Weekly Channel Summary
The Cryptocurrency channel ended the week with $118.49B in total AUM spread across 88 ETFs from 25 issuers. Net outflows totaled $2,074M over the trailing five days, a sharp reversal against the $914M of net inflows still positive on a year-to-date basis. On a trailing one-year view, the channel remains in outflow territory at $2,011M, underscoring the volatility that has characterized digital-asset fund flows over the past twelve months.
This Week’s Performance Leaders and Laggards
Every category in the channel posted negative weekly performance, with Ethereum the relative outperformer at -0.21% WTD while Altcoin funds led the declines at -3.72%. Bitcoin and Multicoin categories fell -1.14% and -1.91% respectively, consistent with broader weakness across digital assets. Despite this week’s pullback, the Altcoin category retains the strongest medium-term profile, up 48.30% over three months and 18.16% YTD, the only category in positive YTD territory. The standout individual performer was ZCSH, gaining 9.04% WTD, while several Hyperliquid-linked funds, including NRR at -14.21%, anchored the bottom of the list.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum | -0.21% | -17.31% | 16.62% | -5.18% | -25.06% | -32.69% |
| Bitcoin | -1.14% | -11.57% | 17.47% | -7.22% | -13.73% | -25.21% |
| Multicoin | -1.91% | -13.63% | 17.37% | -7.25% | -17.46% | -28.10% |
| Altcoin | -3.72% | -19.52% | 48.30% | 22.69% | 18.16% | 11.09% |
Top & Bottom 5 ETFs by Weekly Performance
Weekly fund performance was dominated by a small group of gainers against a broader backdrop of declines. ZCSH topped the list at 9.04%, followed by NGHT at 3.83%, with the remaining top performers posting only modest gains below 1%. On the downside, Hyperliquid-staking and NEAR-linked products suffered the steepest losses, led by NRR at -14.21%, BTCK at -13.81%, and BHYP at -13.74%. The spread between top and bottom performers, over 23 percentage points, highlights elevated dispersion within smaller, niche altcoin products this week.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| ZCSH | Zcash ETF | 9.04% |
| NGHT | Nicholas Bitcoin and Treasuries AfterDark ETF | 3.83% |
| KRYP | ProShares CoinDesk 20 Crypto ETF | 0.62% |
| TKNS | 21Shares Active Crypto ETF | 0.55% |
| BITC | Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF | 0.21% |
| Bottom Performers | ||
| NRR | Bitwise NEAR ETF | -14.21% |
| BTCK | 7RCC Spot Bitcoin and Carbon Credit Futures ETF | -13.81% |
| BHYP | Bitwise Hyperliquid ETF Common Shares of Beneficial Interest | -13.74% |
| THYP | 21shares Hyperliquid Staking ETF | -13.69% |
| HYPG | Grayscale Hyperliquid Staking ETF | -13.45% |
Analyzing the Weekly Flows
The channel recorded net outflows of $2,074M over the five-day period, driven predominantly by Bitcoin, which shed $1,595M, and Ethereum, which lost $429M. Altcoin and Multicoin categories also saw modest outflows of $49M and $2M respectively, leaving no category in net inflow territory this week. This contrasts with longer-term trends, as both Altcoin and Multicoin categories remain net positive on a 90-day and YTD basis, while Bitcoin and Ethereum have both turned negative YTD. The broad-based weekly redemption activity suggests a pause in demand across the largest, most liquid crypto wrappers.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multicoin | 11 | $1.20B | -$2M | -$5M | $84M | $123M | -$21M |
| Altcoin | 44 | $4.86B | -$49M | -$129M | $1,110M | $2,306M | $4,095M |
| Ethereum | 12 | $13.21B | -$429M | -$1,740M | $695M | -$374M | -$1,859M |
| Bitcoin | 21 | $99.23B | -$1,595M | -$1,722M | $3,884M | -$1,141M | -$4,226M |
Top & Bottom 5 ETFs by 5-Day Flow
Inflows were led by FETH, which gathered $14M, followed by BITB with $11M, while the remaining top inflow funds added only single-digit millions. Outflows were far more concentrated, with IBIT alone losing $1,040M and ETHA shedding $332M, together accounting for the bulk of the channel’s weekly redemptions. Additional outflows from FBTC and ARKB reinforce that the largest, most established Bitcoin products bore the brunt of this week’s selling.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| FETH | Fidelity Ethereum Fund ETF | $14M |
| BITB | Bitwise Bitcoin ETF Trust | $11M |
| BTCO | Invesco Galaxy Bitcoin ETF | $4M |
| MSBT | Morgan Stanley Bitcoin Trust ETF | $3M |
| HBR | Canary HBAR ETF | $3M |
| Outflows | ||
| IBIT | iShares Bitcoin Trust ETF | -$1,040M |
| ETHA | iShares Ethereum Trust ETF | -$332M |
| FBTC | Fidelity Wise Origin Bitcoin Fund | -$151M |
| ARKB | ARK 21Shares Bitcoin ETF | -$129M |
| GBTC | Grayscale Bitcoin Trust ETF | -$103M |
Issuer League Table Update
iShares remains the dominant issuer by assets with $68.50B, a 57.81% share, followed by Grayscale at $19.06B, or 16.09% share, together controlling nearly three-quarters of channel AUM. On the flow side, Morgan Stanley led weekly inflows with $5M, followed by Invesco at $3M, though both figures were modest relative to overall channel activity. iShares posted the largest weekly outflow among issuers at $1,441M, consistent with redemptions from its flagship Bitcoin and Ethereum products, while Grayscale and Fidelity also saw notable outflows of $224M and $137M respectively.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 3 | $68.50B | 57.81% |
| Grayscale | 12 | $19.06B | 16.09% |
| Fidelity | 3 | $15.82B | 13.35% |
| Bitwise | 10 | $5.48B | 4.62% |
| 21Shares | 12 | $2.48B | 2.09% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Morgan Stanley | $5M |
| Invesco | $3M |
| Canary | $2M |
| Outflows | |
| iShares | -$1,441M |
| Grayscale | -$224M |
| Fidelity | -$137M |
For a deeper dive into these trends, access our FREE, in-depth Cryptocurrency ETF reports in the right side panel of this page.
Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
