Digital asset investment products attracted a fresh wave of demand last week, with US$3.3 billion of net inflows lifting total assets under management (AuM) to roughly US$239 billion, a level that inches back toward August’s peak. The uptick in flows was broad-based, led by the US, and coincided with end-of-week price gains across major tokens.
Institutional and retail channel activity was concentrated in a handful of markets. The United States dominated inflows, taking in about US$3.2 billion, while Germany added roughly US$160 million (including one of Germany’s largest single-day inflows on Friday). Switzerland was notable for the opposite move, with around US$92 million leaving Swiss-listed products last week. Overall, CoinShares’ weekly note places last week’s total AuM at about US$239bn.
Asset-level Picture
Bitcoin was the principal beneficiary of the rebound. BTC-focused investment products saw an estimated US$2.4 billion in inflows, the largest weekly demand for bitcoin products since July, while inverse/short-Bitcoin products continued to shrink, leaving short-BTC AuM at a modest US$86 million.
That rotation back into long-BTC strategies shows renewed risk-on appetite. Bitcoin’s price action reflected that appetite. At the time of writing, BTC was trading around US$115k, showing strength on the week despite an intraday wobble. Ethereum also reversed an extended streak of outflows.
After eight consecutive days of withdrawals earlier, ETH products recorded four straight days of inflows last week, totalling about US$646 million. It is a clear shift in sentiment toward the second-largest on-chain ecosystem. Ethereum was trading in the US$4.5k range at the time of the report.
Meanwhile, Solana posted a standout performance on the flows front. Friday marked Solana’s largest-ever single-day inflow at US$145 million, helping push its weekly total to about US$198 million. Solana’s price has been bid aggressively alongside that demand, trading above US$230 in recent sessions. Lesser movers included Aave and Avalanche, which saw small outflows (AAVE ≈ US$1.08m, AVAX ≈ US$0.66m).
Macro and Market Mechanics
CoinShares links the inflows to a softer-than-expected US macro print last week, which rekindled hopes of easier policy ahead and pushed risk assets higher into the close. That macro backdrop, combined with renewed interest in spot and exchange-traded products for large-cap crypto, appears to have drawn capital back into long positions.
Market commentary around Bitcoin’s recent technical setups and ETF-related demand also likely contributed to the buying momentum. Traders pushed BTC back into the mid-six-figure band (roughly US$114–116k). From a technical perspective, the rally suggests buyers are comfortable defending recent pullbacks.
If Bitcoin can close and hold above US$120k, that would likely confirm the recent upswing, but a drop back under the near-term support band of roughly US$110k–112k would probably reopen volatility. Ethereum’s return to the US$4k+ area on renewed inflows points to revived demand for ETH, though its next move will still depend on overall risk appetite and activity in DeFi.
Keep an eye on daily trading volumes and the gap between spot and derivatives markets for signs that leverage is driving the rally. And for Solana, that very large one-day inflow and the ensuing price lift suggest investors are once again chasing higher-beta layer-1s. Monitor on-chain indicators like network activity, developer usage and NFT/DeFi volumes to see if the price strength is supported by fundamentals.
Last week’s US$3.3bn of inflows is a clear vote of confidence from investors who stepped back in after a stretch of withdrawals across some tokens. With AuM nearing August highs, the market is showing renewed demand for core crypto exposures, particularly Bitcoin, while semantics around macro policy (and any upcoming Fed decisions) remain the key near-term catalyst for flows and prices.
