CoinShares data shows the ninth straight day of inflows despite macroeconomic headwinds.

According to CoinShares, digital asset investment products recorded $226 million in inflows last week, marking the ninth consecutive trading day of net positive flows across exchange-traded products (ETPs).

The report, authored by Head of Research James Butterfill, indicates a cautious resurgence of institutional participation following record outflows earlier in the month.

Per CoinShares, Bitcoin accounted for most of the activity, attracting $195 million in inflows. Meanwhile, short Bitcoin products saw $2.5 million in outflows, extending a four-week trend of declining bearish positioning.

The flow reversal follows a broader market correction, which saw total assets under management across global Bitcoin ETPs fall to $114 billion, their lowest level since the period immediately after the U.S. election.

For the first time in five weeks, altcoin ETPs posted net inflows totaling $33 million. The rotation suggests a modest uptick in investor appetite beyond Bitcoin after four consecutive weeks of altcoin outflows that totaled $1.7 billion.

Ethereum led the group with $14.5 million inflows, followed by Solana at $7.8 million. XRP and Sui saw $4.8 million and $4.0 million respectively. The figures suggest that while Bitcoin remains the primary focus for institutional capital, select layer-1s and payment-oriented protocols are regaining traction as macro uncertainty weighs on broader risk appetite.

Regional participation consolidates around the U.S. and Europe

CoinShares data shows inflows were concentrated across major Western markets. The United States recorded $204 million in net inflows, followed by Switzerland at $14.7 million and Germany at $9.2 million. Minor outflows occurred in Hong Kong ($2.1 million) and Brazil ($1.3 million), indicating some geographic divergence in sentiment, though overall regional participation remained net positive.

The weekly inflow trend was briefly interrupted on Friday when ETPs experienced $74 million in net outflows. CoinShares attributed this to the release of higher-than-expected U.S. core personal consumption expenditure (PCE) data, which may have reinforced the Federal Reserve’s expectations of a hawkish stance.

While recent economic indicators have pointed to slowing growth, the elevated inflation print complicates the Fed’s trajectory, adding short-term volatility to digital asset flows.

Institutional capital remains reactive to macro shifts

Despite the week’s net inflows, Butterfill characterized investor positioning as cautious, reflecting the complex macroeconomic backdrop. While sustained inflows suggest a degree of conviction in returning to the market, the sensitivity to inflation data illustrates how central bank policy continues to shape crypto allocation decisions.

The report stresses the importance of cross-asset correlations and macroeconomic drivers in shaping institutional behavior. As CoinShares noted, Bitcoin’s recent decline in AUM aligns with a broader reassessment of growth expectations and inflation persistence, both of which remain central to digital asset risk exposure frameworks.

According to CoinShares, current trends suggest investors are selectively reentering digital asset markets, preferring Bitcoin and large-cap altcoins. They are also maintaining defensive positioning in response to potential interest rate volatility.

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