In brief
Bitcoin funds experienced $946 million in outflows last week following the October 10 market crash triggered by President Trump’s tariff threats, with losses concentrated in U.S.-listed products.
While U.S. investors pulled money out, European and Canadian investors bought the dip, with Germany, Switzerland, and Canada recording net inflows during the downturn.
Altcoins saw renewed interest as Ethereum funds attracted $205 million in inflows and newly launched Solana and XRP exchange-traded products pulled in $156 million and $94 million, respectively, on their debut.
Bitcoin funds shed nearly $1 billion last week following the October 10 liquidity cascade, with the damage mostly in U.S.-listed funds, according to a new report from digital asset manager CoinShares.
Bitcoin bore most of the sell-off, posting $946 million in outflows. The Oct. 10 crash has been widely linked to a threat from President Donald Trump to hike tariffs on Chinese goods by 100%.
Bitcoin was recently trading for $111,016 after having gained 2.9% in the past 24 hours. But BTC was still lagging its price last week by 3.2%, and down 4.2% compared to a month ago, according to crypto price aggregator CoinGecko.
Ethereum has gained 1.9% in the past day and was recently trading at $4,036.65—only 3.3% lower than it was a week ago. XRP was changing hands for $2.46 after having gained 2.6% in the past day, and Solana was trading for $192.41 after rising 1% since yesterday.
“Outflows were U.S.-focused, while Germany, Switzerland, and Canada recorded inflows as investors bought the dip,” James Butterfill, the firm’s head of research, wrote in the report. He added that exchange-traded product trading remained elevated at $51 billion last week—nearly double this year’s weekly average.
Butterfill noted that dip-buyers rotated into altcoins.
“Ethereum investors buy the dip,” he wrote, adding that Ethereum funds generated $205 million worth of net inflows. The segment was also helped by launch-day excitement for U.S.-based options for Solana and XRP began trading on CME last week. Exchange-traded products linked to SOL and XRP pulled in $156 million and $93.9 million worth of deposits on their debut.
But overall optimism for SOL is still lagging. Users on Myriad, a prediction market platform owned by Decrypt parent company Dastan, now think there’s a 36.3% chance that Solana hits a new all-time high before the end of the year.
Butterfill added that the Oct. 10 crash didn’t show up with the same severity in ETPs as it did in on-chain liquidations. The crash occurred Friday afternoon—critically, after markets had closed for the week.
“Net outflows following this event now total $668 million, suggesting investors in the ETP world shrugged off this event,” he said, “while on-chain investors were more bearish.
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