Crypto outflows recorded capital outflows for three consecutive weeks, but sales volume decreased significantly. At the same time, ETP trading activity reached a new record, signaling the initial potential for short-term sentiment.

➡️ What is happening with the flow of funds

🟡 In the past week, $187 million left crypto ETP — compared to $3.43 billion in the previous two weeks
🟡 According to CoinShares, historically, a slowdown in outflows often coincides with a change in sentiment, even though prices remain under pressure
🟡 Since the beginning of the year, crypto ETP has lost $1.2 billion, with $1.9 billion coming from Bitcoin ETFs — meaning some funds are leaving BTC products, not from the market as a whole

➡️ Pressure is concentrated on Bitcoin products

🟡 Bitcoin ETP is the only major segment with significant weekly declines: –$264.4 million
🟡 Bitcoin spot ETFs account for the largest portion, –$318 million, in line with the BTC sell-off in the spot market
🟡 On the other hand, there are selective inflows into altcoins, led by XRP, though the scale is much smaller compared to Bitcoin

➡️ Record volume amid fear

🟡 Weekly trading volume of ETP reached a record $63.1 billion (previous record $56.4 billion in October 2025)
🟡 AUM of Bitcoin ETP is $102.7 billion, while Bitcoin ETFs are below $90 billion
🟡 Global crypto ETP AUM fell to $129 billion — the lowest since March 2025 — making the market 'lighter' but very volatile for large transactions

➡️ Why this could be the 'sentiment floor'

🟡 Sharp outflows in recent weeks coincided with the drop in BTC prices and a risk-off mode, but recent data shows panic is starting to subside
🟡 Institutions are not stopping building: amid volatility, 21Shares filed a new ETF with the SEC related to Ondo tokens — infrastructure continues to evolve
🟡 Historically, this phase looks like 'capitulation flows': large outflows, record volume, extreme fear indicators — then a long accumulation phase that only becomes clear afterwards

Currently, crypto ETP is between record trading activity and the lowest sentiment in years. From the data side, it resembles a phase of weak fund outflows and sales being utilized by strong players, not the end of the Bitcoin story or the crypto market as a whole.