CoinShares' latest weekly fund flow report landed with a detail that caught institutional watchers off guard: XRP exchange-traded products pulled $120 million in net inflows for the week ending April 7, capturing more than half of the $224 million that entered crypto ETPs globally. As of April 13, 2026, XRP trades at $1.33.
The number alone is worth attention. It marks XRP's largest weekly intake since mid-December 2025, when Ripple's partial legal resolution with the SEC briefly drove a buying frenzy. What makes this round different is where the money came from.
Switzerland Accounted for 70% of XRP Demand
Of the $120 million, approximately $157 million in total crypto inflows originated from Switzerland. That figure includes the bulk of XRP buying. The United States contributed roughly $28 million across all crypto ETPs. Germany matched the US at $28 million. Canada added $11 million.
The geographic skew is not subtle. CoinShares noted that "the marginal buyer right now is European, not American," a dynamic that inverts the pattern from late 2024, when US spot Bitcoin ETF approvals drove the majority of institutional capital.
Switzerland's dominance has a structural explanation. FINMA, the country's financial regulator, has approved dozens of crypto ETP listings on the SIX Swiss Exchange, giving institutional allocators a compliant, exchange-listed mechanism that avoids custody complications common in other jurisdictions. European institutions that want XRP exposure can buy it on a regulated exchange during market hours, settle it through existing brokerage infrastructure, and report it under familiar UCITS-adjacent frameworks.
The US has no spot XRP ETF. Several applications remain pending with the SEC, and Chair Atkins has not signaled a timeline. Until one is approved, American institutions seeking XRP exposure either use Grayscale's XRP Trust (which trades at a persistent premium or discount to NAV) or buy the token directly through OTC desks, which most compliance departments prohibit.
Bitcoin Took In $107 Million, but US Spot ETFs Barely Moved
Bitcoin ETPs attracted $107 million globally, a respectable number on its own. But when you break it apart, US spot Bitcoin ETFs contributed only $22 million of that total, and they remain negative on a year-to-date basis.
The gap between Strategy's buying and ETF inflows continues to widen. During the same week, Strategy purchased 4,871 BTC for approximately $330 million. One corporate buyer outspent the entire US spot ETF complex by a factor of fifteen.
BTC trades at $70,871 as of April 13, down 1.2% over the past 24 hours. The Fear & Greed Index sits at 42 (Neutral), a reading that has persisted for over a week now without triggering either panic selling or aggressive accumulation from retail.
Ethereum's Outflow Streak Extended to $327 Million YTD
Ether ETPs recorded another $53 million in outflows for the week, pushing year-to-date net outflows to $327 million. ETH trades at $2,190, down 1.3% in the past 24 hours.
The institutional disinterest in ETH contrasts with at least one large buyer moving in the opposite direction. Bitmine Immersion Technologies purchased 71,252 ETH during the same period, its largest single-week buy since December 2025. That kind of divergence, institutional products bleeding while a single corporate treasury loads up, mirrors the BTC pattern from early 2025 when Strategy was buying ahead of broader ETF inflows.
Whether the same playbook applies to ETH depends on a catalyst that does not yet exist. No Ethereum staking ETF has been approved. Without yield as a differentiator, institutional allocators see little reason to choose an ETH ETP over a BTC one that tracks the asset with stronger momentum and clearer regulatory status.
What the Swiss Bid Says About Regulatory Arbitrage
The $157 million from Switzerland is not just a data point about XRP. It is a signal about where regulated crypto demand will concentrate when one jurisdiction offers a clear framework and others do not.
FINMA's approach, licensing crypto ETPs under existing financial market infrastructure law rather than creating a separate regulatory category, has made Switzerland the default venue for European institutions that want crypto exposure without navigating the EU's MiCA transition or the SEC's enforcement-first posture.
This pattern preceded XRP's rally from $0.50 to above $2.00 in late 2024, when Swiss-listed products accumulated quietly before the price moved. Whether a repeat is building depends on whether these flows sustain or whether last week was a single burst tied to portfolio rebalancing.
The CoinShares data covers one week. One week of strong inflows does not confirm a trend. But the geographic composition, 70% Swiss, tells you something specific: the institutions buying XRP right now are not speculating on SEC approval. They already have a regulated product. They are allocating because they can.
Overview
XRP exchange-traded products captured $120 million of $224 million in global crypto ETP inflows for the week ending April 7, according to CoinShares. Switzerland accounted for roughly 70% of the demand, reflecting FINMA's regulatory maturity relative to the US and EU. Bitcoin ETPs added $107 million but US spot ETFs contributed just $22 million. Ethereum products lost another $53 million, extending YTD outflows to $327 million.
