Crypto Investors Pull Back as Withdrawals Surge

Weak Confidence in Global Fund Movements

CoinShares’ latest weekly report clearly highlights the cautious stance of investors in crypto-based investment products. In the last week of December, a $446 million fund outflow transpired, revealing the ongoing effect of the significant price drop on October 10. Since October, the cumulative outflow has reached $3.2 billion.

Since the beginning of the year, a total of $46.3 billion was invested in these products, a figure comparable to last year’s same period. However, the total increase in assets under management remains limited to 10%. This scenario suggests that the average investor hasn’t achieved significant returns throughout 2025, considering the fund flows.

The bulk of the weekly outflows centered on Bitcoin and Ethereum products. Bitcoin-based investment products saw a $443 million net outflow, while Ethereum-based products experienced approximately $59 million in outflows. Multi-asset investment products continued their negative trend, closing the week in the red. However, throughout the year, Bitcoin still holds the position of the asset with the highest total inflows.

On an asset basis, XRP, Solana, and Chainlink investment products diverged positively. XRP-based products ended the week with $70.2 million in inflows, Solana products received $7.5 million, and Chainlink products saw $2.1 million in inflows. Since their introduction in mid-October, U.S XRP ETFs have accumulated $1.07 billion, while Solana ETFs attracted $1.34 billion. In the same period, Bitcoin and Ethereum products experienced outflows of $2.8 billion and $1.6 billion, respectively.

This divergence suggests investors are shifting their focus from high-volume main assets to certain altcoin themes, reshaping their risk distribution.

Divergence Among Countries

Regional distribution showed that investor behavior is not homogeneous. The largest weekly outflow came from the U.S., with American-based investment products seeing a $460 million fund outflow. Switzerland also experienced limited negative flow.

Germany emerged as a notable exception, registering a net inflow of $35.7 million last week. Throughout December, total inflows into Germany reached $248 million. The data indicates that German investors view recent price weaknesses as buying opportunities.