From January 17 to 23, cryptocurrency investment products experienced outflows totaling $1.73 billion, marking the worst performance since mid-November 2025, according to a report from CoinShares.
Analysts attributed the sell-off to deteriorating expectations regarding interest rate cuts. Additional pressure came from negative price momentum and investor disappointment in the protective qualities of digital assets.
The primary driver of the outflows was the United States, where local investors withdrew nearly $1.8 billion from the market. Minor sell-offs were noted in Sweden and the Netherlands.
In other regions, market participants took advantage of the dip. Switzerland, Germany, and Canada collectively invested $85.1 million into crypto funds, opening long positions.
In terms of assets, Bitcoin suffered the most.
Outflows from Bitcoin-based products amounted to $1.09 billion, while instruments allowing short positions on digital gold attracted a mere $0.5 million.
Ethereum funds lost $630 million, and products based on XRP saw outflows of $18.2 million.
Despite the overall trend, Solana ended the week in the green with an inflow of $17.1 million. Positive performance was also seen in BNB ($4.6 million) and Chainlink ($3.8 million).
For context, from January 10 to 16, inflows into cryptocurrency investment products totaled $2.17 billion.