CoinShares: Digital Asset Products See Minor Inflows, XRP Leads with $37.7M

Digital asset investment products maintained a delicate balance last week, recording modest net inflows of $6 million despite volatile mid-week conditions triggered by unexpected U.S. retail sales data.

This nuanced performance, as revealed in the latest CoinShares report, highlights both the resilience and regional divides in investor sentiment.

A minor US$6m inflows, sentiment remains mixed but showing signs of recovery

Inflows into digital asset investment products were modest last week. @Bitcoin saw minor outflows of US$6m, @ethereum also saw outflows of US$26.7m, while @Ripple’s $XRP saw inflows of US$37.7m.… pic.twitter.com/DD86OwBZIQ

While the initial part of the week reflected positive flows into crypto investment products, the release of stronger-than-expected U.S. retail sales data on Wednesday catalyzed a swift reversal.

Investors pulled $146 million out of the market in response, contributing significantly to the week’s subdued overall net flow.

The United States bore the brunt of these outflows, with $71 million withdrawn.

In stark contrast, Europe and Canada saw a net inflow of $75.4 million, with Switzerland leading at $43.7 million, followed by Germany with $22.3 million and Canada with $9.4 million.

Bitcoin also concluded the week with minor outflows of $6 million, following fluctuating investor behavior throughout the period.

Even short-Bitcoin products, which typically serve as a hedge, recorded $1.2 million in outflows.

This marks the seventh straight week of negative flows into these short products, which have now seen a cumulative $36 million in outflows, representing nearly 40% of their total assets under management.

Meanwhile, Ethereum’s prolonged struggle persisted. With another $26.7 million in outflows last week, Ethereum’s eight-week downturn now totals a staggering $772 million in capital flight.

Despite this, Ethereum still retains a positive position on a year-to-date basis with $215 million in net inflows.

Unlike Bitcoin and Ethereum, XRP has weathered the recent market turbulence and thrived.

With inflows of $37.7 million last week, XRP emerged as the top performer among digital asset investment products, making it the third most successful asset year-to-date, with $214 million in net inflows.

This strong interest in capital coincides with a remarkable resurgence in network activity.

On April 21, on-chain analyst Ali Martinez reported that the number of active XRP addresses surged by 67.5% in just one day, rising from 27,352 to 40,366.

$XRP network activity jumped 67.50%, with active addresses rising from 27,352 to 40,366! pic.twitter.com/fDiERMIYiz

Martinez also pointed to an inverse head-and-shoulders pattern forming on XRP’s chart. This traditionally bullish technical indicator could push the asset’s price to $2.70, representing a 30% increase from current levels.

Further amplifying the bullish case for XRP was a major regulatory and institutional development.

Coinbase, the largest crypto exchange in the U.S., received approval from the Commodity Futures Trading Commission (CFTC) to launch XRP futures contracts.

Coinbase Derivatives, LLC now offers CFTC-regulated futures for $XRP. https://t.co/omSNu0aEoC

The new product, offered through Coinbase Derivatives LLC, went live on April 21.

For XRP, the timing couldn’t be more opportune. Following the legal clarity achieved in Ripple’s long-running lawsuit with the SEC, XRP now boasts high liquidity, a large global user base, and broad exchange availability.

Yet, the price of XRP experienced a minor 0.59% dip over the past 24 hours, likely reflecting the wider market’s consolidation rather than a direct reaction to the futures launch.

While XRP captured headlines, Bitcoin’s recent price behavior suggests a more profound transformation is underway.

According to Nansen CEO Alex Svanevik, Bitcoin is beginning to trade less like a tech stock and more like a traditional safe-haven asset, namely, gold.

BTC started acting like gold two weeks ago.

Less Nasdaq – more gold. pic.twitter.com/9A1MX9t971

Over the two weeks leading up to April 22, Bitcoin staged a 12% recovery, despite the volatile geopolitical landscape and escalating trade tensions.

No longer merely a speculative tech bet, Bitcoin is increasingly viewed as a hedge against macroeconomic instability.

The asset’s resilience amid inflationary pressures and global trade disputes lends credence to its evolving role as digital gold.

Looking forward, last week’s mixed performance across digital asset products reveals a market in flux, defined by shifting sentiment, regional divergence, and growing institutional maturity.

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