spot Ethereum ETFs losing $795.8 million.

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Solana and XRP funds were the outliers, however, generating $291 million and $93.1 million worth of net inflows, respectively — likely in anticipation of upcoming U.S. ETF launches, Butterfill said.