Cryptocurrency investment products experienced a reversal in fund flows last week, ending a two-week streak of inflows. This shift occurred following a significant market downturn, often referred to as crypto's "Black Friday."
ETP Outflows Mark End of Inflow Streak
Crypto exchange-traded products (ETPs) saw outflows totaling $513 million last week. This concluded a two-week period that had previously recorded $9.1 billion in inflows, according to a report from CoinShares on Monday.
CoinShares head of research, James Butterfill, noted that the ETP market demonstrated less panic compared to the spot market, despite total outflows of $668 million following the "Binance liquidity cascade" on October 10. He observed that while crypto ETP investors largely "shrugged off this event," onchain investors exhibited more bearish sentiment.
Bitcoin Leads Asset Outflows
Bitcoin (BTC) was the primary driver of losses in crypto ETPs last week, with outflows amounting to $946 million. These outflows have reduced year-to-date inflows to $29.3 billion, a figure that significantly lags behind last year's total of $41.2 billion, Butterfill reported.
In contrast, Ether (ETH) continued to attract investor interest, with funds posting $205 million in inflows as investors bought the dip. Butterfill highlighted that the largest inflows were directed towards a 2x leveraged Ether ETP, which garnered $457 million.
Solana (SOL) and XRP (XRP) funds also continued to see inflows, fueled by optimism surrounding new ETP launches. Inflows for Solana and XRP totaled $156 million and $74 million, respectively. Solana ETPs, in particular, experienced a notable surge, with inflows increasing by 67% compared to the previous week.
Crypto Fear & Greed Index Declines
The recent outflows from crypto ETPs occurred as the Crypto Fear & Greed Index, a key indicator of market sentiment, fell to levels not seen since April. The index measures the overall sentiment within the cryptocurrency market.
Data from Alternative.me indicated that the index dropped to a score of 22 last Friday. This decline coincided with Bitcoin falling below $105,000, reflecting strong "Fear" among spot BTC investors.
The "Fear" sentiment persisted as of Monday, with the index at a score of 29. The lowest index level recorded in 2025 thus far was a score of 10 in late February. This occurred when Bitcoin experienced a sharp decline from $96,000 to approximately $84,000, according to CoinGecko data.
By the time of publication, Bitcoin was trading at $111,019, having seen losses of roughly 3% in the past seven days and approximately 4% over the past month.
Ether was trading at $4,035, declining around 3% in the past week and 9% over the past 30 days.

