Global crypto ETPs extended their outflow streak to four weeks in the period ending Feb. 13, 2026, with $173 million withdrawn and $3.74 billion in monthly redemptions, according to CoinShares’ weekly report released on Monday. This marks the longest outflow phase since the post-ETF volatility period in late 2025.
Most of these outflows were from U.S.-listed crypto ETPs, as both Europe and Canada funds experienced net inflows. Thus, it appears that investors are shifting capital from one geographic location to another and not exiting the overall market.
Demand in Europe Contrasts With U.S. Outflows
While crypto ETPs listed in the U.S. had $403 million in outflows last week, German, Canadian, and Swiss ETP investors collectively added $230 million. The major contributors to the regional demand for these products were Germany’s $115 million inflows, Canada’s $46.3 million, and Switzerland’s $36.8 million.
Additionally, trading volumes dropped dramatically, with weekly crypto ETP volumes dropping to $27 billion from $63 billion in the previous week. This indicates that speculative positions in crypto are being diminished as the flow of funds into this market is also dropping.
CoinShares’ Head of Research, James Butterfill, said that “while the crypto ETP data show that selling pressure is slowing down, a return to net inflows has not yet emerged.”
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Source: CoinShares
Bitcoin and Ethereum Accounted for the Majority of Outflows
Bitcoin investment product-related outflows totaled $133 million, while Ethereum-related outflows totaled $85.1 million. Short-Bitcoin related products recorded $15.4 million in outflows over the past two weeks.
According to CoinShares, this type of pattern has been observed when markets are almost at an inflection point. But it does not necessarily represent a price bottom.
CoinShares’ reported fund flow trends correlate with a relatively quiet price movement for digital assets. As of this writing, the Bitcoin price remains below $70,000, while Ether remains priced under $2000, based on CoinMarketCap data.
Altcoin ETPs Experience Selective Inflows
Although many institutional investors have become increasingly risk-averse, several crypto ETPs have gained traction. XRP garnered the most inflows, with $33.4 million, followed by Solana with $31 million and Chainlink with $1.1 million.
These inflows may be an indication of select altcoin accumulation strategies. Many institutional investors continue to avoid large-cap assets due to growing macroeconomic uncertainty.
Inflows of $575 million in the early periods of last week were largely offset by $853 million in redemptions during the latter period of the same week. This happened before the release of the CPI data. This trend indicates that investors are sensitive to both price volatility and macroeconomic data releases.
Additionally, with the lower-than-expected CPI data released last week, there was a small inflow of $105 million on Friday. This further demonstrated that macroeconomic data influences institutional allocation to crypto.
Why It Matters
U.S. crypto ETP outflows demonstrate that institutions remain risk-averse and will limit any potential upside in crypto prices until macroeconomic conditions improve.
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