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
March 2026
GlobalUSEU
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March 2026

Europe
  • March marked a continuation in the positive flow trend for European Crypto ETPs with over $175M in aggregate inflows. The start of 2026 has been positive, with over $700M coming into crypto ETPs over the first quarter.
  • The inflows were again primarily driven by Bitcoin ETPs, which added $97.9M, as well as Ethereum ETPs at $36.7M and Solana ETPs at $30.2M. On the other hand, Basket and Aave ETPs led outflows at $20.4M and $1.9M, respectively.
  • In March, AUM rose to $10.8B, fueled by a combination of resilient price action and strategic dip buying. Positive net inflows and a recovering market provided a steady foundation for European Crypto ETPs.
  • 21shares retained the top spot across issuers for physical Crypto ETPs with a 25% market share of AUM.
  • ABTC, CBTC, AETH, 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 5.7 bps, consistently securing its leading liquidity position within the market.
  • Bitcoin ETPs demonstrated impressive structural integrity, maintaining a high-quality liquidity profile despite choppy market conditions. CBTC’s spread came down ~ 8% to 6.39 bps, as 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.
  • Despite a broader cooling period across European exchanges-where trading volumes dipped by over 30% - 21shares maintained a robust presence in March. While ADV adjusted to $23.0M in line with the market trend, the product suite showed impressive depth, with ABTC ($5.4M) leading the way closely supported by strong activity in CBTC ($3.6M), AETH ($3.2M), and ASOL ($3.1M).
  • The European crypto ETP market displayed core strength in March, led by the reliable dominance of Xetra, which cleared $42.0M in daily turnover. A key highlight was the London Stock Exchange, which defied the broader 31% market cooling to finish the month nearly unchanged at $8.6M ADV. This localized resilience suggests that investor appetite in key regions remains unfazed by broader market swings.
  • 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. 21shares also claimed the lead as the most traded issuer on Borsa Italiana new ETP segment.
United States
  • The AUM for Spot Bitcoin ETFs in the US rose to $92.0B in March, gaining 4.9% MoM as BTC ETFs took in $1.4B. Spot Ethereum ETFs finished with $13.3B in AUM, up 10.8% and attributed to over $50M in net inflows and a 9.1% rise in ETH’s price. ETH ETFs averaged over $1B traded daily during March, up ~ 11% MoM.
  • The momentum in product launches has slowed down in the US, though a new Ethereum Staking ETF from Blackrock increased competition in the ETH space. We additionally saw a new Avalanche ETF from Grayscale and a Polkadot ETF from 21shares (TDOT), representing the only exposure to spot Polkadot in an ETF wrapper in the US.
