A significant rebound of $224 million in cryptocurrency inflows was primarily driven by one nation and XRP.

Last week, Switzerland contributed 70% of the worldwide crypto ETP inflows, with XRP products accounting for over half of the total.

Key points:

• Global crypto ETPs experienced $224 million in inflows last week, with approximately 70% originating from Switzerland, while Germany, the United States, and Canada contributed significantly less.
• XRP and bitcoin products were the primary drivers of gains, although most XRP demand and the majority of bitcoin inflows were sourced from Europe and other global markets rather than U.S. spot ETFs.
• Ether funds continued to see outflows despite Bitmine Immersion Technologies increasing its ETH purchases, highlighting a divide between fund investors and a significant corporate buyer amidst regulatory uncertainty in the U.S.

According to CoinShares, global crypto exchange-traded products attracted $224 million in inflows last week, rebounding from a $414 million outflow the previous week.

While the overall figure suggests a recovery, a closer examination reveals that the rebound is much more limited than it seems.

Switzerland accounted for about $157 million of the $224 million total, indicating that 70% of global inflows came from this one country. Germany and the United States each contributed roughly $28 million, while Canada provided a smaller amount of $11 million.

The distribution of assets is similarly focused. XRP led inflows with approximately $120 million, over half of the global total, marking its largest weekly intake since mid-December 2025.

Hardly any of the total came from U.S. spot XRP ETFs. SoSoValue data indicates that the five XRP spot ETFs listed in the U.S. recorded nearly zero daily flows over the last two weeks, with total net assets amounting to $940 million across products from Canary, Bitwise, Franklin, 21Shares, and Grayscale. The $120 million influx was almost entirely driven by European and international ETP demand.

Bitcoin ETPs garnered $107 million, with only $22 million coming from U.S. spot ETFs, which remain in negative territory year-to-date. Strategy disclosed over the weekend that it acquired 4,871 BTC for approximately $330 million during the same week, indicating that a single firm invested 15 times what the entire U.S. spot bitcoin ETF sector attracted.

ETFs accumulated nearly 50,000 BTC in the 30-day rolling window of March, the highest since October 2025, CoinDesk reported last week. However, the sustained institutional buying pressure is primarily through two avenues — spot ETFs and Strategy — with the ETF channel showing signs of weakening weekly.

The broader ETP market, which encompasses leveraged products, short products, and altcoin funds across numerous nations, does not support the narrative that “institutions are buying.”

Ether products continued to decline, experiencing $53 million in outflows following $222 million the week before, bringing year-to-date outflows to $327 million. This contrasts sharply with Bitmine Immersion Technologies (BMNR), which purchased 71,252 ETH last week in its most significant single-week acquisition since December 2025 and currently holds 4.8 million tokens valued at approximately $10 billion. While ETH fund investors are exiting, the largest corporate ETH buyer globally is intensifying its acquisitions.

James Butterfill of CoinShares attributed the weakness in ether partly to uncertainty surrounding the CLARITY Act, the stablecoin legislation closely linked to Ethereum’s ecosystem.

The geographic concentration is important for interpreting where actual conviction lies. The Coinbase Premium Index, which monitors whether bitcoin is traded at a premium or discount on the exchange most associated with U.S. institutional flows, has remained persistently negative since bitcoin’s all-time high above $126,000 in October 2025.

U.S. buyers are not entering the market at scale, and the ETP data corroborates this. The $28 million in U.S. inflows compared to $157 million from Switzerland indicates that the marginal buyer at this time is European rather than American.