Monthly
flow report

For crypto ETPs and ETFs

Our Capital markets team is a cross functional department involved in many levels of our core business. Composed of professionals with extensive experience in crypto-assets and traditional finance, the team focuses on ETF/ETP trading and liquidity, providing quantitative cutting-edge insights.

Our team
Alistair Byas-Perry
VP, Head of Capital Markets & EU Investment
Nicolò Finazzi
Senior Associate, Capital Markets
Alessandro Mondio
Director, Capital Markets
Brendan Layne
Associate, Capital Markets
Michael Friedman
Director, US Capital Markets
21shares
Monthly flows report
October 2025
GlobalUSEU
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October 2025

Europe
  • October marked the seventh consecutive month of inflows into European Crypto ETPs, with over $450M added which pushed YTD totals to nearly $3.3B.
  • Bitcoin ETPs ($320.3M) led the pack, followed by Solana at $191.6M. Smaller allocations went into Ethereum, Hype, and Sui products. XRP ETPs, by contrast, saw $163.6M in outflows.
  • Total European crypto ETP AUM fell 2.3% in October, as price declines, especially during the flash crash, more than offset strong net inflows. 21shares retained the top spot across issuers with a 29% market share. iShares Bitcoin ETP 698.7 123.3 21shares Solana Staking ETP 1,388.3 94.4 WisdomTree Physical Bitcoin 1,454.4 83.2 CoinShares Physical XRP 337.9 65.0 CoinShares Physical Bitcoin 1,9
  • In October, ABTC, AETH, CBTC, ETHC, and ASOL held their positions as the 21shares ETPs with the tightest average bid/ask spreads. ASOL improved one spot, moving into fourth place which pushed ETHC down one spot.
  • Average spreads on 21shares Bitcoin ETPs reversed last month’s trend and slightly widened, increasing ~ 1.5% MoM, with ABTC climbing back above 3.5 bps. Ethereum ETPs saw a similar trend, averaging around 5.8 bps despite higher trading volumes. By contrast, sustained demand for ASOL supported a nearly 25% narrowing of its average monthly spread from 8 bps to 6.15 bps.
  • 21shares was the most actively traded issuer in Europe during October, with daily average turnover of $56.4M, well above its year-to-date on-screen average of $39.7M and rising from September’s $41.4M. Within the product suite, ASOL, ABTC, and AETH led activity, averaging $19.1M, $9.2M, and $7.4M in daily trading, respectively.
  • Trading volume recorded in October across major European exchanges ($148.4M) was 35.9% higher compared to the previous month, with YTD figures at $107.1M ADV. Deutsche Börse Xetra continues to be the largest venue for Crypto ETPs, with $95.7M in average daily turnover. Second place went to SIX Swiss Exchange with $26.8M and third p lace was the London Stock Exchange at $7.5M, aided by the lifted retail ban.
  • 21shares has managed to maintain its position on major exchanges, with leading market shares above 40% on SIX Swiss Exchange, Euronext Paris, and the London Stock Exchange, with Euronext Amsterdam not far behind. 21shares ETPs Best Average Bid/Ask Spreads ETP Name Primary Ticker Best Average Spread Oct25 (bps) ADV Oct25 ($M) 21shares Bitcoin ETP ABTC SE 3.67 9.23 21shares Ethereum Staking ETP AETH SE 5.31 7.37 21shares Bitcoin Core ETP CBTC SE 5.50 4.25 21shares Solana Staking ETP ASOL SE 6.15 19.10 21shares Ethereum Core Staking ETP ETHC SE 6.19 2.25
United States
