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.
February 2026
Europe
- February marked a continuation in the positive flow trend for European Crypto ETPs with over $380M in aggregate inflows. The start of 2026 has been positive, with $650.8M coming into crypto ETPs in the last two months.
- The inflows were again primarily driven by Bitcoin ETPs, which added $370.9M, as well as Ethereum ETPs at $70.2M and Hyperliquid (21shares Hyperliquid ETP) at $1.5M. On the other hand, Solana and Tron ETPs led outflows at $19.1M and $18.9M, respectively.
- February’s AUM dip to $10.5B was primarily a reflection of asset pricing rather than sentiment, as positive net inflows and dip buying continued to provide a sturdy foundation for European Crypto ETPs
- 21shares retained the top spot across issuers with a 26% market share of AUM.
- ABTC, AETH, CBTC, ASOL, and ETHC successfully maintained their rankings as the 21shares ETPs with the tightest average bid/ask spreads. Despite the thin liquidity, volatility, and recent price action, 21shares’trading infrastructure demonstrated significant resilience. Notably, spreads on the 21shares Bitcoin ETP (ABTC) remained highly competitive at just above 5.5 bps, consistently securing its leading liquidity position within the European market.
- Bitcoin ETPs demonstrated impressive structural integrity, maintaining a high-quality liquidity profile despite volatile market conditions. While CBTC’s spread adjusted slightly to 6.96 bps, the suite continues to provide investors with seamless and robust execution. Similarly, Ethereum ETPs showcased their stability, remaining resilient with steady spreads even during a period of heightened volatility.
- Total 21shares ADV saw a rise from the previous month of ~11%, from $29.9M in January to $33.2M in February. Within the product suite, the Bitcoin ETP (ABTC) was the most actively traded ETP at $7.4M, followed by CBTC at $5.1M, AETH at $4.0M, and ASOL at $3.6M.
- Trading volume across major European exchanges rose for the first month since October, totaling approximately $103.4M in February, an increase of 22.3% compared to January’s $84.5M. Xetra continues its dominance as the largest venue for Crypto ETPs, recording $64.1M in average daily turnover. London Stock Exchange recorded the most significant rise, with its ADV growing to $8.8M, an uptick of 63.0% MoM.
- On February 9 th, Borsa Italiana admitted 44 Crypto ETPs to officially start trading on the professional segment of the ETFPlus market, officially opening up a new venue for listed products providing exposure to digital assets. More than $15M have been traded on the exchange over the first 3 weeks.
- 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 $87.7B in February, sliding 8.0% MoM as BTC dipped ~12.7%. Spot BTC ETFs averaged over $5.1B traded daily during February, up ~21.4% MoM. Spot Ethereum ETFs finished with $12.0B in AUM, down 31.3% and primarily attributed to over $150M in net outflows and a 14.4% drop in ETH’s price.
- The momentum in product launches has slowed down in the US, though a new Sui ETF from 21shares (TSUI) increased competition in the Sui space, which now has three ‘33 act ETFs (TSUI, GSUI, SUIS) alongside one 2x leveraged ‘40 act ETF (TXXS).
- February marked a turning point for Crypto ETFs as outflows effectively leveled off. The modest -$6.2M in NNAs suggests a return to stability and a sharp departure from the heavy outflows of over $1.2B recorded at the start of the year.
