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
September 2026
GlobalUSEU
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September 2026

Europe
  • September sustained positive flow momentum across European Crypto ETPs, capturing $104.5M in aggregate net inflows and bringing YTD totals to $1.6B.
  • Inflows were mostly led by Bitcoin ETPs at $100.7M, followed by notable allocations into Solana ($14.6M), SUI ($12.5M), and XRP ($7.4M). Conversely, Ethereum ETPs and Near products recorded net redemptions of $18.9M and $11.1M, respectively.
  • Aggregated European Crypto ETP AUM expanded by 10.7% month-over-month to $14.6B (up from $13.2B in August), propelled by net organic inflows and price recovery across major underlying assets.
  • 21shares remained the largest physical Crypto ETP issuer by AUM, closing September with $3.7B in AUM (25.3% market share) and $24.9M in monthly net new assets.
  • CBTC, ABTC, AETH, ETHC, and ASOL held their positions as the 21shares ETPs with the tightest average bid/ask spreads. Spreads remained tight across core single-asset products, with 21shares Bitcoin Core ETP (CBTC) leading the product suite at 5.2 bps, tightening by 18% MoM.
  • Average bid/ask spreads for core single-asset ETPs across Bitcoin, Ethereum, and Solana remained consistent month-over-month. In September, a large range of altcoins ETPs has seen stronger activity, showcasing positive investor sentiment.
  • European exchange trading activity expanded further in September, with average daily turnover across major venues reaching $83.7M ADV. On-exchange turnover for 21shares ETPs averaged $34.9M per day, led by ABTC ($6.3M ADV), CBTC ($5.1M ADV), AETH ($3.1M ADV), and AXRP ($2.3M ADV).
  • On-exchange activity was led by Deutsche Börse Xetra at $45.4M ADV (up 22.0% MoM), followed by SIX Swiss Exchange ($10.4M ADV) and the London Stock Exchange ($8.9M ADV). Every major venue, including Euronext Paris ($7.1M ADV), Euronext Amsterdam ($5.7M ADV), Nasdaq Stockholm ($4.3M ADV), and Borsa Italiana ($1.9M ADV), traded above its 2026 year-to-date average.
  • At the end of Q 3, 21shares has maintained its position across key European exchanges, holding first place in ADV market share on SIX Swiss Exchange (46%), Euronext Paris (45%), Euronext Amsterdam (50%), Borsa Italiana (42%), Deutsche Börse Xetra (26%), and the London Stock Exchange (36%).
United States
  • Total AUM for Spot Crypto ETFs in the US expanded to $141.3B in September, rising 9.9% MoM from $128.5B in August. Growth was driven by $4.27B in net monthly inflows, extending the strong institutional allocation trend.
  • Inflow demand remained concentrated in Spot Bitcoin (+$2.6B) and Spot Ethereum (+$896.4M) ETFs, while altcoin strategies gained traction, notably Solana ($263.3M), Zcash ($213.8M), and XRP ($143.2M) ETFs. BlackRock led issuer net additions with $2.5B, bringing its total US AUM to $78.2B.
  • September's strong inflows expanded 2026 YTD net flows to + $6.7B, confirming broad-based market participation across US crypto products. Supporting growing demand, the US ETF market now offers exposure to 17 single asset underlyings, adding Zcash and Tron over the month.
