Digital asset exchange-traded products (ETPs) saw almost $800 million in outflows last week, marking their third consecutive week, according to a report from crypto asset manager CoinShares. 

On April 14, CoinShares reported that crypto ETPs saw $795 million in outflows last week, with Bitcoin (BTC)-based products accounting for $751 million, while Ether (ETH) products followed with $37.6 million. 

While the major tokens saw increased outflows, some altcoins went against the flow, seeing small gains. These included XRP, Ondo Finance, Algorand and Avalanche. 

According to CoinShares, the total outflows of crypto ETPs since February have reached $7.2 billion, nearly wiping out the year-to-date (YTD) inflows from the investment products. 

Tariff activity weighs in on crypto ETPs

CoinShares head of research James Butterfill attributed the outflows to the recent tariff-related activities initiated by United States President Donald Trump. 

On April 2, Trump signed an executive order imposing a 10% baseline tariff on all imports from all countries. The president also set reciprocal tariffs for countries that charge tariffs on US imports. The Trump administration then continued flip-flopping over tariff policy, bringing market uncertainty. 

Butterfill wrote that the “wave of negative sentiment” that started in February has resulted in record outflows of $7.2 billion. The outflows have nearly wiped out all the YTD inflows, now amounting to $165 million.

In addition to Bitcoin and Ether-based products, altcoins like Solana, Aave and Sui also collectively saw outflows of over $6 million last week. 

While Bitcoin-related products have also seen huge outflows, its YTD gains still stand at $545 million. Furthermore, short-Bitcoin products also saw outflows totaling $4.6 million. 

Related: This year’s top ETF strategy? Shorting Ether — Bloomberg Intelligence

BlackRock’s iShares lead crypto ETP outflows 

BlackRock’s iShares exchange-traded funds (ETFs) had the most outflows among ETP providers. CoinShares data shows that BlackRock’s ETFs saw $342 million in outflows last week, putting its total month-to-date outflows at $412 million. 

Crypto ETP flows chart by asset provider. Source: CoinShares

Even though BlackRock had massive outflows this month, the ETF issuer still has about $2.8 billion in YTD inflows. The asset manager also holds over $49.6 billion in assets under management (AUM).

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