US Outflows, Europe and Canada Take Buying Opportunities

Most ETP outflows came from the US, totaling $621 million. In contrast, investors in Germany, Switzerland, and Canada saw the price dip as a buying opportunity for Ethereum and Solana. Germany saw $54.2M, Switzerland $48M, and Canada $42.4M inflows.

According to Google Trends, investors are increasingly searching for altcoin purchases and ETP opportunities, highlighting the market impact of institutional moves.

Bitcoin Outflows, Ethereum and Altcoins Surge

Bitcoin was the main asset seeing outflows, totaling $946 million last week. Year-to-date, Bitcoin ETP inflows are $29.3 billion, lagging behind 2024 figures.

Meanwhile, Ethereum saw significant inflows. Ethereum ETPs received $205 million, with a 2x leveraged Ethereum ETP attracting $457 million, signaling strong investor confidence.

Solana and XRP ETPs recorded inflows of $156 million and $73.9 million, respectively, showing that institutional investors are rotating from Bitcoin into altcoins.

Weekly Trading Volume and Market Momentum

Weekly ETP trading volume reached $51 billion, nearly double the year-to-date weekly average, reflecting strong liquidity and trading opportunities in the digital asset market.

Key Altcoin Investments:

• Ethereum: $205M inflows

• Solana: $156M inflows

• XRP: $73.9M inflows

These figures indicate that institutional investors are capitalizing on Bitcoin outflows while retail investors track digital asset trends to seize buying opportunities.

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Since October 14, U.S.-listed spot Bitcoin ETFs alone have attracted approximately $1.9 billion (21,450 BTC) in net inflows. To put this into context, Bitcoin ETF investors have effectively bought the equivalent of 48 days’ worth of newly mined Bitcoin, considering that around 450 BTC are mined daily.

This marks a significant milestone for Bitcoin ETPs, which now collectively hold around 1.1 million BTC, matching the amount in Satoshi Nakamoto’s wallet. Notably, the rapid growth of Bitcoin ETFs surpasses that of gold ETFs, which took five years to reach $20 billion in inflows—a milestone Bitcoin ETFs reached in under a year.

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Additional factors contributing to Bitcoin’s resurgence include expectations of potential Federal Reserve rate cuts and rising optimism surrounding Donald Trump’s pro-crypto stance as the U.S. presidential election approaches. Ether (ETH) has also seen substantial inflows, with $48.4 million netted on October 17, the highest since September 27.

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CoinShares research analyst Luke Nolan said the weekend change highlighted a trend of institutional investors in the US shifting their investment strategies to the recently approved spot bitcoin ETFs.

In a statement, Nolan said: “There has been a significant outflow from European Bitcoin ETPs. Prior to the approval of multiple spot Bitcoin ETFs, many US institutions were using European ETPs for transactions at almost risk-free basis. However, with the recent approval of the new US products, these institutions may find it more cost-effective or convenient to execute the same underlying transactions domestically.”

Nolan added that while futures prices have been preserved, they can now do the same thing more efficiently with domestic spot bitcoin ETFs.

“US investors were taking long positions on bitcoin futures, but were also buying the underlying asset through European ETPs, which allowed them to close the contract and profit from the basis spread; in this case, it’s the premium over the underlying asset price.”

In the context of futures, the basis represents the difference between the cash or spot price of an asset and the futures price of a particular contract.

Notably, there has also been a significant increase in outflows from Canadian Bitcoin ETPs.

“With regard to Canadian bitcoin ETPs, it seems that US investors who have ways to invest in Canadian ETPs are also moving to invest in the new US funds,” Nolan added.

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