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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
September 2026
September 30, 2026
Issuer AUM NNA Sep26 NNA 2026 21shares 3688.2 24.9 232.1 CoinShares 2896.9 31.5 219.7 WisdomTree 2204.9 20.9 218.8 Bitwise 1848.1 -23.4 86.1 BlackRock 1492.4 23.3 680.8 Vaneck 1056.2 5.8 38.1 Virtune 415.3 12.5 59.8 Fidelity 344.6 -8.9 36.2 Invesco 308.4 2.3 -12.7 DWS 105.9 0.6 20.7 nxtAssets 70.1 0.7 27.3 Amina 63.0 0.0 -10.0 DDA 34.6 -0.6 -0.1 Amundi 19.0 14.2 16.4 HANetf 13.7 0.1 9.2 Global X 8.2 0.4 0.8 FiCAS 6.2 0.0 0.0 Leverage Shares 4.5 0.4 1.2 Fineqia 2.0 0.0 0.3 Bitcoin Capital 0.8 0.0 0.0 Issuance Swiss 0.8 0.0 0.6 Grand Total 14583.8 104.5 1625.3
Underlying AUM NNA Sep26 NNA 2026 Bitcoin 8860.2 100.7 1488.2 Ethereum 1809.5 -18.9 204.5 Solana 1315.4 14.6 -46.3 XRP 913.7 7.4 -101.3 Basket 639.9 0.0 -7.2 Near 138.9 -11.1 -8.6 SUI 137.8 12.5 21.5 Stellar 103.7 0.8 4.2 Chainlink 84.0 2.4 8.0 Hype 68.1 -4.0 10.4 Lido Staked ETH 63.1 0.0 14.6 Cardano 60.9 0.9 8.6 Cronos 40.8 0.0 0.1 Uniswap 32.0 -0.7 0.6 Avalanche 31.8 2.0 3.1 Litecoin 31.1 0.3 1.2 Tron 28.8 -1.1 -18.9 Polkadot 22.8 0.7 4.0 Algorand 18.1 -0.1 0.0 Ondo 18.0 0.5 7.7 BNB 16.1 -0.4 -5.2 Gram 13.9 0.2 2.5 XDC 11.8 0.0 0.2 Dogecoin 11.0 0.6 0.2 Polygon 11.0 0.4 0.9 Bittensor 10.8 1.6 5.4 Tezos 8.7 -0.9 -0.3 Arbitrum 8.1 1.4 2.0 Bitcoin Cash 8.1 -0.1 1.0 Aave 7.1 -0.6 -3.5 Other Underlyings* 58.7 -4.7 27.6 Grand Total 14583.8 104.5 1625.3
Month Net flows AUM Oct25 467.7 17701.3 Nov25 -157.7 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 Aug26 288.9 13170.9 Sep26 104.5 14583.8
Exchange ADV Sep26 ADV 2026 Deutsche Börse Xetra 45.4 40.9 SIX Swiss Exchange 10.4 13.8 London Stock Exchange 8.9 6.5 Euronext Paris 7.1 5.1 Euronext Amsterdam 5.7 4.2 Nasdaq Stockholm 4.3 3.1 Borsa Italiana 1.9 1.6
Issuer AUM NNA Sep26 NNA 2026 BlackRock 78150.4 2504.5 4961.5 Grayscale 22369.8 138.6 -1035.0 Fidelity 17130.1 810.5 -1327.6 Bitwise 6526.8 332.6 1063.2 21shares 3271.0 107.3 -159.0 Volatility Shares 3203.0 30.5 658.2 ProShares 3030.7 -14.9 145.4 NEOS 1499.5 52.1 782.8 Vaneck 1414.3 -39.4 -59.8 Franklin Templeton 1000.1 50.6 280.9 Morgan Stanley 984.3 265.9 857.8 Canary 565.8 23.8 157.6 Hashdex 498.2 26.6 312.0 CoinShares 496.7 -2.3 -3.8 Invesco 458.2 -3.8 -56.2 WisdomTree 172.0 -9.2 33.8 Rex-Osprey 170.9 -5.0 -47.3 Teucrium 169.4 13.6 117.2 Rex Shares 70.3 -7.7 15.2 Simplify 37.9 -1.2 -6.7 T Rowe Price 25.3 1.9 19.3 XFunds 24.9 -0.5 29.7 GSR 12.0 0.0 8.1 Grand Total 141281.7 4274.6 6747.3
Underlying AUM NNA Sep26 NNA 2026 Bitcoin 113405.8 2647.3 1970.8 Ethereum 19469.1 896.4 2016.2 Solana 2378.1 263.3 898.1 XRP 2178.3 143.2 864.0 Basket 1806.9 13.5 85.1 Zcash 875.9 213.8 235.6 Hype 488.1 -8.0 343.6 Chainlink 238.6 19.9 109.0 SUI 121.4 16.6 62.1 Hedera 84.7 4.2 28.4 Avalanche 58.7 2.7 39.6 Near 52.8 50.0 50.0 Tron 50.6 0.5 0.5 Dogecoin 35.2 3.8 22.5 Litecoin 14.2 5.8 8.5 Polkadot 11.8 0.7 2.6 Canton Coin 9.1 0.8 9.5 BNB 2.7 0.0 1.2 Grand Total 141281.7 4274.6 6747.3
Month Net flows AUM 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 Aug26 5802.3 128540.5 Sep26 4274.6 141281.7
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