Global cryptocurrency exchange-traded products (ETPs) experienced $2 billion in net outflows in the week ending November 14, 2025. This marks the largest weekly outflow since February, following significant inflows earlier in the year, according to CoinShares’ latest Digital Asset Fund Flow Weekly report released on Monday, November 17, 2025.
This marks the third consecutive week of outflows, bringing the total for the three-week period to $3.2 billion. The total assets under management (AUM) across crypto ETPs have decreased by $191 billion, a 27% drop from the peak of $264 billion reached in early October.
Bitcoin ETPs accounted for the largest portion of last week's outflows, with $1.38 billion, representing approximately 2% of their AUM. Ethereum products saw outflows of $689 million, which is about 4% of their AUM. Other assets such as Solana and XRP ETPs also experienced outflows, though at lower volumes compared to Bitcoin and Ethereum, recording $8.3 million and $15.5 million, respectively.
Despite the outflow trend, the weekly trading volume for crypto ETPs remained robust at approximately $43 billion, indicating continued investor activity amidst the current sell-off.
On-chain data suggests that Bitcoin whales have sold over $20 billion worth of BTC in the past month. This activity is believed to have significantly contributed to the bearish pressure that influenced the $1.4 billion outflow from Bitcoin ETPs last week.
As of Monday morning, Bitcoin was trading at $95,567, reflecting an 11.46% decrease over the past seven days.
Regional Performance: Germany's Inflows Contrast with US Outflows
The United States was the primary driver of recent ETP outflows, accounting for 97% of the total, with $1.97 billion in outflows compared to $1.22 billion the previous week.
United States spot Bitcoin ETFs alone recorded net outflows of approximately $1.11 billion, bringing their three-week total to $2.64 billion. BlackRock’s IBIT led this group with an outflow of $581 million over the period. United States spot Ethereum ETFs also saw outflows totaling $689 million, including a single-day peak of $107 million, reducing the total Ethereum ETF AUM to $22.48 billion.
Germany stands out as the only major European jurisdiction to record net inflows, with $13.2 million, following $41.3 million in the prior week. Switzerland experienced outflows of $39.9 million, and Sweden lost $21.3 million. Hong Kong, Canada, and Australia collectively saw outflows of $23.9 million, with Hong Kong contributing $12.3 million of that total.
The Americas continue to hold a dominant share of global crypto ETP AUM, representing 95% with $191.7 billion.
Factors Influencing Outflows: Macro Uncertainty and Government Shutdown Fears
James Butterfill, head of research at CoinShares, attributed the recent outflows to the ongoing October 10 liquidity event and increased macroeconomic concerns, particularly regarding interest rate policy in the United States.
The 43-day United States government shutdown, the longest on record, concluded on November 12, 2025. However, persistent fiscal uncertainty and shifting expectations for a December Federal Reserve rate cut may have also contributed to a reduced risk appetite among investors.
According to CME FedWatch data, the probability of a December rate cut has increased to approximately 60% from 50% last week. A general risk-off sentiment has also impacted traditional assets, including safe-haven assets like gold, which saw declining prices alongside other risk assets, in contrast to cryptocurrencies.
Multi-asset ETPs attracted $69 million over the past three weeks. Short-Bitcoin investment products saw inflows of $18.1 million last week and $11.8 million the week prior.
Despite the recent streak of outflows, year-to-date inflows into crypto ETPs remain strong at $48.9 billion. Butterfill noted that periods of sustained outflows have historically preceded market bottoms, with recoveries often linked to improved macroeconomic clarity.