In at present’s publication, Joshua De Vos, head of analysis at CoinDesk, summarizes their newest crypto ETF report overlaying U.S. adoption, the velocity at which it’s taking place and asset focus.
In Hold Studying, we hyperlink to the U.S. and World ETF stories for individuals who wish to do a deeper dive.
– Sarah Morton
Digital property exchange-traded product panorama: previous, current and future
Crypto for Advisors – February – Digital Asset ETPs
Digital asset Trade-Traded Merchandise (ETPs) at the moment are one of many clearest alerts of how shortly crypto is being built-in into conventional portfolio infrastructure. As offered in CoinDesk’s newest analysis report, the market has moved past the early part of fragmented entry and right into a interval the place regulated wrappers and exchange-traded fund (ETF) distribution are materially shaping how capital enters the asset class.
The state of crypto ETP adoption
As of the top of 2025, crypto ETP property underneath administration (AUM) reached $184 billion. America stays the middle of gravity, accounting for about $145 billion, or near 80% of worldwide property AUM. ETFs dominate the product panorama, representing 84.6% of crypto structured merchandise by property. The market can also be closely skewed towards easy publicity. Round 94.1% of crypto ETPs make use of a delta-one technique, and 96.1% are passively managed.
The expansion in AUM has been pushed primarily by the launch of U.S. spot bitcoin ETFs in January 2024. The step-change was speedy. The launch cycle pushed crypto ETP property sharply larger and created a product class that now sits inside the identical ETF allocation frameworks used throughout equities, fastened revenue and commodities.
The tempo of adoption has additionally been unusually quick when in comparison with earlier ETF cycles. U.S. bitcoin ETFs reached $100 billion in property in simply 11 months, whereas U.S. gold ETFs took practically 16 years to surpass the identical milestone. By early 2025, bitcoin ETFs had matched 91% of the highest 10 U.S. gold ETFs by AUM, earlier than gold’s subsequent rally widened the hole. That is much less a press release about relative worth and extra a press release about how shortly bitcoin has been absorbed into institutional distribution channels as soon as the wrapper grew to become obtainable.
Scale and focus
Inside the crypto ETP market, publicity stays closely concentrated. Bitcoin-based merchandise account for $144 billion in AUM, representing 78.2% of complete AUM. Ether-based merchandise have reached $26.5 billion, indicating that institutional demand is progressively broadening past bitcoin. Exterior of these two property, publicity stays restricted. Solana- and XRP-linked merchandise handle $3.8 billion and $3.0 billion respectively, whereas multi-cryptocurrency ETPs characterize 0.62% of complete AUM, or $2.16 billion.
The pipeline broadens
This hierarchy is according to how ETF markets usually develop. Establishments have a tendency to start with essentially the most liquid property, in essentially the most established buildings, earlier than increasing into broader publicity as markets deepen and benchmarks standardise. That dynamic is now starting to look within the crypto ETP pipeline. As of end-2025, greater than 125 digital asset ETP filings had been pending, with bitcoin persevering with to steer the submitting panorama, adopted by XRP and Solana as essentially the most lively single-asset classes.
The opposite notable growth is the rising momentum behind basket merchandise. Multi-cryptocurrency ETPs stay a small section by AUM, however they characterize the second most lively class by variety of pending filings. This issues as a result of basket merchandise are likely to turn into extra related as markets mature, correlations evolve and focus danger turns into extra obvious. Indices such because the CoinDesk 5 and CoinDesk 20 are more and more getting used as reference factors for ETPs, structured notes and derivatives, reflecting the market’s gradual shift towards diversified publicity.
Advisor entry
The enlargement of crypto ETPs has additionally occurred earlier than broad adoption throughout main advisory platforms. Many giant advisors stay in analysis or early allocation phases, suggesting present AUM displays preliminary positioning reasonably than full participation. That’s starting to vary, with companies akin to Vanguard solely just lately increasing consumer entry to crypto ETFs.
Trying forward, the size of the worldwide ETF market gives context for the way giant the class might turn into. World ETF and ETP property are projected to develop to roughly $30 trillion by 2030. Inside that framework, even modest allocation selections have the potential to translate right into a materially bigger crypto ETP market over time.
This abstract was created primarily based on CoinDesk Analysis’s newest report; Digital Property ETP Panorama: Previous, Current and Future.
– Joshua De Vos, analysis group lead, CoinDesk
Hold Studying
Learn the total international and U.S. ETF stories right here:
