Crypto funds endure first negative week in seven as $1.07B exit markets

Crypto funds recorded $1.07 billion in net outflows for the week ending May 16, the first negative weekly figure in seven weeks and the third-largest single-week outflow of 2026 to date.

Only two weeks in late January saw larger withdrawals from the category, according to data from CoinShares. Total assets under management fell to $157 billion from $159 billion the previous week.

The pullback came against a backdrop of renewed geopolitical risk-off sentiment tied to Iran-related developments. News flow around the CLARITY Act in Washington helped soften the tone at the margin, with Thursday breaking positive at $174 million in net inflows.

Bitcoin and Ethereum drive crypto funds weekly outflow

Bitcoin investment products accounted for $981.5 million of the weekly outflow total, the largest single-asset withdrawal across the category. Year-to-date inflows for Bitcoin products now stand at $3.94 billion, with total assets under management at $126.61 billion.

The May figure pulls the running total back closer to early-April levels.

Ethereum products posted $249.3 million in net outflows over the week, the largest weekly withdrawal for the category since January 30. Year-to-date inflows for Ethereum products now sit at $137 million, with total assets under management at $17.69 billion. The month-to-date figure has now turned negative at $73.1 million in outflows for May.

United States drives the regional outflow picture

On a regional basis, the entire negative reading was driven by the $1.14 billion weekly outflow figure from US-listed crypto funds. Year-to-date inflows for US-listed products now total $3.57 billion, with total assets under management of $131.15 billion. Month-to-date inflows for May are $363.8 million for the first three reporting weeks of the month.

European-listed products did well the same week. Switzerland registered inflows of $22.8 million, Germany $22.0 million and Netherlands $7.5 million. Canada saw $12.6 million of inflows during this period. Total inflows into the major European markets and Canada combined to over $65m for the week.

Sweden was the main negative outlier in Europe at $4.0 million in outflows, with the country’s year-to-date figure staying in the red at minus $162.6 million.

Hong Kong also posted a smaller outflow of $2.0 million. Australia, Brazil, France, Italy, and New Zealand each recorded small positive flows of less than $5 million.

XRP and Solana crypto funds buck the trend

Altcoin-focused crypto funds held up well against the broader pullback. XRP products drew $67.6 million in net inflows over the week. Year-to-date inflows for XRP products now stand at $259 million, with total assets under management at $2.68 billion. Month-to-date inflows for May have reached $106.7 million across the first three reporting weeks.

Solana products added $55.1 million in net inflows over the same period, also faster than recent weekly totals. Year-to-date inflows for Solana investment products now stand at $339 million, with total assets under management at $2.52 billion. Month-to-date inflows for May have reached $106.2 million.

Smaller altcoin products posted positive flows for the week. Ton funds added $7.7 million, Sui $4.7 million, Ondo $4.1 million, Chainlink $3.9 million and Doge $3.2 million.

Multi-asset products saw net inflows of $3.1 million, returning to positive territory following outflows the week prior. Litecoin saw smaller inflows of $0.1 million. Short-Bitcoin products experienced flat outflows of $0.5m during the week.

iShares and ARK 21Shares lead the provider outflows

By issuer, BlackRock’s iShares family saw $487 million leave its crypto funds over the week, the largest single-issuer outflow on the report. Year-to-date inflows for iShares still hold at $4.09 billion, with total assets under management at $73.65 billion. Month-to-date inflows for the iShares family stand at $584 million for May.

ARK 21Shares recorded $323 million in net outflows over the same period, taking its year-to-date figure into negative territory at minus $300 million. Fidelity posted $305 million in outflows on the week, with its year-to-date figure staying in the red at minus $1.36 billion.

Grayscale recorded $84 million in outflows, and ProFunds Group lost $62 million across the week. Three providers posted positive flows for the period. Bitwise drew $25 million in fresh capital, 21Shares AG took in $23 million, and CoinShares recorded $6 million in inflows.

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