Crypto asset investment products saw $1.67 billion in outflows this week. It marked the third consecutive negative week and the second-largest weekly outflow of 2026 so far. Only the week of January 23 was worse.
Cumulative outflows over the past three weeks have now reached $4.21 billion. This suggests that the risk-off mood triggered by Iran-related geopolitical tensions has largely overshadowed the positive sentiment created by the CLARITY Act. Total assets under management (AuM) fell from $148 billion last week to $141 billion, the lowest level since early April. The picture resembles the January-February period, when the market saw five consecutive weeks of outflows.
Bitcoin records its largest weekly outflow of 2026
Bitcoin took the hardest hit this week. The asset saw $1.438 billion in outflows, surpassing both last week’s record and the January peak. Bitcoin’s year-to-date inflows are also shrinking fast: they stood at $3.9 billion two weeks ago, fell to $2.6 billion last week, and dropped to $1.2 billion this week.
The picture is not bright for Ethereum either. With $257 million in outflows, the risk-off sentiment has clearly spread to Ethereum as well. Ethereum’s year-to-date flow balance has already turned negative, standing at minus $346 million.
Regional breakdown: The US still leads
Looking at the regional distribution, almost all of the global outflows came from the United States, which accounted for $1.63 billion alone. Germany, which had remained relatively resilient in previous weeks, joined the latest risk-off wave and recorded $25.7 million in outflows. Sweden saw $6.6 million in outflows, while Hong Kong posted $4.5 million.
Canada was one of the few countries that managed to hold up, staying positive with a modest $0.4 million in inflows. Switzerland and the Netherlands also recorded small inflows of $0.5 million and $1.3 million, respectively.
Altcoin participation collapses
Three weeks ago, 11 altcoins were recording inflows. This week, that number fell to five. The assets that managed to attract meaningful inflows were XRP with $20.3 million, Hyperliquid with $10.8 million, and Near with $7.6 million. Chainlink recorded $0.7 million in inflows, while Sui remained positive on a month-to-date basis with $7.2 million. However, Solana, Ethereum, and multi-asset products continued to see outflows.
On the provider side, iShares recorded the largest outflow of the week at $1.148 billion. It was followed by Grayscale with $251 million and Fidelity with $190 million. On a year-to-date basis, Fidelity’s total outflows have reached $1.683 billion, giving it the weakest flow profile in the sector. In contrast, 21Shares AG remained positive on a monthly basis with $8 million in inflows, while Bitwise stayed positive month-to-date with $54 million.
The message from CoinShares’ weekly report is clear: institutional investors remain cautious. The scale of three-week cumulative outflows and the sharp narrowing in altcoin participation show that risk appetite in the market has weakened significantly. As long as geopolitical pressure continues and macroeconomic uncertainty persists, flows may need a strong catalyst to turn positive in the short term.
