Crypto exchange-traded products (ETPs) attracted $224 million in inflows last week, reversing a $414 million outflow from the previous week, according to CoinShares. However, the rebound was highly concentrated, masking a lack of broad-based demand.

Switzerland was the primary driver, contributing approximately $157 million—around 70% of total inflows. In comparison, the United States and Germany each accounted for roughly $28 million, while Canada added just $11 million, underscoring the uneven regional distribution of capital.

Flows were similarly concentrated at the asset level. XRP products led with about $120 million in inflows, representing more than half of the global total and marking the strongest weekly demand for the token since December 2025.

Crucially, this demand did not originate from U.S. markets. Data from SoSoValue shows that U.S.-listed spot XRP ETFs saw minimal activity over the past two weeks, with combined assets under management holding near $940 million across major issuers. The bulk of XRP inflows instead came from European and other international ETPs.

Bitcoin ETPs recorded $107 million in inflows, though just $22 million came from U.S. spot ETFs, which remain negative year to date. In contrast, Strategy disclosed a purchase of 4,871 BTC—valued at roughly $330 million—during the same period, far exceeding the capital deployed through U.S. ETF channels.

While ETF demand has been more substantial over longer periods—absorbing approximately 50,000 BTC over a 30-day window in March, the highest since October 2025—recent data suggests that institutional participation is narrowing. Flows are increasingly concentrated in a limited number of vehicles, with ETF momentum softening on a weekly basis.

Broader ETP activity, including leveraged, inverse, and altcoin-focused products across global markets, does not support the narrative of widespread institutional accumulation.

Ether products, meanwhile, continued to see persistent outflows. Funds recorded $53 million in redemptions last week following $222 million the week prior, bringing total year-to-date outflows to $327 million.

This trend contrasts with corporate buying activity. Bitmine Immersion Technologies (BMNR) acquired 71,252 ETH during the week—its largest purchase since December 2025—and now holds approximately 4.8 million ETH, valued at around $10 billion.

CoinShares’ James Butterfill attributed some of Ether’s weakness to uncertainty surrounding the CLARITY Act, proposed stablecoin legislation closely tied to Ethereum’s ecosystem.

Geographic flow indicators further highlight the shift in demand. The Coinbase Premium Index, often used as a proxy for U.S. institutional activity, has remained negative since Bitcoin’s all-time high above $126,000 in October 2025, signaling subdued participation from U.S. investors.

Taken together, the data suggests that the marginal buyer in the current market is increasingly based in Europe. With Switzerland accounting for the majority of inflows and U.S. demand remaining muted, the latest rebound appears narrower than headline figures imply.