Last week, $224 million flowed into crypto ETPs, but this figure isn't as strong as it appears. When looking into the details, the interesting part of the story emerges.

Almost 70% of the inflow came solely from Switzerland, meaning $157 million was transferred from Europe. Only $28 million came from the US. Contributions from Germany and Canada are also marginal. This tells us: American institutional buyers have not yet entered the market.

Looking at the asset distribution, XRP stands out. A demand of $120 million, meaning more than half of the $224 million went into a single coin. But there's a surprise here: this XRP demand almost entirely came from European and international markets. US spot ETFs for XRP are seeing almost zero inflow.

A similar story is true for Bitcoin. Of the $107 million ETP inflow, only $22 million came from US spot ETFs. Meanwhile, a firm called Strategy bought 4,871 BTC in the same week, spending $330 million. A single company's purchase is 15 times the total of all US spot Bitcoin ETFs. This clearly shows where institutional buying is concentrated.

Ether products, on the other hand, continue to see outflows. A weekly net outflow of $53 million, totaling $327 million lost since the beginning of the year. Major institutional buyers like Bitmine Immersion Technologies are accumulating ETH, while general ETP investors are pulling back. This divergence may reflect US regulatory uncertainty.

In conclusion, while the $224 million figure might seem like a positive sign, the actual flow passes through a much narrower channel. The geographic concentration and source differentiation indicate that the market still primarily involves marginal buyers outside the US, and institutional participation remains highly selective.