Just looked at last week's crypto ETP flows and the rebound narrative doesn't hold up as well as the headlines suggest. Yeah, we saw $224M in inflows after the prior week's $414M outflow, which sounds like a recovery. But here's the thing - roughly 70% of that came from Switzerland alone. We're talking $157M out of $224M from one country. That's not exactly a broad-based crypto rebound.

XRP was the star performer with about $120M in inflows, more than half the global total. But almost none of it came from US spot ETFs. The five US-listed XRP products barely moved. It was basically all European and international demand. Bitcoin drew $107M but only $22M from US spot funds. Meanwhile, Strategy bought 4,871 BTC for roughly $330M in the same week - a single company pulling 15 times what all US spot bitcoin ETFs attracted combined.

What's wild is the Ether situation. ETH funds bled $53M in outflows while Bitmine Immersion Technologies was aggressively buying, picking up 71,252 tokens last week alone. So retail investors are leaving Ether while one of the biggest corporate buyers is accelerating purchases. The crypto rebound we're seeing is basically concentrated in Europe, driven by XRP and some Bitcoin buying, but the US institutional story looks pretty weak when you dig into the actual flows.