Investors collectively withdraw, cryptocurrency assets face a withdrawal wave

As the end of the year approaches, a quiet capital withdrawal is unfolding in the cryptocurrency market. According to the latest data released by CoinShares, these investment products experienced a capital outflow of $446 million in the past week, and the total withdrawal since early October has reached $3.2 billion. Although the overall year has attracted substantial new funds, investors’ actual actions reveal the fragile nature of market confidence.

Diverging Trends in the Withdrawal Wave

Mainstream Assets Plunge Collectively

CoinShares’ latest weekly report shows that cryptocurrency investment products are experiencing continuous investor withdrawals. In the last week of December, outflows reached $446 million, clearly reflecting the persistent market gloom since the sharp decline on October 10. Since October, a total of $3.2 billion has been withdrawn from these products.

Looking at the full picture from the beginning of the year, these investment products have accumulated $46.3 billion in funds, comparable to the same period last year. However, the growth in total asset management scale is only 10%, a clear logical indicator—large amounts of capital flow in and out rapidly, and the actual returns for investors in 2025 so far are not optimistic.

The main drivers of fund withdrawal this week are Bitcoin and Ethereum. Bitcoin-related products saw a net outflow of $443 million, while Ethereum products saw an outflow of about $59 million. Multi-asset portfolio products continued their negative trend, remaining in a net outflow state this week. However, from an annual perspective, Bitcoin still ranks as the highest asset in terms of capital inflow.

Altcoins Attract Withdrawals

Interestingly, investor withdrawals are not aimless. Altcoin investment products such as XRP, Solana, and Chainlink recorded net inflows. XRP products this week attracted $70.2 million, Solana attracted $7.5 million, and Chainlink attracted $2.1 million. Since their launch in mid-October, US XRP ETFs have accumulated $1.07 billion in funds, and Solana ETFs have attracted $1.34 billion. In contrast, during the same period, Bitcoin and Ethereum products experienced net outflows of $2.8 billion and $1.6 billion, respectively.

This divergence reflects a change in investor strategy—some are retreating from mainstream assets with high trading volumes and shifting towards riskier, higher-growth altcoins.

Anomalies in the Global Withdrawal Pattern

Geographically, investor withdrawal behaviors vary significantly. US investors have been the most cautious, withdrawing $460 million from local investment products last week, while Switzerland also recorded a small negative outflow.

Germany, however, becomes an outlier in the withdrawal wave. Last week, Germany achieved a net inflow of $35.7 million, with cumulative inflows in December reaching $248 million. Data reveals an intriguing phenomenon: German investors view recent price dips as opportunities and are engaging in contrarian positioning during relatively undervalued moments.

This stark contrast between regions indicates that global investors’ views on crypto assets are diverging. Withdrawals are not a consensus but a debate over timing and risk.