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
January 2026
GlobalUSEU
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January 2026

Europe
  • January marked a continuation in the positive flow trend for European Crypto ETPs with over $250M in aggregate inflows. The end of 2025 and start of 2026 have been positive, with almost $450M coming into crypto ETPs in the last two months.
  • The inflows were again primarily driven by Bitcoin ETPs, which added $249.2M, as well as Ethereum ETPs at $24.0M and Hyperliquid (21shares Hyperliquid ETP) at $15.6M. On the other hand, Solana and XRP ETPs led outflows at $55.5M and $3.7M, respectively.
  • January saw a third consecutive decline in overall AUM for European Crypto ETPs, with a drop of 5% to $12.9B. This decline was primarily due to significant price contractions across most underlying assets, which took precedence over the effect of the net inflows.
  • 21shares retained the top spot across issuers, starting the year with a 27% AUM market share.
  • ABTC, AETH, CBTC, ASOL, and ETHC successfully maintained their rankings as the 21shares ETPs with the tightest average bid/ask spreads, with ASOL moving up to reclaim a higher spot in the rankings. Despite the seasonally thin liquidity and recently bearish price action, 21shares’trading infrastructure demonstrated significant resilience. Notably, spreads on the 21shares Bitcoin ETP (ABTC) remained highly competitive at just above 5 bps, consistently securing its leading liquidity position within the European market.
  • The liquidity profile for Ethereum ETPs held up well against sustained selling pressure in the underlying asset. While ETHC saw a spread adjustment to 7.54 bps, the product suite continues to offer robust execution pathways for investors. Bitcoin ETPs displayed remarkable stability in this volatile environment, with average spreads essentially holding flat month-over-month, moving only marginally to 5.51 bps in January from 5.48 bps in December.
  • Total 21shares ADV saw a further decline from the previous month of ~ 8%, from $32.6M in December to $29.9M in January. Within the product suite, the Solana Staking ETP (ASOL) was the most actively traded ETP at $5.7M, followed by ABTC at $5.4M, AETH at $3.6M, and CBTC at $3.0M.
  • Trading volume across major European exchanges fell for the third consecutive month, totaling approximately $84.5M in January, a slight decrease of 3.4% compared to December’s $87.5M. Xetra continues its dominance as the largest venue for Crypto ETPs, recording $51.3M in average daily turnover. SIX Swiss Exchange recorded the most significant drop, with its ADV falling to $14.7M, a decrease of 10.9% MoM.
  • 21shares continues to spearhead the market across major exchanges, with leading market share across Europe on SIX Swiss Exchange, Deutsche Börse Xetra, Euronext Paris, London Stock Exchange and Euronext Amsterdam.
United States
  • The AUM for Spot Bitcoin ETFs in the US fell to 112.7B in January, sliding 5.2% MoM as BTC dipped ~ 4.7%. Spot BTC ETFs averaged over $4.2B traded daily during January, up ~ 10.5% MoM. Spot Ethereum ETFs finished with $17.6B in AUM, down 12.4% and primarily attributed to almost $375M in net outflows and a 13.1% drop in ETH’s price.
  • The momentum in product launches has slowed down in the US, though a new Dogecoin ETF from 21shares (TDOG) increased competition in the Dogecoin space, which now has four ‘ 33 act ETFs. Additionally, recent launches with Chainlink and Avalanche as underlyings in ‘ 33 act structures has further broadened access to altcoins within the US market.
  • Overall, Crypto ETFs recorded net outflows for a total of $1, 207.1M, marking January as a reversal from December’s + $74.3 NNA.
