One Tiny Alpine Nation and a Once-Banned Token Save Crypto's $224M Inflow Week

Global crypto ETPs pulled in $224 million last week, a welcome rebound after the $414 million exit the week prior. But here's the kicker: Switzerland basically did all the heavy lifting.

The land of chocolate, watches, and apparently serious crypto conviction contributed roughly $157 million—70% of the total inflows. Germany and the United States each chipped in a modest $28 million, while Canada added a measly $11 million.

XRP was the undisputed star of the show, dragging in approximately $120 million—more than half the global total and its biggest weekly intake since mid-December 2025. Fun twist: virtually none of that came from U.S. spot XRP ETFs. SoSoValue data shows the five U.S.-listed XRP spot ETFs recorded near-zero daily flows over the past two weeks, with total net assets sitting at just $940 million across Canary, Bitwise, Franklin, 21Shares, and Grayscale products. The $120 million was almost entirely European and international ETP demand. Classic.

Bitcoin ETPs drew $107 million, but only $22 million came from U.S. spot ETFs, which remain in negative territory year-to-date. Meanwhile, Strategy disclosed over the weekend that it bought 4,871 BTC for approximately $330 million in the same week—meaning a single company spent 15 times what the entire U.S. spot bitcoin ETF complex attracted.

Ether products continued their rough streak, posting $53 million in outflows after $222 million the prior week, bringing year-to-date outflows to $327 million. That's quite the contrast to Bitmine Immersion Technologies (BMNR), which bought 71,252 ETH last week in its largest single-week purchase since December 2025 and now holds 4.8 million tokens worth roughly $10 billion. ETH fund investors are fleeing while the largest corporate ETH buyer on earth is accelerating.

CoinShares' James Butterfill attributed part of the ether weakness to uncertainty around the CLARITY Act, the stablecoin legislation closely tied to Ethereum's ecosystem.

The geographic concentration tells a clear story. The Coinbase Premium Index, which tracks whether bitcoin trades at a premium or discount on the exchange most associated with U.S. institutional flows, has been persistently negative since bitcoin's all-time high above $126,000 in October 2025. U.S. buyers are not stepping in at scale, and the ETP data confirms it.

The $28 million in U.S. inflows against $157 million from Switzerland suggests the marginal buyer right now is European, not American.