  • March marked a reversal for Crypto ETFs as substantial inflows of over $1.5B were a stark contrast to February’s $6.2M in net outflows, suggesting potential dip-buying and improved sentiment after consecutive months of net outflows to begin 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
March 2026
March 31, 2026
Issuer AUM NNA Mar26 NNA 2026 21shares 2732.0 -13.9 58.1 CoinShares 2233.4 95.4 182.9 WisdomTree 1634.5 -60.9 95.6 Bitwise 1363.4 12.6 29.9 BlackRock 873.6 83.9 336.6 Vaneck 788.4 26.0 9.5 Invesco 290.5 9.9 24.4 Virtune 283.8 6.0 -95.1 Fidelity 262.4 9.3 21.7 Hashdex 118.3 1.0 6.5 DWS 75.7 6.0 14.6 Amina 58.9 0.0 0.2 nxtAssets 51.6 1.2 22.0 DDA 31.3 0.9 2.3 FiCAS 6.6 0.0 0.0 Fineqia 6.1 0.2 0.2 HANetf 5.9 1.0 3.2 Issuance Swiss 5.8 -1.8 -3.1 Global X 5.4 -0.5 -0.3 Bitcoin Capital 1.3 0.0 0.0 Grand Total 10828.9 176.5 709.1
Underlying AUM NNA Mar26 NNA 2026 Bitcoin 6423.1 97.9 612.8 Ethereum 1311.6 36.7 130.9 XRP 906.7 12.4 -5.6 Solana 896.7 30.2 -44.4 Basket 636.0 -20.4 -12.6 SUI 88.0 1.6 4.3 Stellar 61.2 -0.1 -0.1 Cardano 54.3 1.4 3.7 Chainlink 41.7 0.1 -1.6 Cronos 41.7 0.0 0.0 Lido Staked ETH 41.0 2.5 7.4 Hype 39.9 8.3 25.4 Near 32.3 0.4 0.4 Tron 27.4 0.2 -18.5 Litecoin 23.9 -0.3 0.4 Avalanche 22.4 0.0 0.1 Polkadot 20.1 0.3 1.0 BNB 13.4 0.1 -4.3 Algorand 12.8 0.4 0.2 Dogecoin 10.9 0.1 0.0 XDC 10.7 0.0 0.1 TON 10.5 0.0 0.3 Tezos 9.6 0.0 0.0 Uniswap 9.1 0.2 -0.6 Bitcoin Cash 8.4 0.6 -1.0 Polygon 8.4 0.1 0.4 Fantom 7.4 0.0 0.0 Celestia 6.5 0.3 0.3 Bittensor 5.9 0.2 1.9 Cosmos 5.9 0.0 0.0 Ondo 4.9 0.2 0.9 Aptos 4.8 0.1 0.4 AAVE 3.2 -1.9 -4.3 Other Underlyings* 28.8 5.0 11.1 Grand Total 10828.9 176.5 709.1
Month Net flows AUM 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 Mar26 176.5 10828.9
Exchange ADV Mar26 ADV 2026 Deutsche Börse Xetra 42.0 51.8 SIX Swiss Exchange 10.6 13.9 London Stock Exchange 8.6 7.9 Euronext Paris 3.8 4.9 Nasdaq Stockholm 2.8 3.5 Euronext Amsterdam 2.7 3.6 Borsa Italiana 1.5 1.5
Issuer AUM NNA Mar26 NNA 2026 BlackRock 59924.3 1512.6 491.5 Grayscale 18240.1 -14.1 -407.3 Fidelity 14064.9 -170.0 -1383.2 Bitwise 4321.9 -54.3 116.2 Proshares 2944.7 19.8 452.2 21shares 2610.1 -54.9 -242.2 Volatility Shares 2240.5 110.0 594.4 Vaneck 1343.3 3.3 89.7 NEOS 1006.8 99.6 316.3 Franklin Templeton 694.2 20.0 130.2 Invesco 479.4 17.6 44.7 CoinShares 451.5 18.4 41.5 Canary 346.0 10.4 51.2 Rex-Osprey 155.6 -3.0 -28.8 WisdomTree 146.7 16.4 41.5 Teucrium 109.8 14.3 51.4 Hashdex 107.3 1.5 6.3 Rex Shares 68.1 11.7 19.6 Simplify 29.6 0.0 0.0 Grand Total 109284.4 1559.3 385.3
Underlying AUM NNA Mar26 NNA 2026 Bitcoin 92022.8 1432.4 409.3 Ethereum 13314.6 57.9 -439.9 XRP 1320.7 -8.4 171.6 Basket 1240.4 -8.5 -141.5 Solana 1116.4 53.4 270.9 Chainlink 88.6 10.8 39.5 SUI 71.3 17.0 41.3 Hedera 50.0 2.1 10.6 Dogecoin 27.2 1.4 11.2 Avalanche 16.4 0.8 9.8 Polkadot 9.9 0.5 0.5 Litecoin 6.2 -0.3 2.0 Grand Total 109284.4 1559.3 385.3
Month Net flows AUM 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 Mar26 1559.3 109284.4
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