  • The AUM for Spot Bitcoin ETFs in the US fell to $150.0B in October, falling 0.3% MoM as BTC fell ~ 7.5%. In terms of secondary market activity, Spot BTC ETFs averaged over $6B traded daily during October, up nearly 50% from $3.5B in September. Spot Ethereum ETFs ended the month with $26.6B in AUM, down 3.3% MoM. This contraction can be attributed to an 11% drop in ETH’s price despite solid net inflows and a slight uptick in ADV.
  • October also saw the launch of new spot’33 Act products in the US, including Bitwise and Grayscale’s Solana ETFs (BSOL, GSOL) and Canary’s Litecoin and Hedera ETFs (LTCC, HBR). The reception was strong: BSOL drew over $400M in its first week, while HBR brought in more than $40M over the same period.
  • Overall, Crypto ETFs recorded net inflows for a total of + $4.3B, marking October as the second consecutive month of increased monthly NNAs after September’s $3.5B and August’s $3.1B, although well off July’s $12.3B.
  • The US Futures-based crypto ETF market saw more interest than September, with net inflows of over $1.1B predominantly concentrated in 2 x proof-of-stake coin ETFs and Bitcoin futures ETFs. AUM ($M) Evolution of US Crypto ETFs Spot Ethereum ETFs Performance - October 2025 Ticker Issuer AUM ($M) NNA Oct25 ($M) ETHA BlackRock 15,827.8 766.3 ETHE Grayscale 3,982.1 - 160.5 FETH Fidelity 2,997.9 - 0.7 ETH Grayscale 2,886.8 77.3 ETHW Bitwise 493.6 2.8 ETHV Vaneck 254.1 0.4 EZET Franklin Templeton 84.9 - 5.8 TETH 21shares 38.6 - 7.5 QETH Invesco 34.8 - 4.2 Total 26,600.5 668.1
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Total monthly flows into crypto ETFs & ETPsETFs (US)ETPs (Europe)
Last month NNA by crypto asset (globalUSEurope, top 10 only)
Last month NNA by issuer (globalUSEurope)
Average daily value (ADV) traded on Europe’s major exchanges
October 2025
October 31, 2025
Issuer AUM NNA Oct25 NNA 2025 21shares 5200.3 77.5 428.3 Coinshares 3922.8 600.5 1263.2 Bitwise 2342.9 40.4 196.5 Wisdomtree 2330.9 -428.0 619.0 Vaneck 1389.2 10.7 88.3 BlackRock 698.7 123.3 524.5 Virtune 450.9 35.3 193.7 Invesco 416.8 8.7 17.7 Fidelity 342.0 6.8 136.9 Hashdex 304.1 2.4 -157.8 Amina 99.3 0.0 -82.0 DWS 91.3 8.9 38.9 DDA 46.7 -22.3 -25.2 nxtAssets 39.3 2.8 37.0 FiCAS 10.2 0.0 -2.5 Global X 8.3 0.6 -0.6 Grayscale 7.7 0.0 0.0 Grand Total 17701.3 467.7 3276.2
Underlying AUM NNA Oct25 NNA 2025 Bitcoin 8677.2 320.3 1396.6 Solana 2768.8 191.6 1239.4 Ethereum 2159.9 48.9 175.3 XRP 1819.5 -163.6 593.2 Basket 1216.0 -16.6 -52.1 SUI 238.0 11.9 144.5 Cardano 118.4 5.0 33.2 Cronos 88.5 0.0 63.6 Chainlink 87.3 5.4 36.2 Tron 47.7 1.1 -28.8 Near 46.5 0.6 53.1 Litecoin 46.0 9.8 21.0 Avalanche 43.8 4.0 21.0 Polkadot 41.4 2.5 14.2 Hype 36.7 33.5 37.9 BNB 30.7 3.8 -574.7 Algorand 25.0 0.7 5.1 Stellar 23.7 0.2 11.6 Dogecoin 22.6 8.4 26.4 XDC 20.6 0.1 25.7 TON 18.4 1.6 -24.7 Polygon 16.3 0.7 3.9 Aptos 15.9 0.3 0.2 Tezos 15.2 0.0 0.7 Bitcoin Cash 12.7 -0.9 -2.1 Ondo 11.0 1.3 14.8 Celestia 9.6 0.4 29.7 Uniswap 9.2 0.0 3.0 AAVE 9.0 -3.6 5.6 Arbitrum 6.7 0.5 5.0 Pyth 4.2 0.0 -0.6 SEI 3.8 0.0 0.0 Hedera 3.2 1.4 3.5 Other Underlyings * 7.5 -1.6 -5.3 Grand Total 17701.3 467.7 3276.2
Month Net flows AUM Nov24 Dec24 Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 1304.5 18118.1 Oct25 467.7 17701.3
Exchange ADV Oct25 ADV 2025 Deutsche Börse Xetra 95.7 63.4 SIX Swiss Exchange 26.8 23.1 London Stock Exchange 7.5 3.1 Euronext Paris 7.0 6.9 Nasdaq Stockholm 6.5 6.1 Euronext Amsterdam 4.9 4.4
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