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
April 2026
GlobalUSEU
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April 2026

Europe
  • April marked a continuation in the positive flow trend for European Crypto ETPs, with over $112M in aggregate inflows. Now four months into the year, 2026 has been significatively positive with almost $950M in YTD inflows.
  • The positive flows were once again primarily driven by Bitcoin ETPs, which added $194.9M, alongside Ethereum ETPs at $31.5M and Basket ETPs at $9.6M. On the other hand, XRP and Solana ETPs led outflows at $112.4M and $28.6M, respectively.
  • In April, AUM rose to $12.0B, fueled by a combination of robust inflows, strategic dip buying, and resilient price action in the underlying coins amid geopolitical uncertainty.
  • 21shares retained the top spot across issuers for physical Crypto ETPs with a 24.5% market share of AUM.
  • ABTC, CBTC, AETH, ETHC, and ASOL successfully maintained their rankings as the 21shares ETPs with the tightest average bid/ask spreads. Despite thinner liquidity and volatility conditions, 21shares’trading infrastructure demonstrated significant resilience. Notably, spreads on the 21shares Bitcoin ETP (ABTC) remained highly competitive at below 5.2 bps, consistently securing its leading liquidity position within the market.
  • Bitcoin ETPs demonstrated impressive structural integrity, maintaining a high-quality liquidity profile despite volatility in the market. CBTC’s spread came down ~ 12% to 5.64 bps, as the suite continues to provide investors with seamless and robust execution. Similarly, Ethereum ETPs showcased their stability, remaining resilient with ETHC and AETH seeing their spreads come down 23.3% and 8.9%, respectively.
  • Despite a broader cooling period across European exchanges-where trading volumes dipped by 4% after last month’s 30% drop - 21shares maintained a robust presence in April. While ADV adjusted to $18.5M in line with the market trend, the product suite showed impressive depth, with ABTC ($3.6M) leading the way closely supported by strong activity in CBTC ($3.2M), AETH ($2.8M), and ASOL ($1.7M).
  • The European crypto ETP market displayed core strength in April, led by the reliable dominance of Xetra, which cleared $33M in daily turnover. A key highlight was the SIX Swiss Exchange, which defied the broader 4% market cooling to finish the month up ~ 75% from $10.8M ADV to at $18.1M 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 retains a strong position on Borsa Italiana’s new ETP segment as of April.
United States
  • The AUM for Spot Bitcoin ETFs in the US rose to $124.8B in April, gaining 14.2% MoM as BTC ETFs took in $2.2B. Spot Ethereum ETFs finished with $14.8B in AUM, up 11.3% and attributed to over $429M in net inflows and a 7.5% rise in ETH’s price.
  • The momentum in product launches has slowed down in the US, though a new Avalanche ETF increased competition in the AVAX space. The market additionally saw a new issuer entering the space in GSR, as well as the launch of a 2 x HYPE ETF from 21shares (TXXH), representing the only exposure to Hyperliquid in an ETF wrapper in the US.
