📅 December 29 | Crypto Markets
The end of the year isn't being kind to institutional crypto markets. As the optimism that characterized much of 2025 cools, capital flows are beginning to reveal an uncomfortable reality: confidence hasn't fully recovered yet.
📖According to CoinShares, crypto ETPs saw weekly outflows of $446 million, deepening a negative streak that has already accumulated $3.2 billion in redemptions since the major market shock on October 10. This bearish turn came after a brief period of optimism, when the market experienced three consecutive weeks of inflows before abruptly reversing with $952 million in outflows last week.
The weight of the adjustment fell mainly on Bitcoin and Ethereum, whose products were the most punished by the defensive rotation of investors. Bitcoin ETPs lost nearly $443 million, while Ethereum ETPs saw additional outflows of $59 million, confirming that the two dominant assets remain the primary adjustment point when risk appetite weakens.
In contrast, XRP attracted $70 million in net inflows, standing out as the best-performing asset within the institutional segment. Part of this flow was driven by the Franklin Templeton XRP ETF, launched in late November, which alone attracted $28.6 million.
While these figures are modest compared to the outflows from
$BTC and
$ETH , the underlying message is relevant: a portion of institutional capital is seeking selective exposure, even in a clearly defensive environment. Solana also registered inflows, albeit limited, of $7.5 million.
CoinShares warned that this behavior suggests that investor sentiment has not yet normalized following the October crash, a massive liquidation event that many consider the largest in the history of the crypto market.
That episode was linked, in part, to the macroeconomic tensions stemming from US President Donald Trump's threat to impose 100% tariffs on Chinese imports, a shock that apparently involved large-scale institutional players and market makers.
Despite the recent outflows, year-to-date inflows remain comparable to 2024, with $46.3 billion in net inflows in 2025 compared to $48.7 billion the previous year. However, the AUM growth of just 10% year-to-date suggests that the average investor has not seen a positive return once adjusted for price and volatility.
Topic Opinion:
Bitcoin and Ethereum remain the primary barometer of institutional appetite, but when volatility returns, they also become the first source of liquidity. The case of XRP is interesting not for its size, but for its timing: attracting inflows in an environment of widespread outflows suggests that some players are betting on specific narratives and new products, rather than beta exposure to the market.
💬 Is XRP an early sign of institutional rotation?
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