Crypto funds post $1.47 billion in net outflows, a second straight negative week

Digital asset investment products and crypto funds recorded $1.47 billion in net outflows for the week ending May 23.

This is the second consecutive negative week and the third-largest weekly outflow of 2026 to date. Only the twin $1.7 billion weeks of late January saw larger withdrawals from the category, according to data from CoinShares. Total assets under management across the category fell to $148.69 billion.

The pullback was driven by Bitcoin, which saw $1.315 billion leave its investment products over the week. This was also the largest single-week Bitcoin outflow of 2026 to date. The number surpassed the late-January peak and pulled year-to-date inflows for Bitcoin products down to $2.6 billion from $3.9 billion the previous week.

Bitcoin records largest weekly outflow of 2026

Bitcoin investment products accounted for $1,315.2 million of the weekly outflow total. This was the largest single-asset withdrawal across the category and a new high for weekly Bitcoin outflows in 2026.

Year-to-date inflows for Bitcoin products now stand at $2.624 billion, with total assets under management at $120.23 billion.

The two-week run of outflows now totals $2.54 billion across the category. Short-Bitcoin products drew $10.2 million in net inflows over the same week. This was a turn from the outflows seen in those products during the previous reporting period.

Ethereum and altcoin flows across the crypto funds week

Ethereum products posted $222.8 million in net outflows over the week, almost in line with the previous week’s figure. Year-to-date inflows for Ethereum products now sit at negative $89 million, and the total assets under management stand at $16.23 billion. The month-to-date figure has fallen to $298.8 million in outflows for May.

Altcoin products have seen selective inflows, although on a smaller scale than the previous week. XRP funds led the group at $31.8 million in net inflows, with year-to-date flows now at $291 million.

Near products drew $9.0 million and Solana funds added $7.7 million over the week, with Sui taking in $2.9 million and Chainlink $0.6 million.

Multi-asset products drew $4.7 million in net inflows for the week, staying on the positive side. Litecoin posted a smaller $0.4 million in inflows. Nine separate assets recorded meaningful inflows of more than $1 million over the week, down from 11 the previous week.

United States drives the global crypto funds outflow

United States-listed crypto funds accounted for $1.4 billion of the weekly outflow figure. Year-to-date inflows for US-listed products now stand at $2.15 billion, with total assets under management at $123.89 billion. Month-to-date flows for May have turned negative at $1.06 billion in outflows.

The risk-off extended well beyond the United States during the week. Switzerland saw $16.2 million in outflows, with Canada losing $12.5 million and Hong Kong $12.2 million. Germany was close to flat at $4.4 million in outflows, with Sweden adding $1.8 million and Brazil $1.4 million to the negative regional tally.

A handful of smaller markets stayed positive over the week. The Netherlands drew $6.6 million in net inflows, with Australia adding $0.7 million. France and New Zealand were close to flat for the period.

iShares leads the provider outflows

By issuer, BlackRock’s iShares family saw $1.1 billion leave its crypto funds over the week, the largest single-issuer outflow on the report. Year-to-date inflows for iShares still hold at $2.902 billion, with total assets under management at $69.39 billion. Month-to-date flows for the iShares family have turned negative at $607 million for May.

Fidelity recorded $129 million in net outflows over the same period, with its year-to-date figure staying in the red at minus $1.493 billion. ARK 21Shares posted $107 million in outflows on the week, taking its year-to-date figure to minus $407 million. ProFunds Group lost $45 million, with Grayscale recording $12 million in outflows and CoinShares $6 million.

Two providers stayed positive for the week. Bitwise drew $1 million in fresh capital and 21Shares AG took in $1 million over the period.

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