Despite Macroeconomic Headwinds, CoinShares Data Shows Ninth Straight Day of Inflows

According to CoinShares, digital asset investment products recorded $226 million in inflows last week, marking the ninth consecutive trading day of net positive flows across exchange-traded products (ETPs).

CoinShares data shows that digital asset investment products recorded an inflow of $226 million last week, continuing a ninth day of positive flows across exchange-traded products (ETPs), despite macroeconomic headwinds.

The report, authored by Head of Research James Butterfill, notes that this institutional capital is slowly returning following record outflows earlier in the month.

Bitcoin (CRYPTO: BTC) attracted the majority of the activity, seeing an inflow of $195 million, while short Bitcoin products saw an outflow of $2.5 million, extending a four-week trend of declining bearish positioning, according to CoinShares.

The flow reversal follows a broader market correction, which saw total assets under management across global Bitcoin ETPs fall to $114 billion, their lowest level since the period immediately after the U.S. election.

For the first time in five weeks, altcoin ETPs posted net inflows, which came in at a total of $33 million. This rotation suggests a modest uptick in investor appetite beyond Bitcoin after four consecutive weeks of altcoin outflows that totaled $1.7 billion.

Among the altcoins, Ethereum (CRYPTO: ETH) led the way with an inflow of $14.5 million, followed by Solana (CRYPTO: SOL) at $7.8 million. XRP and Sui saw inflows of $4.8 million and $4.0 million, respectively. These figures indicate that while Bitcoin remains the primary focus for institutional capital, select layer-1s and payment-oriented protocols are regaining traction as macro uncertainty weighs on broader risk appetite.

CoinShares data also shows that inflows were concentrated across major Western markets. The United States recorded net inflows of $204 million, followed by Switzerland at $14.7 million and Germany at $9.2 million. Minor outflows occurred in Hong Kong ($2.1 million) and Brazil ($1.3 million), suggesting some geographic divergence in sentiment, though overall regional participation remained net positive.

The weekly inflow trend was briefly interrupted on Friday when ETPs experienced an outflow of $74 million. CoinShares attributes this setback to the release of higher-than-expected U.S. core personal consumption expenditure (PCE) data, which may have reinforced the Federal Reserve’s expectations of a hawkish stance.

While recent economic indicators have pointed to slowing growth, the elevated inflation print complicates the Fed’s trajectory, which in turn adds short-term volatility to digital asset flows.

Despite the week’s net inflows, Butterfill describes investor positioning as cautious, reflecting the complex macroeconomic backdrop.

“This week’s flows were broadly in line with expectations, with Bitcoin continuing to attract the majority of capital inflows. However, the fact that we saw outflows following the release of higher-than-expected U.S. PCE data highlights how sensitive investor positioning remains to macroeconomic shifts,” Butterfill concludes.

The sustained inflows suggest a degree of conviction in returning to the crypto market, but the sensitivity to inflation data illustrates how central bank policy continues to be a decisive factor in crypto allocation decisions. This analysis underscores the importance of cross-asset correlations and macroeconomic drivers in shaping institutional behavior, especially within the evolving landscape of digital asset investment products.

According to CoinShares, total assets under management in global Bitcoin ETPs fell to $114 billion, reaching their lowest level since the period immediately after the U.S. election. This decline in AUM for Bitcoin ETPs is attributed to a broader reassessment of growth expectations and inflation persistence, both of which remain central to digital asset risk exposure frameworks.

Moreover, the report highlights that investors are returning to altcoins, having pulled out of these markets in the previous four weeks with outflows totaling $1.7 billion. This shift is attributed to a decrease in bearish positioning on Bitcoin, which saw four consecutive weeks of outflows, ultimately reaching $2.5 billion.

Among the altcoins, Ethereum saw inflows of $14.5 million, while Solana and XRP followed with inflows of $7.8 million and $4.8 million, respectively. Additionally, Sui saw an inflow of $4 million.

CoinShares data shows that the United States recorded net inflows of $204 million, followed by Switzerland at $14.7 million and Germany at $9.2 million. Meanwhile, Hong Kong saw outflows of $2.1 million, and Brazil experienced outflows of $1.3 million, suggesting some geographic divergence in sentiment. Overall, regional participation remained net positive.

The weekly inflow trend was briefly interrupted on Friday when ETPs experienced an outflow of $74 million. CoinShares attributes this setback to the release of higher-than-expected U.S. core personal consumption expenditure (PCE) data, which may have reinforced the Federal Reserve’s expectations of a hawkish stance.

While recent economic indicators have pointed to slowing growth, the elevated inflation print complicates the