A monthly column on the global crypto markets and ETF/ETP flows, brought to you by CoinDesk Indices, Trackinsight and ETF Express.
Joshua de Vos, Research Lead, CoinDesk, writes that July ended the 2026 correction’s most sustained outflow run with a decisive reversal, as global crypto ETP inflows recovered to USD515.9 million and total assets under management climbed to USD117.5 billion from USD108.6 billion in June.
According to TrackInsight data, US-listed vehicles drove the majority of the rebound, recording USD429.0 million in net inflows after June’s USD4.46 billion in redemptions, while European markets and Canada added momentum. The recovery was broadly distributed across assets, with Ethereum-linked products leading inflows over bitcoin for the first time in several months.
The CoinDesk 20 Index (CD20) rose 7.7 per cent in July, closing the month at 1,726.05, partially recovering from June’s 21.2 per cent decline. The more concentrated CoinDesk 5 Index (CD5) gained 8.3 per cent, closing at 1,037.64. CD5’s marginal outperformance of CD20 show large-caps led the recovery; a reversal of June’s sell-off in which both indices fell in unison.
Asset flows
According to data from TrackInsight, the July recovery was distinguished by a shift in composition: Ethereum-linked products outpaced bitcoin in net inflows, with the iShares Ethereum Trust ETF (ETHA) topping the fund-level gainers list and the ETH category posting USD318.7 million against bitcoin’s USD243.0 million. Altcoin and multi-asset categories also maintained positive flows.
● Bitcoin: BTC-linked products recorded net inflows of USD243.0 million, with total category AUM rising to USD93.6 billion from USD86.9 billion in June. Bitcoin returned to positive territory across most major funds, though its second-place finish behind ETH at the asset level reflects the shifting composition during the recovery.
● Ethereum: Ether-linked products attracted USD318.7 million in net inflows, closing July with USD14.0 billion in AUM, up from USD11.4 billion in June. ETH inflows exceeded BTC at both the category and fund level, with ETHA leading all global funds with USD359.4 million; the first time a spot Ethereum ETF topped the monthly gainers list in recent months.
● Multi-asset: Diversified baskets recorded USD17.4 million in net inflows, with total AUM of USD2.04 billion, extending positive flows for a second consecutive month.
● Altcoins: XRP-linked products drew USD24.8 million in inflows (AUM: USD2.09 billion) and Solana recorded USD18.4 million (AUM: USD2.16 billion), now positive for a sixth consecutive month. Both categories moderated from June’s levels but maintained directional consistency through the month.
Flows by geography
● Americas: Net inflows of approximately USD447.5 million, driven by US-listed products (USD429.0 million) and complemented by Canada (USD18.5 million). US-domiciled ETFs closed July at USD98.5 billion in AUM, representing approximately 84 per cent of global market share.
● Europe: Net inflows of approximately USD72.6 million. Switzerland led at USD86.1 million (AUM: USD3.65 billion) and Germany added USD1.3 million and UK USD4.4 million; partially offset by outflows from Jersey (USD9.3 million), Liechtenstein (USD6.7 million), Ireland (USD1.5 million), and Sweden (USD1.9 million).
● APAC: Net outflows of approximately USD4.2 million, driven by Hong Kong (USD8.0 million in redemptions) and partially offset by Australia (USD3.2 million in inflows). Regional participation remained modest.
Flows by currency
● USD: USD-denominated products recorded USD469.5 million in net inflows, with total AUM of USD110.5 billion.
● CAD: CAD-denominated products recorded USD25.9 million in net inflows, with total AUM of USD3.96 billion.
● EUR / SEK / AUD: EUR-denominated products recorded USD3.2 million in inflows (AUM: USD1.15 billion), SEK added USD14.1 million (AUM: USD1.35 billion), and AUD added USD3.2 million (AUM: USD578 million).
Largest ETF gainers (by July net flows)
● iShares Ethereum Trust ETF (ETHA): +USD359.4M; USD5.42B AUM
● Grayscale Bitcoin Mini Trust ETF (BTC): +USD298.3M; USD3.71B AUM
● iShares Bitcoin Trust ETF (IBIT): +USD110.8M; USD46.5B AUM
● ARK 21Shares Bitcoin ETF (ARKB): +USD108.5M; USD2.13B AUM
● Morgan Stanley Bitcoin Trust (MSBT): +USD74.0M; USD392.3M AUM
● Bitwise Bitcoin ETF (BITB): +USD51.1M; USD2.33B AUM
● iShares Bitcoin ETP (IB1T): +USD43.1M; USD1.02B AUM
● iShares Bitcoin Premium Income ETF (BITA): +USD29.1M; USD59.3M AUM
● VanEck Bitcoin ETF (HODL): +USD26.1M; USD1.05B AUM
● 21shares Bitcoin Core ETP (CBTC): +USD25.3M; USD424M AUM
Outlook
July’s recovery was quiet and composed. ETF inflows turned positive across most categories and geographies, and Ethereum’s leadership in inflows marks a shift in the composition of recovery capital. The absence of leveraged products from the top of the gainers list, with ETHA and BTC Mini leading in place of BITX and ETHU, suggests the rebound reflects strategic accumulation rather than short-term positioning; a distinction that, if sustained, points toward a more durable floor for ETF flows in Q3.
The macro backdrop qualifies the optimism. Combined CEX spot and derivatives volumes fell 23.9 per cent to USD3.76 trillion, the lowest monthly total since November 2023, signalling reduced volatility and weaker active-trading despite the ETF recovery. Open interest declined just 1.26 per cent to USD80.2 billion, broadly stable from June’s USD81.2B and suggesting the deleveraging of last month had largely concluded without a fresh build in leveraged positions. Whether the structural recovery in ETF flows can be sustained will depend on whether active trading conditions improve alongside continued institutional accumulation.
Data sources:
TrackInsight (All ETF and ETP Data): https://www.trackinsight.com/services/data-services
CoinDesk (Bitcoin, CD5, CD20, Centralised Exchange Data): https://indices.coindesk.com/indices; https://www.coindesk.com/price
Disclaimer: TrackInsight considers flows from an ETF’s perspective, treating the fund’s first AUM upon listing as its initial inflow, which may differ from other sources that account for pre-listing activity or conversions.
