Global crypto investment products extended their winning streak to five weeks, but the latest inflows reveal a more fragile investor sentiment beneath the surface.
Asset managers, including BlackRock, Fidelity, Grayscale, Bitwise, ProShares, and 21Shares, recorded net inflows of $117.8 million last week, according to data from CoinShares.
Crypto ETPs and ETFs saw inflows of US$117.8M last week.
Products saw four consecutive days of outflows totalling US$619M from Monday to Thursday, before a single-session inflow of US$737M on Friday flipped the week to positive. @Bitcoin saw US$192.1M of inflows. @ethereum saw… pic.twitter.com/pMiBhEymnV
— CoinShares (@CoinSharesCo) May 5, 2026
While the figure marks continued institutional interest, it also represents the weakest inflow during the current five-week run, which has now surpassed $4 billion. Total assets under management held steady at $155 billion.
Midweek outflows reveal fragile sentiment
Despite the positive headline figure, trading activity throughout the week tells a more turbulent story. Crypto investment products experienced four consecutive days of outflows between Monday and Thursday, shedding a combined $619 million.
That trend reversed sharply on Friday, when a single-day inflow of $737 million pushed the weekly total back into positive territory.
CoinShares Head of Research James Butterfill described the surge as one of the largest daily inflows recorded in 2026, suggesting a sudden rebound in investor risk appetite.
Regionally, the United States saw inflows slow significantly to $47.5 million, down from $1.1 billion the previous week, reflecting the broader “risk-off” sentiment during most of the trading period. In contrast, European investors showed greater resilience, with Germany contributing $43.8 million in inflows, while Canada added $16 million.
Bitcoin leads while Ethereum struggles
Bitcoin-focused investment products continued to dominate flows, attracting $192.1 million last week and pushing year-to-date inflows to $4.2 billion.
U.S. spot Bitcoin ETFs accounted for a significant portion of this demand, pulling in $162.8 million. BlackRock’s IBIT fund led the pack with $136.6 million in new capital, reinforcing its dominance in the ETF segment. Short Bitcoin products also saw minor inflows of $6 million, indicating some hedging activity among investors.
Ethereum, however, failed to keep pace. Investment products tied to the asset recorded $81.6 million in net outflows, highlighting weaker participation across altcoins. According to Butterfill, the number of actively traded crypto assets narrowed significantly during the week, signalling that investor confidence dipped midweek before rebounding into the weekend.
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