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
July 2026
GlobalUSEU
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July 2026

Europe
  • July continued the positive flow trend for European Crypto ETPs, with over $61M in NNAs. Over halfway through the year now, 2026 has been significantly positive with over $1.2B in YTD net inflows.
  • The inflows were yet again primarily driven by Bitcoin ETPs, which added $42.1M, alongside Ethereum ETPs at $17.8M. Conversely, Hype and Basket ETPs led outflows at $14.1M and $10.6M, respectively.
  • Aggregated AUM expanded to $10.2B, driven by steady net inflows and improving market sentiment. This momentum underscored a broader recovery in the underlying cryptoassets, which continued to grind higher following late - June lows.
  • 21shares retained the top spot across issuers for physical Crypto ETPs with a 24.6% market share of AUM.
  • ABTC, CBTC, AETH, ASOL, and ETHC defended their positions as the 21shares ETPs with the tightest average bid-ask spreads, with ASOL climbing back above ETHC. After showing resilience through recent months, 21shares continued to see strong secondary market conditions, with average month-over-month spreads falling 13.7% for ABTC and 11.4% for CBTC.
  • Ethereum ETPs also maintained robust secondary-market liquidity, highlighted by AETH’s average spread compressing 11.5% to 6.47 bps. Meanwhile, Solana ETPs demonstrated similar stability, with ASOL’s best average spread improving by 1 bp, dropping from 10.5 bps to 9.5 bps.
  • As the summer holiday season approached, broader European exchange volumes fell 39.3% month-over-month ($40.0M vs. $65.9M). 21shares continued to capture a substantial share of market activity, signaling continued investor demand. Activity was led by ABTC ($2.9M), followed closely by CBTC ($2.1M), AETH ($1.4M), and ASOL ($1.1M).
  • Core venues demonstrated underlying strength as crypto prices improved. Xetra led overall activity with $21.4M in daily turnover, while Euronext Amsterdam highlighted regional resilience, with $3.1M traded every day. This relative stability across major venues underscores sustained commitment to key European hubs.
  • 21shares continues to spearhead the market across major exchanges, with leading market share across Europe on SIX Swiss Exchange, Deutsche Börse Xetra, London Stock Exchange, Euronext Paris, Euronext Amsterdam, and Borsa Italiana.
United States
  • The AUM for Spot Crypto ETFs in the US grew to $95.9B in July, rising 8.9% from $88.1B in June as BTC ETFs saw $130.8M in net inflows. Spot Ethereum ETFs finished with $11.3B in AUM, up 22.8% MoM due to over $335M in net inflows and a 15.1% surge in ETH’s price.
  • Competition in the US market intensified in July with expanded institutional participation. A new firm entered the market with an actively managed’33 Act crypto ETF, while an existing issuer built on its existing offering by launching two staking-enabled ‘ 33 Act Ethereum and Solana ETFs.
  • July marked a reversal for US Crypto ETFs, with net inflows past $500M after May and June’s combined $7.1B in net outflows. This highlights a recovery in US investor sentiment as the underlying market benefited from price appreciation and renewed risk appetite.
