There were outflows of $1.94 billion from digital asset investment products, the third-largest week of redemptions since 2018. This move was part of a four-week streak that accumulated $4.92 billion in withdrawals.
Bitcoin bore the largest capital outflow in the period with $1,27 mil M withdrawn, while products tied to Ethereum registered outflows of $589 M, equivalent to 7,3% of its AUM, according to data cited in the sector’s weekly report. Solana logged $156 M in outflows, interpreted as profit-taking after previous rallies.
In contrast, XRP attracted $89,3 M in new inflows, an atypical behavior compared to the rest of the market that suggests capital rotation toward assets with perceived use cases or attractive relative valuation. The period also included flows into short positions: products that bet on Bitcoin’s decline received $19 M, a sign of growing visibility of hedging strategies among institutional investors.
On the final day of the week there was a punctual rebound of re-entries totaling $258 M, of which $225 M corresponded to Bitcoin and $57,5 M to Ethereum, indicating tactical purchases after the intrinsic correction.
Causes, geography and implications for treasuries
The combined reading of the movements points to several causes: profit-taking after prior increases, pressure from large holders (“whales”) and an uncertain macroeconomic environment that raised risk aversion, according to the cited analysis. The bulk of the redemptions came from the United States, with approximately $1,69 mil M withdrawn, suggesting a leading role of U.S. institutions in the recent de-risking; Germany, Canada, Sweden and Switzerland also contributed with relevant outflows. By contrast, Brazil and Australia showed small inflows ($3,5 M and $2 M, respectively), evidencing regional heterogeneity.
For treasury departments and managers, the episode underscores two operational risks: the concentration of assets in listed products can amplify liquidity stress in moments of strain; and relative exposure (for example, the share of AUM in Ethereum) determines the speed and magnitude of outflows. Moves toward short strategies also imply a financing cost and risk of squeezes in rebound scenarios.
The withdrawal of $1,94 mil M in one week and the streak of $4,92 mil M accumulated underscore a transitory shift toward institutional prudence in November 2025.
