According to the latest report from CoinShares, the crypto ETF cash flow recorded $864 million flowing in over the past week. This marks the third consecutive week of moderate inflow, indicating that institutional cash flow is still present, but the overall sentiment has become more cautious compared to the previous boom period.
There are a few points that you need to pay attention to regarding this cash flow:
Bitcoin continues to be the focus as it attracts $522 million in inflow, accounting for a large part of the total cash flow. This indicates that BTC is still being viewed as the primary defensive asset in crypto, especially in the context of a market that remains highly volatile.
Ethereum closely follows with a $338 million inflow, indicating that money is returning to the core narrative infrastructure, especially as $ETH becomes increasingly tied to ETFs, staking, and the L2 ecosystem.
In the altcoin group, $AAVE and Chainlink recorded inflows of $5.9 million and $4.1 million, respectively. Although the cash flow is not large, you can see that it is mostly concentrated in DeFi projects with clear revenue, infrastructure roles, and have been validated by the market.
Alarmingly, Hyperliquid $HYPE recorded a $14.1 million outflow, indicating that money is being withdrawn from high-risk or previously overheated assets.
You may notice that money has not left the market but is shifting towards higher-quality assets. This is typically a characteristic of a sideways market phase or preparing for a significant volatility swing, where cash flow prioritizes capital preservation over chasing short-term profits.