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
May 2026
GlobalUSEU
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May 2026

Europe
  • May marked a continuation in the positive flow trend for European Crypto ETPs, with over $103M in aggregate inflows. Now almost halfway through the year, 2026 has been significatively positive with over $1B in YTD inflows.
  • The positive flows were once again primarily driven by Bitcoin ETPs, which added $62.3M, alongside Near ETPs at $17.1M and Basket ETPs at $10.9M. On the other hand, Ethereum and Solana ETPs led outflows at $15.1M and $6.0M, respectively.
  • While broader market volatility and underlying asset contractions pressured aggregated AUM down to $11.6B, investor appetite for Crypto ETPs held firm, with sustained demand decoupling from short-term price action as allocators continue to systematically build positions.
  • 21shares retained the top spot across issuers for physical Crypto ETPs with a 24.7% market share of AUM, increasing 0.2% month-over-month.
  • 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 choppy secondary market conditions, 21shares’trading infrastructure demonstrated significant resilience. Notably, best average spreads on the 21shares Bitcoin ETP (ABTC) remained highly competitive at ~ 5 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 ~ 4.4% to 5.39 bps, as the suite continues to provide investors with seamless and robust execution. Similarly, Ethereum ETPs showcased their stability, remaining resilient with AETH seeing its average spread tighten 6.6% from 6.52 bps to 6.09 bps.
  • Despite a broader cooling period across European exchanges, where trading volumes dipped by 10.4% after last month’s 4% drop, 21shares maintained a strong presence in May. ADV actually rose from $18.5M to $21.2M despite the 10% + dip across the market, hinting at the impressive depth of the product suite. Namely, ABTC ($3.6M) led the way closely supported by robust activity in CBTC ($2.7M), ASOL ($2.4M), and AETH ($2.2M)
  • The European crypto ETP market displayed core strength in May, led by the reliable dominance of Xetra, which cleared $31.7M in daily turnover. A key highlight was Nasdaq Stockholm, which defied the broader 10% market cooling to finish the month up ~ 44% from $1.6M ADV to $2.3M 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.
United States
  • The AUM for Spot Crypto ETFs in the US contracted to $116.1B in May, falling almost 7% MoM as BTC ETFs saw $2.5B in outflows. Spot Ethereum ETFs finished with $12.5B in AUM, down 15.5% MoM due to over $500M in net outflows and a 12% decline in ETH’s price.
  • The product landscape in the US continues to evolve with two spot Hyperliquid ETF launches from 21shares and Bitwise that have seen great traction, with total flows surpassing $137M in just the first few weeks of trading. The market additionally saw the first product with exposure to Canton Coin in an ETF wrapper through 21shares’TCAN and another actively managed ETF through 21shares’TKNS, which seeks to outperform the Coinbase 50 Index.
  • May marked a reversal for Crypto ETFs as substantial outflows of almost $2.6B reversed course from April’s $2.8B in net inflows, suggesting a lack of conviction after the previous two months totaled inflows of over $4B.
