Crypto Funds Show Mixed Signals as Modest $6M Inflows Hint at Fragile Recovery
Global crypto exchange-traded products (ETPs) saw a slight rebound last week, attracting $6 million in inflows — a small but symbolic shift following two weeks of over $1 billion in outflows, according to a new report from CoinShares. The modest reversal reflects cautious optimism among investors as broader market sentiment remains unsettled.
A Delicate Balancing Act: Inflows Return, But Caution Persists
Investor Sentiment Split Amid Mixed Economic Signals
Between April 14 and 18, crypto investment products inched back into the green, CoinShares noted on April 22. But the picture wasn’t entirely rosy. According to James Butterfill, head of research at CoinShares, stronger-than-expected U.S. retail sales data mid-week may have triggered $146 million in outflows, wiping out most of the early-week gains.
“Investors are clearly split — some see opportunity, others see uncertainty,” Butterfill wrote.
Assets Under Management Climb Slightly
Total assets under management (AUM) for crypto ETPs rose 1.4%, growing from $129 billion to $131 billion during the same period. It’s a small gain, but one that suggests institutional interest hasn’t completely dried up despite persistent volatility.
U.S. ETFs Struggle in April
Big Names Face Headwinds
While BlackRock’s iShares ETFs pulled in $182 million, helping offset losses elsewhere, Fidelity’s crypto ETPs saw steep outflows of $123 million.
Other issuers posted mixed results:
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Bitwise: $24 million inflows
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21Shares (Europe-based): $37 million inflows — the only issuer with positive April numbers (+$28M month-to-date)
Across the board, all U.S.-based crypto ETP issuers are currently in the red for April, underlining how much uncertainty remains in American markets.
BlackRock Leads YTD, But XRP Surges
XRP Emerges as Surprise Gainer
Year-to-date, BlackRock’s iShares ETFs remain dominant, with over $3 billion in inflows, followed by:
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ProShares: $340 million
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ARK Invest (Cathie Wood): $19 million
But the biggest surprise of the week? XRP, which drew in $37.7 million, making it the top-performing crypto ETP asset. By contrast, Ether suffered $26.7 million in outflows, and Bitcoin dipped $6 million, pushing its total April outflows to $894 million.
Still, Bitcoin leads in year-to-date inflows with $541 million, with Ether and XRP close behind at $215 million and $214 million, respectively.
A Fragile Recovery or False Dawn?
While the $6 million inflow marks a break from weeks of losses, the crypto ETP market is still reeling from macroeconomic pressures and investor uncertainty. The dominance of XRP this week may suggest shifting interest away from the usual giants like Bitcoin and Ether, or it could simply be a brief moment of optimism in a volatile spring.
As global crypto markets seek stability, all eyes will remain on institutional flows and regulatory developments in the coming weeks.
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