Crypto ETP inflows hit highest level in months, CoinShares says, as mood turns

Inflows were strongest early in the week and faded into a $378 million net outflow on Friday, 16th, leaving the seven-day total at $2.17 billion. CoinShares tied the reversal to diplomatic 2026 frictions and renewed tariff threats that tempered risk appetite into the weekend. The firm noted that Monday–Thursday subscriptions were robust across U.S. spot products before Friday’s mood shift, which it linked to fresh geopolitical rhetoric and trade-policy chatter.

Bitcoin led asset-level activity with $1.55 billion of inflows, while Ethereum drew $496 million and Solana $45.5 million. A broader set of altcoins also finished positive, including XRP ($69.5 million), Sui ($5.7 million), Lido ($3.7 million) and Hedera ($2.6 million). CoinShares added that Bitcoin and Ethereum accounted for roughly 94% of net subscriptions, underscoring a return to large-cap concentration even as altcoins saw selective participation.

Regionally, the U.S. dominated with $2.05 billion of net inflows. Europe posted smaller but positive totals, led by Germany ($63.9 million), Switzerland ($41.6 million), the Netherlands ($6.0 million) and Canada ($12.3 million). CoinShares also noted a strong week for blockchain-equity ETPs, which added $72.6 million. Across regions, listed products in North America captured the majority of creations, while Europe’s flows were broad but modest – patterns CoinShares read as consistent with U.S. spot-product leadership.

CoinShares flagged that policy uncertainty remained in the background, referencing Senate Banking Committee discussions around the “CLARITY Act” and how potential limits on stablecoin yield products did not prevent inflows to Ethereum and Solana during the period. In its commentary, CoinShares also referenced academic Kevin Hassett’s remarks on prospective tariff frameworks and even cited “diplomatic escalation over Greenland” as macro risk inputs that coincided with Friday’s outflow.

The firm characterized the week as a tug-of-war between supportive early-week demand for listed crypto products and a late-week macro and policy shock that clipped sentiment without erasing the aggregate inflow. The report – Volume 269 – was published on January 19, 2026.