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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
May 2026
May 29, 2026
Issuer AUM NNA May26 NNA 2026 21shares 2864.6 39.7 124.1 CoinShares 2275.6 24.0 131.0 WisdomTree 1762.6 14.5 125.1 Bitwise 1492.5 2.3 65.0 BlackRock 1058.5 33.1 454.5 Vaneck 853.5 4.0 19.5 Invesco 322.6 -0.3 33.0 Virtune 294.3 0.6 31.3 Fidelity 285.3 -5.1 23.1 Hashdex 127.3 -0.1 6.4 DWS 74.1 -6.5 9.3 nxtAssets 56.4 1.8 25.2 Amina 52.6 -5.4 -9.5 DDA 31.2 1.0 1.3 HANetf 9.5 0.4 8.3 Fineqia 6.1 0.0 0.2 Global X 5.8 0.0 -0.1 FiCAS 5.8 0.0 0.0 Issuance Swiss 3.9 -0.1 -3.2 Bitcoin Capital 1.2 0.0 0.0 Amundi 1.1 0.0 0.0 Grand Total 11584.5 103.8 1044.5
Underlying AUM NNA May26 NNA 2026 Bitcoin 7206.8 62.3 994.1 Ethereum 1279.9 -15.1 148.6 Solana 856.8 -6.0 -79.4 XRP 782.7 0.9 -115.1 Basket 674.9 10.9 2.1 SUI 94.7 3.7 7.5 Near 86.9 17.1 17.8 Stellar 75.9 0.5 0.5 Hype 67.6 -1.6 26.0 Cardano 53.7 0.2 5.5 Lido Staked ETH 42.2 0.0 10.4 Chainlink 41.3 -1.7 -2.9 Cronos 40.2 0.3 0.1 Tron 33.6 1.0 -15.2 Litecoin 22.8 0.3 0.8 Avalanche 22.5 0.1 0.2 TON 21.0 7.2 7.6 Polkadot 20.1 0.3 2.5 Algorand 16.4 0.2 0.0 BNB 14.0 0.1 -4.1 Ondo 12.8 5.6 7.2 Dogecoin 12.6 1.5 0.8 XDC 10.9 0.0 0.1 Uniswap 9.0 -0.3 0.9 Celestia 8.8 0.0 0.3 Bittensor 8.7 1.8 5.1 Tezos 8.2 0.0 0.0 Polygon 8.0 0.0 0.4 Equity 6.7 4.2 6.6 Bitcoin Cash 5.9 0.5 -0.5 Aptos 4.9 0.0 0.5 Render 4.8 1.6 3.1 AAVE 3.8 0.0 -3.1 Canton Coin 3.1 1.4 2.0 Morpho 3.0 4.2 5.6 Other Underlyings* 19.4 2.5 8.5 Grand Total 11584.5 103.8 1044.5
Month Net flows AUM 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 May26 103.8 11584.5
Exchange ADV May26 ADV 2026 Deutsche Börse Xetra 31.7 44.8 SIX Swiss Exchange 13.7 16.0 London Stock Exchange 4.2 6.8 Euronext Paris 3.9 4.7 Euronext Amsterdam 3.5 3.8 Nasdaq Stockholm 2.3 3.1 Borsa Italiana 1.2 1.5
Issuer AUM NNA May26 NNA 2026 BlackRock 64518.6 -1793.9 1111.9 Grayscale 18719.8 -413.0 -961.7 Fidelity 14501.2 -332.8 -1942.3 Bitwise 4802.9 133.7 371.9 Proshares 2962.2 -145.9 372.9 21shares 2709.6 -241.3 -341.1 Volatility Shares 2236.4 -51.9 593.9 Vaneck 1354.4 -0.2 69.0 NEOS 1318.5 160.4 616.7 Franklin Templeton 763.6 8.0 171.4 Invesco 505.0 -12.1 33.1 CoinShares 452.3 -27.8 11.9 Canary 381.4 34.8 91.3 Morgan Stanley 254.8 69.0 263.5 WisdomTree 164.5 0.0 47.8 Rex-Osprey 151.3 1.9 -32.7 Teucrium 122.9 15.5 78.2 Hashdex 117.9 4.3 10.6 Rex Shares 70.0 1.2 25.6 Simplify 30.7 -1.3 -3.0 GSR 7.6 1.8 8.1 Grand Total 116145.8 -2589.7 596.9
Underlying AUM NNA May26 NNA 2026 Bitcoin 99061.9 -2503.2 89.5 Ethereum 12515.2 -514.6 -524.5 XRP 1507.9 152.4 420.6 Basket 1284.4 -6.4 -155.9 Solana 1263.3 118.6 445.1 Hype 171.5 142.0 142.0 Chainlink 110.7 8.3 60.7 SUI 69.0 -3.8 37.2 Hedera 58.9 4.1 17.0 Avalanche 42.8 0.5 35.5 Dogecoin 38.1 7.0 20.7 Polkadot 10.4 0.0 1.6 Litecoin 6.2 0.1 2.2 Canton Coin 5.5 5.3 5.3 Grand Total 116145.8 -2589.7 596.9
Month Net flows AUM 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 May26 -2589.7 116145.8
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