The state of crypto ETFs/ETPs in Q3 2025

Summary

United States: slowdown in Bitcoin ETF flows ($9.4 billion in net inflows, compared to $12.8 billion in Q2), a sign of a consolidation phase.

‍Ethereum leading: Ethereum ETFs record $9.6 billion in inflows and see their assets under management surge from $10 billion to $25 billion, overtaking Bitcoin for the first time.

‍BlackRock ultra-dominant: $104 billion in assets under management across its Bitcoin and Ethereum ETFs, representing 58% of the US market.

‍Europe's comeback: historic record with $1.32 billion in net inflows for crypto ETPs, driven by Solana (+$958 million) and Bitcoin (+$486 million).

‍21Shares European leader: 31% market share and $5.6 billion in assets under management, ahead of CoinShares and WisdomTree, the latter boosted by its Solana and XRP products.

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Figures to remember in Q3 2025

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🇺🇸 US market: rotation towards Ethereum

ETF Bitcoin: flows slowing

The third quarter of 2025 marked a turning point of consolidation for US Bitcoin ETFs. After a euphoric first half, net flows slowed but did not reverse. Between July and September, Bitcoin exchange-traded products recorded around $9.4 billion in net inflows, compared with almost $12.8 billion in the previous quarter, for total outstandings of $144 billion at 30 September.

In detail, the dynamic was mixed depending on the month. July confirmed the appetite of institutional investors, with several days of flows exceeding $1 billion, including a peak of $1.2 billion on 10 July (the second highest day of inflows since the launch of spot ETFs in January 2024). But this trend ran out of steam in August, a month marked by net outflows of close to $640 million.

This ebb did not reflect an overall disengagement from the crypto market, but rather a rotation of capital towards Ethereum ETFs (see below).

In September, the movement was reversed. The announcement of an easing of US monetary policy by the Fed rekindled risk appetite, bringing flows back into Bitcoin ETFs. Several sessions again saw inflows in excess of $500 million, notably on 11 September with $553 million, including $366 million for BlackRock's ETF (IBIT) and $135 million for Fidelity's ETF (FBTC).

ETF Ethereum: the most desired asset in Q3

During this quarter, Ethereum ETFs recorded net inflows of around $9.6 billion. As a result, Ethereum ETF assets under management (AUM) rose from around $10 billion at the start of the quarter to around $25 billion at its end, representing growth of around 170%.

These dynamics reveal several major trends:

First, institutional investors' increased preference for Ethereum over Bitcoin. The fact that the net flows of Ethereum ETFs have exceeded those of Bitcoin ETFs for the first time symbolises a shift: no longer just a quest for a "store of value", but a rise in the power of crypto infrastructure as an allocation medium.

The analysis highlights that institutions are also valuing the "utility" and "yield" dimension of Ethereum (staking, tokenisation, DeFi) alongside the simple holding of bitcoin.

This movement is part of a broader context in which the price of Ethereum has rebounded strongly (+72% over the quarter) and, at the same time, DeFi protocols, TVL (total locked value) and on-chain activities have rallied.

Issuers: BlackRock captures 58% of the US crypto market

The third quarter of 2025 confirms BlackRock's undisputed dominance of US crypto ETFs.

Its iShares Bitcoin Trust (IBIT) saw its AUM climb from $72.6bn to $88bn (+20%), representing nearly 770,000 BTC and 61% of the Bitcoin market. On the Ethereum side, the iShares Ethereum Trust (ETHA) emerged as the quarter's big winner with a +269% surge to $15.7 billion, capturing 58% of the segment.

Combining these two products, BlackRock now has $104 billion in assets under management, or nearly 58% of the US crypto ETF market, far ahead of its competitors.

Net inflows for the quarter reached $16.6 billion, confirming its leadership position in terms of assets under management, liquidity and revenues (more than $220 million annualised for IBIT alone).

Fidelity has established itself as a strong challenger, with $41 billion in cumulative assets under management, including $21.9 billion for the Wise Origin Bitcoin Fund (FBTC) and $2.9 billion for the Fidelity Ethereum Fund (FETH). The group recorded $1.6 billion in net inflows over the quarter, buoyed by strong distribution on advisory platforms.

VanEck, third by momentum, collected $320 million over the period, while Grayscale slipped in the rankings despite a slight increase in assets under management to $25 billion (+16%). Its Bitcoin market share falls to 3.6%, far behind the traditional giants.

Bitwise and Ark-21Shares, each with around $5 billion in assets under management, close the gap.

🇪🇺 European market: the quarter of recapture

The third quarter of 2025 marks a marked recovery phase for European crypto ETPs, driven by a strong revival of interest in products linked to Solana and, to a lesser extent, Bitcoin. Over the period, European ETPs recorded net inflows of around $1.32 billion, an all-time record for the region. This amount, still modest compared with the tens of billions seen in the United States, nonetheless reflects a return of confidence in listed products in Europe, which had long lagged behind.

Sector dynamics were mixed: Solana-backed products largely dominated flows with more than $958 million in net inflows, far ahead of Bitcoin at $486 million, while Ethereum products recorded $121 million in net outflows, penalised by investor rotation towards more dynamic assets.

On the issuer side, WisdomTree emerged as the quarter's big winner with $757 million in net inflows, ahead of 21Shares (+529 million), CoinShares (+182 million) and Bitwise (+53 million).

These inflows have enabled several players to consolidate their positions in the regional rankings: 21Shares now dominates the market with $5.6 billion in assets under management, ahead of CoinShares ($3.5 billion), WisdomTree ($2.5 billion), Bitwise ($2.4 billion) and VanEck ($1.5 billion).

This unprecedented inflow illustrates a change of scale in the perception of crypto ETPs in Europe. Institutional and retail investors are increasingly identifying these products as a regulated and secure vehicle for exposure to digital assets.

Germany, Switzerland and the Nordic countries are driving growth, supported by mature market infrastructures and a clearer regulatory framework. In France, leading players such as BoursoBank are offering crypto ETPs from CoinShares and BlackRock.

Issuers: 21Shares dominates in Europe with 31% market share

The third quarter of 2025 confirms the rise of the European crypto ETP market, now capable of attracting more than $1 billion in net inflows over the period. Three players are concentrating most of the momentum: 21Shares, WisdomTree and CoinShares, which are establishing themselves as the pillars of European market structuring.

21Shares retains its position as the undisputed leader, with around 31% market share and $5.6 billion in assets under management at 30 September. Founded in Zurich, the company recorded net inflows of $529 million over the quarter, consolidating its position as Europe's leading issuer. Its main strength remains the depth of its range (more than fifty products covering Bitcoin, Ethereum and numerous altcoins) as well as steadily increasing liquidity.

21Shares has also boosted its competitiveness by lowering its fees to 0.10% on certain flagship products, a first in Europe for a crypto ETP.

But the performance of the quarter goes to WisdomTree, which dominated inflows with $757 million in net inflows, driven by the success of its products on Solana (+$489 million) and XRP (+$201 million). This aggressive repositioning on altcoins enabled the US firm, which has a strong presence in London, to exceed $2.5 billion in assets under management and to emerge as the driving force of the quarter. The FCA's reopening of retail access to London-listed crypto ETPs also played a key role in this momentum.

Behind these two powerhouses, CoinShares maintained a solid position with $399 million in net inflows and $3.5 billion in assets under management. The British group, historically focused on Bitcoin and Ethereum, is seeing its growth stabilise, but remains a key player on the European landscape.

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