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
November 2025
GlobalUSEU
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November 2025

Europe
  • November marked a significant reversal in the flow trend for European Crypto ETPs, recording the first month of aggregate outflows in eight months with - $158M. Despite the November outflows, YTD net flows remain strongly positive at $3.1B.
  • The outflows were driven by Solana ETPs, which shed $414.9M. Bitcoin ETPs remained the primary beneficiary, posting strong inflows of $273.8M. Ethereum ETPs saw modest inflows of $8.2M.
  • November saw a sharp decline in overall AUM for European Crypto ETP, with a drop of 17.6% to $14.4B. This decline was primarily due to significant price contractions across most underlying assets, which amplified the effect of the net outflows.
  • 21shares retained the top spot across issuers with a 29% AUM market share. Key highlights from November 2025:
  • ABTC, AETH, CBTC, ETHC, and ASOL held their positions as the 21shares ETPs with the tightest average bid/ask spreads. However, market volatility resulted in a widening of quotes across most products in the market. The 21shares Bitcoin ETP (ABTC) spread increased from 3.67 to 4.68 bps, reversing last month's trend but still maintaining a leading position in Europe.
  • Solana ETPs saw the most significant impact on liquidity. Sustained selling pressure and the large net outflows in November contributed to the Solana Staking ETP (ASOL) spread widening by approximately 16.5% (from 6.15 bps to 7.16 bps). Ethereum ETPs followed a similar trend, averaging 6.57 bps in November, up from 5.85 bps in October.
  • Total 21shares ADV saw a slight decline of approximately 8%, from $56.4M in October to $51.9M in November. Within the product suite, the Solana Staking ETP (ASOL) was the most actively traded ETP at $10.59M, followed by ABTC at $9.24M, AXRP at $7.51M, and AETH at $5.71M.
  • Trading volume across major European exchanges remained resilient, totaling approximately $145.3M in November, a marginal decrease of 1% compared to the previous month. Deutsche Börse Xetra continues its dominance as the largest venue for Crypto ETPs, recording $88.3M in average daily turnover. The London Stock Exchange (LSE) recorded the most significant growth, with its ADV surging to $10.8M, an increase of 44% MoM. This pick-up is attributed to November being the first full month of retail trading following the lifted ban in the second half of October.
  • 21shares has managed to maintain its position on major exchanges, with leading market shares on SIX Swiss Exchange, Euronext Paris, and the London Stock Exchange, with Xetra and Euronext Amsterdam not far behind.
United States
  • The AUM for Spot Bitcoin ETFs in the US fell to $125.3B in November, sliding 16.5% MoM as BTC dipped ~ 17%. Spot BTC ETFs averaged almost $5.5B traded daily during November, down 8.3% MoM. Spot Ethereum ETFs finished with $21.3B in AUM, down ~ 20% and primarily attributed to a 22% drop in ETH.
  • November extended October’s momentum with more spot’33 Act launches, including new Solana ETFs from Fidelity and 21shares (FSOL, TSOL), broadening access and competition. The month also saw first-time products for previously unavailable assets in a ‘ 33 Act structure like XRP (XRP, XRPC) and Dogecoin (GDOG, BWOW). In the’40 Act space, the U. S. welcomed its first crypto index ETFs as 21shares debuted TTOP and TXBC, offering top - 10 market cap weighted exposure with or without BTC.
  • Overall, Crypto ETFs recorded net outflows for a total of - $3.2B, marking November as the first month since March with negative NNAs.
