In today’s newsletter, Joshua De Vos, head of research at CoinDesk, summarizes his latest crypto ETF report covering US adoption, the speed at which it is happening, and asset concentration.
In Read on, we link to the US and global ETF reports for those who want to dig deeper.
– Sara Morton
Overview of digital asset exchange-traded products: past, present and future
Crypto for Advisors – February – Digital Asset ETP
Digital asset exchange-traded products (ETPs) are now one of the clearest signs of how quickly cryptocurrencies are being integrated into traditional portfolio infrastructure. As presented in CoinDesk’s latest research report, the market has moved beyond the initial phase of fragmented access and has entered a period where regulated wrappers and exchange-traded fund (ETF) distribution are materially shaping the way capital enters the asset class.
The State of Crypto ETP Adoption
By the end of 2025, ETP crypto assets under management (AUM) reached $184 billion. The United States remains the center of gravity, accounting for approximately $145 billion, or about 80% of global assets. ETFs dominate the product landscape, representing 84.6% of asset-structured crypto products. The market is also heavily skewed towards single exposure. About 94.1% of crypto ETPs employ a delta-one strategy and 96.1% are passively managed.
The growth in assets under management has been primarily driven by the launch of US spot bitcoin ETFs in January 2024. The sea change was immediate. The launch cycle significantly boosted ETP crypto assets and created a product category that now sits within the same ETF allocation frameworks used in equities, fixed income, and commodities.
Scale and concentration
Within the crypto ETP market, exposure remains highly concentrated. Bitcoin-based products account for $144 billion in assets under management, representing 78.2% of total assets under management. Ether-based products have reached $26.5 billion, indicating that institutional demand is gradually expanding beyond bitcoin. Outside of those two assets, exposure remains limited. Products linked to Solana and
The pipeline is expanded
This hierarchy is consistent with the typical development of ETF markets. Institutions tend to start with the most liquid assets, in the most established structures, before expanding to broader exposure as markets deepen and benchmarks become standardized. That dynamic is now starting to appear in the crypto ETP process. As of the end of 2025, there were over 125 digital asset ETP filings pending, with Bitcoin still leading the filing landscape, followed by XRP and Solana as the most active individual asset categories.
The other notable development is the growing momentum of basket products. Multi-cryptocurrency ETPs remain a small segment by AUM, but represent the second most active category by number of pending filings. This is important because basket products tend to become more relevant as markets mature, correlations evolve, and concentration risk becomes more evident. Indices such as CoinDesk 5 and CoinDesk 20 are increasingly used as benchmarks for ETPs, structured notes and derivatives, reflecting the market’s gradual shift towards diversified exposure.
Advisor access
The expansion of crypto ETPs also came before their widespread adoption on major advisory platforms. Many large advisors remain in the underwriting or early allocation phases, suggesting current assets reflect early positioning rather than full ownership. That’s starting to change, and companies like Vanguard have recently expanded client access to crypto ETFs.
Looking ahead, the scale of the global ETF market provides context for how big the category could become. Global ETF and ETP assets are projected to grow to approximately $30 trillion by 2030. Within that framework, even modest allocation decisions have the potential to translate into a materially larger crypto ETP market over time.
This summary was created based on the latest report from CoinDesk Research; Digital Asset ETP Landscape: Past, Present and Future.
– Joshua De Vos, Research Team Leader, CoinDesk
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Read the full Global and US ETF reports here:
