Digital assets posted outflows of $1.07 billion, the first weekly negative figure after seven weeks of gains and the third‑largest weekly outflow of 2026, surpassed only by two weeks at the end of January. This likely reflects a renewed “risk‑off” stance driven by geopolitical tensions involving Iran, with outflows concentrated in Bitcoin. However, news surrounding the CLARITY Act appears to have slightly lifted sentiment, as 11 assets continued to record notable inflows and Thursday’s net flow turned positive at $174 million.
Geographically, the United States led the outflows, with $1.14 billion withdrawn. In contrast, European sentiment held up well: Switzerland saw inflows of $22.8 million, Germany $22.0 million, and the Netherlands $7.5 million, while Canada recorded inflows of $12.6 million.
Bitcoin suffered outflows of $982 million, bringing YTD net flows to $3.9 billion. Ethereum posted outflows of $249 million, the largest since 30 January. Blockchain‑linked equity ETFs were also hit by the “risk‑off” mood, with total outflows of $133 million.
Altcoins performed surprisingly well. XRP attracted $67.6 million in inflows and Solana $55.1 million, both accelerating compared with previous weeks. More modest yet noteworthy inflows were observed in Ton ($7.7 million), Sui ($4.7 million), Ondo ($4.1 million), Chainlink ($3.9 million), and Dogecoin ($3.2 million), suggesting investors are increasingly looking beyond Bitcoin and Ethereum for selective exposure.
Analysis by James Butterfill, Head of Research at CoinShares, the leading European investment firm specializing in digital assets and cryptocurrencies.
