Exchange Traded Products (ETPs) have reshaped global capital markets over the past three decades, lowering barriers to access and embedding new asset classes into institutional portfolios. Today, digital assets are entering a similar structural phase.
After nearly a decade of regulatory resistance, the approval of 11 U.S. spot Bitcoin ETFs in January 2024 marked a decisive turning point. The launches were historic, becoming the most successful ETF debuts on record and catalysing a near tenfold increase in total crypto ETP assets under management, which surpassed $250B at its peak.
As of year-end 2025, total assets under management across digital asset ETPs stood at $184B, according to data from TrackInsight with the United States accounting for nearly 80% of global AUM. ETFs dominate the structure of the market, representing 84.6% of total assets, while 94.1% of products employ delta-one exposure and 96.1% remain passively managed — underscoring the market’s current focus on simple beta exposure.
Bitcoin-based products remain the core of the ecosystem, accounting for 78.2% of total AUM ($144B), while Ethereum-based products have grown to $26.5B. Beyond the two largest assets, exposure remains limited, though regulatory developments are accelerating new filings across altcoins and basket products.
With more than 125 digital asset ETP filings pending as of end-2025 — including new applications for Bitcoin, Ether, Solana, XRP, and multi-asset products — the next phase of growth may shift from single-asset dominance toward diversified, index-based exposure.
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