Crypto ETPs Hit 3rd-Largest Inflows on Record at $3.4B — What’s Driving the Surge?
The cryptocurrency market is witnessing a resurgence in institutional interest, with exchange-traded products (ETPs) recording their third-largest weekly inflows ever. According to CoinShares, global crypto ETPs attracted a staggering $3.4 billion in the week of April 21–25, marking the highest inflow since December 2024. But what’s fueling this renewed confidence, and which assets are leading the charge?
Bitcoin Dominates as Institutional Interest Rebounds
Bitcoin (BTC) emerged as the clear winner, accounting for $3.18 billion of the total inflows. This surge not only offset the outflows seen earlier in April but also pushed year-to-date (YTD) inflows to $3.7 billion. Bitcoin’s price resurgence above $90,000 — a level not consistently held since early March — appears to have reignited institutional appetite.
Key metrics highlight Bitcoin’s dominance:
- Bitcoin ETP AUM now stands at $132 billion
- Total crypto ETP AUM reached $151.6 billion
- Inflows were just 13% below the all-time weekly record of $3.85 billion set in December 2024
Altcoin Performance: Ethereum Breaks Streak, Solana Struggles
While Bitcoin led the charge, altcoins showed mixed performance:
Ethereum’s Comeback
Ether (ETH) saw $183 million in inflows, ending an eight-week outflow streak. This suggests growing confidence in Ethereum’s position as institutional investors diversify beyond Bitcoin.
Solana’s Unexpected Outflows
Solana (SOL) was the only major asset to experience outflows at $5.7 million. This may reflect concerns following recent network issues, including the $5.8 million Loopscale hack.
Other Altcoin Gainers
- XRP: $31.6 million inflows
- Sui: $20.7 million inflows
Issuer Breakdown: BlackRock Leads Institutional Charge
The inflows were broadly distributed across major issuers:
- BlackRock’s iShares: $1.5 billion (44% of total inflows)
- ARK Invest: $621 million
- Fidelity: $574 million
Notably, some issuers continue to see April outflows:
- Grayscale: $84 million outflows
- ProShares: $18 million outflows
- CoinShares: $7 million outflows
Three Key Drivers Behind the Inflow Surge
1. Macroeconomic Uncertainty
According to CoinShares’ James Butterfill, investors are seeking crypto as a hedge against:
- Potential tariff impacts on corporate earnings
- Weakening US dollar (DXY index decline)
2. Gold’s Decline
The inflows coincided with gold’s 6.4% drop from its April 22 high of $3,500 to $3,275 on April 23, suggesting some rotation from traditional safe havens to crypto assets.
3. Technical Breakout
Bitcoin’s sustained position above $90,000 created positive momentum, attracting both institutional and retail investors through ETP vehicles.
Market Implications and Future Outlook
The $3.4 billion inflow represents a significant trend reversal after several weeks of outflows earlier in 2025. Several factors suggest this could mark the beginning of sustained institutional interest:
- The breadth of issuer participation indicates widespread confidence
- Ethereum’s inflow reversal suggests altcoin season may be approaching
- Total AUM approaching December 2024 levels signals market recovery
However, investors should watch for:
- Potential profit-taking if Bitcoin tests $100,000 resistance
- Continued Solana outflows indicating ecosystem concerns
- Macroeconomic developments that could impact risk assets
Conclusion: A Watershed Moment for Crypto ETPs?
The record inflows demonstrate crypto ETPs’ growing role in institutional portfolios. With traditional finance giants like BlackRock leading the charge and Bitcoin establishing itself as a macro hedge, crypto ETPs appear to be transitioning from niche products to mainstream investment vehicles.
For investors, the key takeaways are:
- Institutional adoption continues accelerating despite market volatility
- Diversification into altcoins is increasing but remains selective
- Crypto’s correlation with traditional markets may be weakening as it develops unique value propositions
As the market digests these inflows, all eyes will be on whether this marks the beginning of a new phase of institutional crypto adoption or a temporary spike in a volatile asset class.