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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
July 2026
July 31, 2026
Issuer AUM NNA Jul26 NNA 2026 21shares 2518.0 28.9 154.3 CoinShares 2019.7 8.0 162.4 WisdomTree 1583.5 17.9 177.1 Bitwise 1262.0 -1.4 49.8 BlackRock 1022.2 43.2 568.3 Vaneck 739.6 -10.2 16.1 Virtune 259.7 3.3 42.4 Fidelity 251.7 5.3 28.7 Invesco 225.8 -31.6 -17.7 Hashdex 101.3 -10.8 -4.9 DWS 77.5 8.8 21.6 nxtAssets 50.5 -0.4 24.8 Amina 46.8 -0.4 -10.0 DDA 26.4 0.2 0.6 HANetf 9.4 0.6 9.0 Fineqia 5.9 0.0 0.2 Global X 5.6 0.0 0.3 FiCAS 5.4 0.0 0.0 Amundi 2.4 0.0 1.4 Bitcoin Capital 0.6 0.0 0.0 Issuance Swiss 0.1 0.0 0.0 Grand Total 10214.0 61.3 1224.6
Underlying AUM NNA Jul26 NNA 2026 Bitcoin 6366.3 42.1 1166.6 Ethereum 1244.2 17.8 194.8 Solana 782.6 8.3 -75.3 XRP 640.2 -0.4 -112.5 Basket 567.8 -10.6 -14.5 SUI 71.7 -0.9 7.6 Stellar 65.3 0.9 2.7 Near 43.5 -1.7 2.6 Lido Staked ETH 43.5 4.2 14.5 Cardano 40.4 0.0 7.0 Chainlink 39.3 0.7 -1.3 Cronos 32.8 0.0 0.1 Hype 32.5 -14.1 -4.5 Tron 28.7 -0.7 -17.9 Litecoin 20.5 0.0 1.2 Ondo 18.0 7.1 10.8 Avalanche 16.8 0.4 0.7 Equity 16.5 3.7 16.2 Uniswap 14.7 1.9 2.4 Polkadot 13.8 0.7 3.6 TON 12.6 1.3 2.4 BNB 12.0 -0.2 -5.0 Algorand 11.4 0.0 0.0 XDC 9.0 0.0 0.1 Dogecoin 8.8 0.0 0.9 Polygon 6.5 0.0 0.4 Bittensor 5.9 0.2 3.8 Tezos 5.7 0.1 0.1 AAVE 5.3 -2.0 -2.3 Lido DAO 5.0 4.7 5.5 Celestia 4.5 -2.9 -2.6 Bitcoin Cash 4.1 -0.4 -0.5 Canton Coin 3.6 0.3 4.3 Aptos 3.2 0.3 0.8 Other Underlyings* 17.7 0.3 11.7 Grand Total 10214.0 61.3 1224.6
Month Net flows AUM 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 Jun26 117.5 9502.7 Jul26 61.3 10214.0
Exchange ADV Jul26 ADV 2026 Deutsche Börse Xetra 21.4 40.1 SIX Swiss Exchange 7.0 14.0 London Stock Exchange 3.7 6.0 Euronext Amsterdam 3.1 3.5 Euronext Paris 2.9 4.4 Nasdaq Stockholm 1.3 2.8 Borsa Italiana 0.8 1.5
Issuer AUM NNA Jul26 NNA 2026 BlackRock 52386.2 639.8 -2188.4 Grayscale 15748.1 -110.1 -1439.6 Fidelity 11763.1 -219.9 -2660.7 Bitwise 4134.7 30.5 379.7 ProShares 2408.0 -45.4 189.5 21shares 2330.9 81.4 -308.8 Volatility Shares 1898.5 -59.0 822.8 NEOS 1168.2 25.9 694.0 Vaneck 1166.5 25.2 66.8 Franklin Templeton 669.4 15.1 198.8 Morgan Stanley 433.5 113.2 478.0 CoinShares 385.5 2.6 9.7 Invesco 361.6 1.9 -36.8 Canary 320.6 3.0 110.4 Hashdex 221.1 3.2 129.5 WisdomTree 140.4 -5.1 47.0 Rex-Osprey 122.1 0.6 -35.7 Teucrium 87.1 -1.0 96.0 Rex Shares 56.8 -0.2 15.1 Simplify 24.5 0.0 -3.0 T Rowe Price 15.5 15.7 15.7 GSR 8.3 0.0 8.1 Grand Total 95850.5 517.3 -3412.0
Underlying AUM NNA Jul26 NNA 2026 Bitcoin 80358.3 130.8 -4222.0 Ethereum 11342.6 335.2 -621.9 XRP 1281.2 32.6 546.3 Basket 1209.1 20.0 -60.6 Solana 1120.4 4.5 457.6 Hype 248.5 -14.7 285.7 Chainlink 109.0 4.5 69.0 SUI 56.6 2.1 43.1 Hedera 48.0 3.0 21.6 Avalanche 31.5 0.0 35.8 Dogecoin 25.2 -0.7 20.8 Polkadot 6.9 0.0 1.9 Litecoin 5.7 0.0 2.6 Canton Coin 5.2 0.0 6.6 BNB 2.3 0.0 1.4 Grand Total 95850.5 517.3 -3412.0
Month Net flows AUM 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 Jun26 -4528.0 88132.3 Jul26 517.3 95850.5
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