Following the high inflows seen earlier this year in 2025, global cryptocurrency exchange-traded products (ETPs) saw $2 billion in net outflows in the week ending November 14, 2025, its biggest weekly outflow since February, according to CoinShares’ latest Digital Asset Fund Flow Weekly report released Monday, November 17, 2025.
This makes it its third consecutive week of outflows, bringing the three-week total to $3.2 billion. The total assets under management (AUM) across crypto ETPs have fallen $191 billion, 27% down from the $264 billion peak in early October.
Bitcoin ETPs saw the highest outflow, reaching $1.38 billion of last week’s outflow, about 2% of their AUM, while Ethereum products lost $689 million, which accounts for approximately 4% of AUM. Other assets such as Solana and XRP ETPs also saw outflows but lower compared to Bitcoin and Ethereum, recording $8.3 million and $15.5 million in outflows, respectively.
Despite the outflow, crypto ETPs’ weekly trading volume remained high at approximately $43 billion, a sign of increased activity in spite of the current sell-off.
Different on-chain data shows Bitcoin whales have sold more than $20 billion worth of BTC in the past month, which is believed to have greatly contributed to bear movement pressure that has ultimately affected last week’s $1.4 billion Bitcoin ETP outflow.
As of Monday morning, Bitcoin was trading at $95,567, down 11.46% in the last 7 days, according to CoinMarketCap.
Germany Defies Outflow Trend with Fresh Inflows While United States Dominates Outflow
The United States led and dominated the recent ETP outflows, with 97% of the total outflows at $1.97 billion compared to the $1.22 billion the previous week.
United States spot Bitcoin ETFs alone recorded approximately $1.11 billion in net outflows, pushing their three-week total to $2.64 billion. BlackRock’s IBIT led the group with $581 million in outflow over the period. The United States spot Ethereum ETFs also recorded $689 million in outflows, including a single-day peak of $107 million, reducing total Ethereum ETF AUM to $22.48 billion.
Germany remains the only major jurisdiction in Europe to record net inflows at $13.2 million, following $41.3 million the previous week. Switzerland saw $39.9 million in outflows, and Sweden lost $21.3 million, while Hong Kong, Canada, and Australia collectively lost $23.9 million, with Hong Kong alone accounting for $12.3 million.
The Americas continue to hold 95% of global crypto ETP AUM at $191.7 billion.
CoinShares Blames Macro Uncertainty and Government Shutdown Fears
James Butterfill, head of research at CoinShares, believed and linked the recent outflow to the ongoing October 10 liquidity event and increased macroeconomic concerns, especially around interest rate policy in the United States.
The 43-day United States government shutdown, which remains the longest on record, came to an end on November 12, 2025, but the ongoing fiscal uncertainty and changing expectations for a December Federal Reserve rate cut may have also contributed to the reduced risk appetite.
The odds that a December cut will happen have risen to approximately 60% from 50% last week, according to CME FedWatch data. General risk-off sentiment has also pressured traditional assets that are seen as safe havens against volatility, unlike crypto, with gold prices declining alongside risk assets.
Multi-asset ETPs attracted $69 million over the past three weeks, while short-bitcoin investment products added $18.1 million last week and $11.8 million the previous week.
Despite the recent streak of outflows, year-to-date inflows into crypto ETPs stand at $48.9 billion. Butterfill noted that continued outflow periods have historically preceded market bottoms, with recoveries most likely linked to improved macroeconomic clarity.
