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- Crypto ETPs saw a sharp swing back to strong inflows led by Bitcoin, Ethereum, and XRP.
- US funds dominated new activity while Germany reported withdrawals amid shifting global rate expectations.
Digital asset exchange-traded products (ETPs) recorded a sharp reversal last week, drawing $1.07 billion in new inflows. This comes after four straight weeks of redemptions that drained $5.7 billion from crypto ETPs, according to data from CoinShares.
Bitcoin attracted the highest weekly inflow of $464 million. Ethereum followed with $309 million, while XRP was close behind with $289 million. These three assets helped the market recover and shifted the trend that had been in place since late October.
Though Bitcoin and Ethereum saw a rise last week, both still remain negative on the monthly chart. Bitcoin has seen $2.8 billion in outflows over the past four weeks, and Ethereum recorded $1.4 billion in withdrawals for the same period.
XRP ETF Debut Fuels Strong Inflows
On the other hand, XRP has gained nearly $790 million in November. According to CoinShares, the latest weekly figure marked the largest on record for XRP. This spike in investor interest followed the mid-November debut of Canary Capital’s XRP ETF, which is seen as a major trigger behind the increase.
CoinShares’ head of research, James Butterfill, noted that recent comments from Federal Open Market Committee member John Williams also helped shift market sentiment. Butterfill said,
“The turnaround in sentiment follows FOMC member John Williams comments stating monetary policy remains restrictive, raising hopes for an interest rate cut this month.”
US Leads Inflows While Germany Sees Withdrawals
Most of last week’s inflows came from the US, with digital asset investment products pulling in $994 million. Despite the Thanksgiving holiday period, the US maintained its lead in crypto fund activity. Canada added $97.6 million, and Switzerland saw $24.6 million in fresh investment. Germany stood out as the exception, recording $55.5 million in outflows.
Among the firms offering these products, Fidelity brought in the largest inflow with $230 million. Volatility Shares Trust followed with $160 million, and BlackRock’s iShares reported $120 million in new crypto-related investments.
The gains in ETPs last week coincided with a temporary price jump in the broader crypto market. Bitcoin briefly rose above $90,000 before reversing course at the start of the new week. On Monday, Bitcoin fell over 5%, dragging down other digital assets with it.
Reports from Japan contributed to the sudden drop. News that the Bank of Japan may raise interest rates in December introduced fresh concerns into the market. That shift in policy expectations weighed on investor sentiment globally.