  • April marked a continuation for Crypto ETFs as substantial inflows of almost $2.8B kept positive momentum from March’s $1.5B in net inflows, suggesting improved sentiment after two more quiet months to start 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
April 2026
April 30, 2026
Issuer AUM NNA Apr26 NNA 2026 21shares 2953.2 29.1 87.2 CoinShares 2380.1 -79.7 103.9 WisdomTree 1836.1 20.5 116.1 Bitwise 1549.6 31.9 61.8 BlackRock 1079.8 83.1 419.7 Vaneck 883.2 6.9 16.3 Invesco 338.9 8.9 33.3 Virtune 311.6 6.4 30.7 Fidelity 305.7 4.4 28.2 Hashdex 131.9 0.2 6.7 DWS 86.1 1.3 15.8 Amina 61.9 -4.3 -4.1 nxtAssets 60.0 1.4 23.4 DDA 32.0 -1.9 0.4 HANetf 10.3 4.7 7.9 Global X 6.3 0.2 -0.1 Fineqia 6.1 0.0 0.2 FiCAS 5.8 0.0 0.0 Issuance Swiss 4.2 0.0 -3.1 Bitcoin Capital 1.4 0.0 0.0 Amundi 1.1 0.0 0.0 Grand Total 12045.6 112.9 944.2
Underlying AUM NNA Apr26 NNA 2026 Bitcoin 7495.9 194.9 929.2 Ethereum 1469.2 31.5 163.1 Solana 885.4 -28.6 -73.1 XRP 823.2 -112.4 -118.1 Basket 694.8 9.6 -3.0 SUI 91.8 -0.2 4.1 Stellar 59.0 0.1 0.0 Cardano 56.9 1.4 5.1 Lido Staked ETH 47.7 2.9 10.4 Hype 45.6 2.2 27.6 Chainlink 44.3 0.4 -1.2 Cronos 40.7 -0.2 -0.2 Near 36.1 0.3 0.8 Tron 30.5 2.7 -15.8 Litecoin 24.5 0.0 0.4 Avalanche 23.2 0.0 0.2 Polkadot 20.2 1.1 2.1 Algorand 15.9 -0.4 -0.2 BNB 13.5 0.0 -4.2 Dogecoin 12.1 -0.6 -0.7 TON 11.4 0.0 0.3 XDC 10.4 0.0 0.1 Tezos 10.0 0.0 0.0 Uniswap 9.9 1.7 1.1 Polygon 8.6 -0.1 0.3 Bitcoin Cash 7.8 0.0 -1.0 Celestia 7.8 0.0 0.3 Bittensor 7.2 1.4 3.2 Ondo 5.5 0.7 1.6 Aptos 5.4 -0.2 0.3 AAVE 4.3 1.0 -3.3 Arbitrum 3.4 0.1 0.2 Other Underlyings* 23.3 3.5 14.5 Grand Total 12045.6 112.9 944.2
Month Net flows AUM 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 Apr26 112.9 12045.6
Exchange ADV Apr26 ADV 2026 Deutsche Börse Xetra 33.5 47.8 SIX Swiss Exchange 18.1 15.9 London Stock Exchange 5.4 7.3 Euronext Paris 4.0 4.8 Euronext Amsterdam 3.2 3.6 Borsa Italiana 1.8 1.6 Nasdaq Stockholm 1.6 3.3
Issuer AUM NNA Apr26 NNA 2026 BlackRock 69605.7 2414.3 2905.8 Grayscale 20185.0 -141.5 -548.8 Fidelity 15521.7 -226.3 -1609.6 Bitwise 4868.7 121.3 237.5 Proshares 3259.3 66.6 518.8 21shares 3035.9 142.3 -99.9 Volatility Shares 2636.4 51.5 645.9 Vaneck 1418.7 -20.5 69.2 NEOS 1239.1 140.0 456.3 Franklin Templeton 781.3 24.5 154.7 Invesco 538.7 0.5 45.2 CoinShares 498.4 -1.8 39.7 Canary 358.2 5.3 56.6 Morgan Stanley 200.2 194.5 194.5 WisdomTree 171.3 6.3 47.8 Rex-Osprey 154.7 -5.8 -34.6 Teucrium 121.7 11.3 62.7 Hashdex 119.2 0.0 6.3 Rex Shares 73.3 5.1 25.1 Simplify 32.6 -1.8 -1.7 GSR 6.4 6.3 6.3 Grand Total 124826.5 2792.1 3177.8
Underlying AUM NNA Apr26 NNA 2026 Bitcoin 105774.1 2183.2 2592.6 Ethereum 14760.6 429.6 -9.9 XRP 1441.4 97.2 268.9 Basket 1358.6 -8.8 -150.2 Solana 1165.2 46.9 317.9 Chainlink 104.9 13.0 52.4 SUI 73.4 -0.3 41.0 Hedera 52.6 2.3 12.9 Avalanche 43.6 25.2 35.0 Dogecoin 34.7 2.5 13.7 Polkadot 10.5 1.0 1.6 Litecoin 6.5 0.1 2.1 Hype 0.2 0.0 0.0 Grand Total 124826.5 2792.1 3177.8
Month Net flows AUM 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 Apr26 2792.1 124826.5
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