Switzerland Just Did 70% of Crypto's ETF Inflows While XRP Rallied $120M and US ETFs Continued Their Nap

Global crypto ETPs pulled in $224 million last week, a rebound from the $414 million that walked out the door the week prior. But here's the kicker: Switzerland basically did all the heavy lifting.

The Alpine nation accounted for roughly $157 million of that total — that's 70% of global inflows from a single country. Germany and the United States each chipped in about $28 million, while Canada showed up fashionably late with $11 million.

On the asset side, XRP stole the show with approximately $120 million in inflows — more than half the global total and its biggest weekly intake since mid-December 2025. The wild part? Virtually none of that came from US spot XRP ETFs. SoSoValue data shows the five US-listed XRP spot ETFs recorded near-zero daily flows over the past two weeks, with total net assets sitting at $940 million across Canary, Bitwise, Franklin, 21Shares, and Grayscale products. The $120 million was almost entirely European and international ETP demand.

Bitcoin ETPs drew $107 million, but only $22 million came from US 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 — a single company spending 15 times what the entire US spot bitcoin ETF complex attracted.

Ether products continued their rough stretch, 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, 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 heading for the exits 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 split tells a story. The Coinbase Premium Index, which tracks whether bitcoin trades at a premium or discount on the exchange most associated with US institutional flows, has been persistently negative since bitcoin's all-time high above $126,000 in October 2025. US buyers aren't stepping in at scale, and the ETP data confirms it — the $28 million in US inflows against $157 million from Switzerland suggests the marginal buyer right now is European, not American.