Crypto Funds See Mixed Sentiment With Modest $6M Inflows, Says CoinShares

Cryptocurrency investment products experienced a modest rebound last week, recording $6 million in net inflows between April 14 and 18, according to a new report by CoinShares published on April 22. The small but positive figure signals a pause in the recent wave of outflows, which exceeded $1 billion over the prior two weeks.

CoinShares’ head of research, James Butterfill, described investor sentiment as “mixed,” highlighting a mid-week pivot following strong U.S. retail sales data that likely contributed to $146 million in outflows. Despite the volatility, total assets under management (AUM) for crypto ETPs grew 1.4% during the week, rising from $129 billion to $131 billion.

Weekly crypto ETP flows since late 2024. Source: CoinShares

U.S. Bitcoin ETFs Still in the Red for April

While inflows resumed, U.S.-based Bitcoin exchange-traded funds (ETFs) remained in negative territory for April. BlackRock’s iShares ETF continued to lead in inflows, adding $182 million last week. However, those gains were offset by other issuers, notably Fidelity, which saw $123 million in outflows.

Bitwise was among the few U.S. issuers with positive momentum, registering $24 million in inflows. Meanwhile, Switzerland-based 21Shares led in Europe with $37 million in new investments.

So far this month, all U.S.-listed crypto ETPs have reported net outflows. In contrast, 21Shares remains the sole issuer with positive inflows in April, holding $28 million in net new capital.

Flows by issuer (in millions of US dollars). Source: CoinShares

BlackRock, ProShares Lead in YTD Performance

Looking at year-to-date performance, BlackRock continues to dominate with more than $3 billion in inflows into its iShares crypto ETFs. Other notable performers include ProShares, which has drawn $340 million YTD, and Cathie Wood’s ARK Invest, with a modest $19 million in inflows.

XRP Outshines as Ether Faces Steep Outflows

XRP -based investment products stood out last week with $37.7 million in inflows, the largest among all crypto assets. The strong interest in XRP marks a significant divergence from other altcoins, especially Ether (ETH), which saw the week’s highest outflows at $26.7 million.

Flows by asset (in millions of US dollars). Source: CoinShares

Bitcoin (BTC) recorded a minor $6 million outflow last week, extending its April losses to $894 million. Still, it holds the lead in year-to-date inflows with $541 million, ahead of Ether’s $215 million and XRP’s $214 million.

Market Outlook

Although recent flows suggest lingering investor caution, particularly around macroeconomic data and regulatory developments, the stabilization of AUM and renewed interest in select assets like XRP XRP offer early signs of recovery in the crypto investment product space.

CoinShares’ report underscores the continued volatility and fragmentation of sentiment in the digital asset market, as investors navigate evolving monetary policy, global market dynamics, and asset-specific narratives.