James Butterfill, head of research at CoinShares, said weaker employment numbers and growing expectations for a Federal Reserve rate cut in September should have acted as tailwinds.
Instead, they coincided with a 27% drop in weekly trading volumes, signaling that investors were less willing to commit new capital to digital assets. Despite the downturn, longer-term market sentiment remains positive.
According to CoinShares, year-to-date inflows stand at $35.2 billion on an annualized basis, putting the market 4.2% ahead of last year’s full-year total of $48.5 billion.
This setback reflects the slowing sentiment surrounding the digital asset, even as its inflows for the year remain robust at $11.2 billion.
During the reporting period, Solana logged $16.1 million in weekly inflows, marking its 21st straight positive week and bringing the year’s total to $1.16 billion. Conversely, XRP-focused funds added $14.7 million in fresh capital, pushing their 2025 inflows to $1.22 billion.
Across the regions, capital movements varied as US investors led redemptions in the market.
According to CoinShares, the US led global outflows with $440 million, while Sweden and Switzerland posted $13.5 million and $2.7 million in redemptions.
At the same time, Germany topped the inflow chart with $85.1 million, followed by Hong Kong with $8.1 million. Investors in Canada, Brazil, and Australia also added modest contributions of $4.1 million, $3.5 million, and $2.1 million, respectively.
