Bitcoin ETPs Drive $1.44B of $1.67B Crypto Outflow

CoinShares reported Monday that crypto exchange-traded products recorded $1.67 billion in outflows last week, the second-largest weekly withdrawal of 2026. The outflows raised three-week losses to $4.21 billion and reduced assets under management to $141 billion, the lowest level since early April.

Bitcoin exchange-traded products accounted for $1.44 billion of the weekly outflows, the largest weekly withdrawal for bitcoin funds so far this year. Bitcoin ETP assets fell to $114.6 billion. On a month-to-date basis bitcoin funds were down about $2.4 billion while showing roughly $1.2 billion in inflows year-to-date.

Ether products posted $257.3 million in outflows last week, bringing year-to-date losses for ether funds to $346 million. Participation in altcoin ETPs narrowed to five assets with inflows above $1 million, down from nine the prior week. XRP led with $20.3 million in inflows, followed by Hyperliquid with $10.8 million and Near with $7.6 million.

Regionally, U.S.-listed crypto ETPs accounted for $1.63 billion of the global outflows. Data tracked by SoSoValue showed U.S. withdrawals aligned with $1.42 billion of outflows from U.S.-listed spot Bitcoin ETFs. Germany recorded $25.7 million in outflows, Sweden $6.6 million and Hong Kong $4.5 million. The Netherlands logged $1.3 million in inflows.

James Butterfill, CoinShares’ head of research, attributed the surge in redemptions to a risk-off reaction tied to events involving Iran that outweighed any cushioning from progress on the CLARITY Act. He described the pattern as “reminiscent of the January-February episode that delivered five consecutive negative weeks.”

The derivatives trading desk at Laser Digital said the sell-off occurred without a single identifiable trigger and was affected by weak performance in equities. The desk noted waning institutional demand and pointed out that Strategy did not buy any Bitcoin between May 18 and May 24, adding: “With STRC still trading below par and the continued lack of interest from retail buyers, BTC is expected to remain weak for the time being.”

The outflows follow several weeks of heightened volatility and recent legislative and regulatory developments that had earlier prompted inflows. Market participants are monitoring whether renewed institutional buying or stabilizing macro conditions will reverse the withdrawal trend.