The outflow from digital asset investment products has entered its fifth week. According to CoinShares' weekly report dated February 23, 2026, a total net outflow of $288 million was recorded last week. This brings the total outflow over the past five weeks to $4 billion. While this figure is lower than the $6 billion outflow in the same period last year, it indicates a continued weakness in the market. Another notable element was the sharp decline in trading volume. ETP volumes, which approached record levels a few weeks ago, fell to $17 billion. This level is the lowest recorded since July 2025. The contraction in volume suggests weakening investor appetite and a noticeable wait-and-see attitude in the market. A clear divergence is evident in the regional distribution. While $347 million in outflows were recorded from US-based funds, a total inflow of $59 million was seen in Europe and Canada. Switzerland stood out with $19.5 million, followed by Canada with $16.8 million and Germany with $16.2 million in inflows. In the US, total outflows since the beginning of the year have reached $2.19 billion. In contrast, countries like Germany and Switzerland have maintained a strong inflow trend since the start of the year. Looking at assets individually, Bitcoin has been the main source of weakness. Bitcoin funds saw weekly outflows of $215.3 million. Outflows since the beginning of the month reached $579 million, and year-to-date outflows reached $1.29 billion. However, short-bitcoin products saw inflows of $5.5 million. This indicates an increased tendency among investors to hedge against price declines or take short positions.
What about altcoins?
Ethereum also saw weekly outflows of $36.5 million. Total outflows from Ethereum funds since the beginning of the year have reached $494 million. Multi-asset products experienced outflows of $32.5 million, while the "other" category recorded a net outflow of $17.2 million.
The altcoin market, however, shows a more balanced and selective picture. XRP funds saw a weekly inflow of $3.5 million, bringing their total inflow performance since the beginning of the month to $105 million. Solana recorded weekly inflows of $3.3 million and year-to-date inflows of $41.6 million. Chainlink saw a positive inflow of $1.2 million, Litecoin $0.2 million, and Sui $0.1 million, showing limited inflows. This picture shows that investors continue to increase their positions in certain altcoins while exiting large assets. On the other hand, Sweden saw outflows of $129.7 million since the beginning of the month and a negative flow of $154.1 million year-to-date. In addition to the sharp outflows in the US, the unwinding in Sweden reveals that risk appetite remains weak in some developed markets. Total assets under management (AUM) stands at $130.4 billion. Of this, $103.6 billion is concentrated in Bitcoin products. Ethereum ranks second with $15.1 billion, while multi-asset products account for $5.6 billion.