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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
November 2025
November 30, 2025
Issuer AUM NNA Nov25 NNA 2025 21shares 4119.0 -89.2 339.4 CoinShares 2921.1 -267.4 1011.3 WisdomTree 2031.4 90.1 709.1 Bitwise 1941.6 -2.5 193.0 Vaneck 1105.2 -19.0 69.4 BlackRock 690.0 91.4 615.9 Virtune 386.3 8.1 195.0 Invesco 357.1 8.5 26.3 Fidelity 312.3 25.4 163.6 Hashdex 260.9 1.8 -156.0 Amina 81.1 -1.4 -83.5 DWS 79.4 3.9 42.8 nxtAssets 42.2 5.0 48.0 DDA 38.9 0.0 -25.7 Issuance Swiss 11.3 0.3 4.7 FiCAS 8.8 0.0 -2.7 Global X 7.9 1.1 0.5 Fineqia 6.9 -15.8 -15.1 HANetf 6.3 1.8 9.4 Bitcoin Capital 2.1 0.0 0.0 Grand Total 14409.9 -158.0 3145.2
Underlying AUM NNA Nov25 NNA 2025 Bitcoin 7560.5 273.8 1676.5 Ethereum 1731.6 8.2 192.0 Solana 1662.8 -414.9 829.7 XRP 1596.5 -18.2 579.3 Basket 1031.8 6.4 -43.3 SUI 155.2 -2.2 142.3 Cardano 85.5 -10.4 24.4 Chainlink 68.0 0.5 38.2 Cronos 67.0 0.0 63.6 Near 43.6 2.3 55.3 Tron 43.4 -1.8 -30.6 Litecoin 40.8 -0.3 21.9 Avalanche 36.7 0.7 21.5 Polkadot 34.2 0.6 9.3 Hype 30.4 0.9 38.9 BNB 21.9 -3.9 -578.6 Algorand 20.3 -0.3 4.4 XDC 18.7 0.0 25.7 Dogecoin 18.5 -0.2 26.2 Stellar 18.4 -1.5 10.0 TON 14.4 0.2 -24.4 Tezos 13.3 -0.1 0.6 Bitcoin Cash 12.4 0.0 -2.1 Polygon 12.2 0.2 3.9 Uniswap 11.9 2.9 6.1 Aptos 10.8 0.1 0.3 Ondo 8.2 -0.2 14.6 AAVE 6.7 -0.8 4.8 Celestia 6.6 0.1 29.8 Arbitrum 5.4 0.5 5.5 Pyth 3.1 0.1 -0.5 Other Underlyings* 19.3 -0.7 0.0 Grand Total 14409.9 -158.0 3145.2
Month Net flows AUM Dec24 Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 1304.5 18118.1 Oct25 467.7 17701.3 Nov25 -158.0 14409.9
Exchange ADV Nov25 ADV 2025 Deutsche Börse Xetra 88.3 65.4 SIX Swiss Exchange 25.4 24.1 Euronext Paris 11.3 7.4 London Stock Exchange 10.8 2.6 Nasdaq Stockholm 5.5 6.1 Euronext Amsterdam 5.3 4.5
Issuer AUM NNA Nov25 NNA 2025 BlackRock 81929.9 -3356.1 34940.6 Grayscale 25593.0 -456.6 -2874.6 Fidelity 20555.4 -479.2 1347.5 Bitwise 4830.9 446.4 1004.1 Volatility Shares 3928.9 254.6 2762.3 Proshares 3888.3 228.5 1948.8 21shares 3787.2 -229.3 -653.1 Vaneck 1801.1 -134.3 469.2 NEOS 864.4 129.2 1044.6 Franklin Templeton 684.2 77.6 -13.2 Invesco 598.5 6.1 -103.1 CoinShares 568.0 -12.3 -280.9 Canary 414.3 386.7 431.8 Rex-Osprey 351.0 -75.3 510.2 Teucrium 265.4 26.0 588.5 WisdomTree 143.7 -6.0 -186.3 Hashdex 139.6 4.4 117.4 Rex Shares 74.9 10.2 46.0 Simplify 45.4 3.9 16.0 Grand Total 150464.2 -3175.5 41115.7
Underlying AUM NNA Nov25 NNA 2025 Bitcoin 125340.1 -2964.9 24219.2 Ethereum 21311.8 -1366.6 12716.0 Solana 1547.6 351.0 2164.3 XRP 1372.7 741.0 1919.7 Basket 791.1 17.9 -32.3 Hedera 65.2 35.9 80.3 Dogecoin 28.0 3.2 40.9 Litecoin 7.7 7.0 7.7 Grand Total 150464.2 -3175.5 41115.7
Month Net flows AUM Dec24 Jan25 Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 -3175.5 150464.2
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