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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
February 2026
February 27, 2026
Issuer AUM NNA Feb26 NNA 2026
21shares 2716.8 52.3 72.0
CoinShares 2100.5 84.9 87.5
WisdomTree 1665.8 63.4 156.5
Bitwise 1329.6 6.9 17.2
BlackRock 779.7 148.2 252.6
Vaneck 735.3 -5.0 -16.6
Invesco 276.3 8.9 14.4
Virtune 272.5 3.4 18.3
Fidelity 247.5 10.4 12.4
Hashdex 119.4 4.0 5.5
DWS 67.7 3.4 8.6
Amina 59.3 0.0 0.2
nxtAssets 48.6 3.5 20.8
DDA 28.1 -0.4 0.2
Issuance Swiss 5.9 0.0 0.1
FiCAS 5.7 0.5 0.1
Fineqia 5.5 -1.2 -1.3
Global X 5.2 0.0 0.0
HANetf 4.8 -0.1 2.2
Bitcoin Capital 1.2 0.0 0.0
Grand Total 10475.5 383.0 650.8
Underlying AUM NNA Feb26 NNA 2026
Bitcoin 6214.4 370.9 634.2
Ethereum 1196.6 70.2 94.2
XRP 914.1 -14.6 -18.0
Solana 873.1 -19.1 -74.6
Basket 651.3 -7.2 7.9
SUI 89.8 -0.3 2.6
Cardano 61.6 0.6 2.3
Stellar 59.0 0.2 0.1
Cronos 45.6 0.0 0.0
Chainlink 41.9 -1.0 -1.7
Lido Staked ETH 36.3 0.3 4.9
Near 29.5 0.0 0.0
Hype 25.1 1.5 17.1
Tron 24.2 -18.9 -18.7
Polkadot 24.1 0.2 0.7
Litecoin 24.0 0.8 0.8
Avalanche 22.6 0.1 0.2
BNB 13.4 -1.8 -4.4
Algorand 12.2 -0.5 -0.2
XDC 11.8 0.1 0.1
TON 11.2 -0.2 0.3
Dogecoin 11.2 0.4 -0.2
Tezos 10.4 0.0 0.0
Polygon 9.9 0.1 0.3
Uniswap 8.3 0.2 -0.8
Bitcoin Cash 7.7 -1.6 -1.6
Celestia 6.7 0.1 0.0
AAVE 5.8 1.3 -2.4
Aptos 5.0 0.0 0.3
Ondo 4.6 0.3 0.7
Bittensor 4.1 0.3 0.5
Other Underlyings* 19.8 0.7 6.1
Grand Total 10475.5 383.0 650.8
Month Net flows AUM
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
Feb26 383.0 10475.5
Exchange ADV Feb26 ADV 2026
Deutsche Börse Xetra 64.1 56.8
SIX Swiss Exchange 16.8 15.8
London Stock Exchange 8.8 7.4
Euronext Paris 5.2 5.4
Nasdaq Stockholm 4.7 3.8
Euronext Amsterdam 3.7 4.1
Issuer AUM NNA Feb26 NNA 2026
BlackRock 56136.7 -559.0 -1021.1
Grayscale 17506.3 149.8 -393.2
Fidelity 13713.8 -336.6 -1213.2
Bitwise 4243.9 131.6 170.5
Proshares 2883.2 -18.0 432.5
21shares 2550.0 -11.3 -187.3
Volatility Shares 2009.8 417.8 484.4
Vaneck 1235.2 86.8 86.5
NEOS 865.1 38.4 183.0
Franklin Templeton 659.9 26.1 110.3
Invesco 446.7 16.0 27.1
CoinShares 412.4 1.4 23.0
Canary 346.1 11.6 40.8
Rex-Osprey 159.6 -8.3 -25.8
WisdomTree 126.6 17.4 25.1
Teucrium 102.7 21.2 37.1
Hashdex 102.4 4.8 4.8
Rex Shares 55.4 3.9 7.9
Simplify 30.9 0.0 0.0
Grand Total 103586.5 -6.2 -1207.2
Underlying AUM NNA Feb26 NNA 2026
Bitcoin 87714.0 -57.6 -1023.3
Ethereum 12030.1 -158.0 -531.5
XRP 1353.5 118.6 180.0
Basket 1200.4 -54.8 -132.9
Solana 1055.8 99.1 217.5
Chainlink 77.5 13.2 28.6
SUI 56.6 21.3 24.3
Hedera 55.0 2.9 8.5
Dogecoin 26.7 1.6 9.8
Avalanche 10.6 7.7 9.0
Litecoin 6.5 -0.1 2.3
Grand Total 103586.5 -6.2 -1207.2
Month Net flows AUM
Mar25
Apr25
May25
Jun25
Jul25
Aug25
Sep25
Oct25
Nov25 -3175.5 150464.2
Dec25 74.3 144160.2
Jan26 -1207.1 135305.2
Feb26 -6.2 103586.5
2026-09
2026-08
2026-07
2026-06
2026-05
2026-04
2026-03
2026-02
2026-01
2025-12
2025-11
2025-10