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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
January 2026
January 30, 2026
Issuer AUM NNA Jan26 NNA 2026 21shares 3491.4 22.3 22.3 CoinShares 2604.8 2.6 2.6 WisdomTree 1998.8 93.1 93.1 Bitwise 1709.2 10.2 10.2 Vaneck 943.7 -11.5 -11.5 BlackRock 802.0 104.4 104.4 Invesco 336.2 5.5 5.5 Virtune 318.9 0.6 0.6 Fidelity 298.0 2.0 2.0 Hashdex 145.3 0.6 0.6 DWS 84.1 5.2 5.2 Amina 77.5 0.2 0.2 nxtAssets 59.4 17.3 17.3 DDA 35.9 0.6 0.6 Issuance Swiss 10.4 -0.1 -0.1 FiCAS 7.4 0.0 0.0 Global X 6.8 -0.3 -0.3 Fineqia 6.3 0.0 0.0 HANetf 6.0 2.3 2.3 Bitcoin Capital 1.6 0.0 0.0 Grand Total 12943.7 254.9 254.9
Underlying AUM NNA Jan26 NNA 2026 Bitcoin 7348.3 249.2 249.2 Ethereum 1573.5 24.0 24.0 Solana 1249.9 -55.5 -55.5 XRP 1204.6 -3.7 -3.7 Basket 845.2 14.1 14.1 SUI 124.9 3.0 3.0 Cardano 69.3 1.7 1.7 Chainlink 52.2 -0.7 -0.7 Lido Staked ETH 50.2 4.6 4.6 Cronos 49.6 0.0 0.0 Tron 44.2 0.2 0.2 Near 29.0 0.0 0.0 Litecoin 27.3 0.0 0.0 Avalanche 26.7 -0.1 -0.1 Polkadot 25.7 0.5 0.5 Hype 24.6 15.6 15.6 BNB 20.5 -2.6 -2.6 Algorand 16.3 0.3 0.3 Tezos 13.5 0.0 0.0 Dogecoin 13.4 -0.5 -0.5 Stellar 13.2 -0.1 -0.1 TON 12.7 0.5 0.5 XDC 12.7 0.0 0.0 Bitcoin Cash 11.0 0.0 0.0 Polygon 10.1 0.2 0.2 Uniswap 9.0 -0.9 -0.9 Aptos 7.6 0.3 0.3 Fantom 7.4 0.0 0.0 Cosmos 6.3 0.0 0.0 AAVE 5.5 -3.7 -3.7 Ondo 5.1 0.3 0.3 Other Underlyings* 34.4 8.1 8.1 Grand Total 12943.7 254.9 254.9
Month Net flows AUM Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 1304.5 18118.1 Oct25 467.7 17701.3 Nov25 -158.0 14409.9 Dec25 193.5 13627.8 Jan26 254.9 12943.7
Exchange ADV Jan26 ADV 2026 Deutsche Börse Xetra 51.3 64.7 SIX Swiss Exchange 14.7 23.8 Euronext Paris 5.4 7.2 London Stock Exchange 5.4 1.9 Euronext Amsterdam 3.7 4.5 Nasdaq Stockholm 3.1 5.9
Issuer AUM NNA Jan26 NNA 2026 BlackRock 73262.8 -462.1 -462.1 Grayscale 22621.6 -543.0 -543.0 Fidelity 18150.6 -876.5 -876.5 Bitwise 5385.3 33.4 33.4 Proshares 3742.8 450.4 450.4 21shares 3295.1 -176.0 -176.0 Volatility Shares 3164.6 66.5 66.5 Vaneck 1547.6 -0.4 -0.4 NEOS 1065.8 144.6 144.6 Franklin Templeton 820.3 84.1 84.1 Invesco 555.4 11.1 11.1 CoinShares 533.4 21.6 21.6 Canary 386.6 29.1 29.1 Rex-Osprey 226.9 -17.5 -17.5 Teucrium 167.7 15.9 15.9 WisdomTree 140.9 7.7 7.7 Hashdex 126.6 0.0 0.0 Rex Shares 70.0 4.0 4.0 Simplify 41.4 0.0 0.0 Grand Total 135305.2 -1207.1 -1207.1
Underlying AUM NNA Jan26 NNA 2026 Bitcoin 112712.4 -965.6 -965.6 Ethereum 17596.2 -373.4 -373.4 XRP 1734.3 65.7 65.7 Basket 1623.2 -78.2 -78.2 Solana 1475.3 118.4 118.4 Chainlink 72.9 9.9 9.9 Hedera 51.7 5.6 5.6 Dogecoin 25.2 4.0 4.0 Litecoin 8.0 2.4 2.4 Avalanche 3.4 1.2 1.2 Sui 2.7 2.9 2.9 Grand Total 135305.2 -1207.1 -1207.1
Month Net flows AUM Feb25 Mar25 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 -3175.5 150464.2 Dec25 74.3 144160.2 Jan26 -1207.1 135305.2
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