Last week, I was looking at the capital inflow situation in the crypto ETP market and realized something. On the surface, it looks like a recovery of $240 million, but in reality, it’s quite skewed. As much as 70% of the total inflow comes from Switzerland, while the US is only $28 million. Germany and Canada are even lower. Doesn’t this suggest that US institutional investors aren’t really buying?

XRP stands out as it accounts for more than half of the total inflow, with about $120 million. However, from US spot XRP ETPs, it’s almost zero. In other words, Europe and the international market are driving this. Meanwhile, Bitcoin ETPs raised $107 million, but only $22 million came from the US. The strategy bought 4,871 BTC worth about $330 million over the weekend, whereas the US spot ETF bought less than one-fifteenth of that. Isn’t this difference significant?

Ether continues to see outflows, with $53 million leaving. Meanwhile, Bitmine is buying up large amounts of ETH, purchasing more than 710k tokens. The actions of corporate buyers and individual investors are moving in completely opposite directions. Looking at the entire ETP market, it makes me question whether institutional investors are really buying. The current situation is that US buyers are limited, and Europe is leading.