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 thatApril marked the second consecutive month of net inflows for global crypto ETPs, with the momentum established in March extending as bitcoin posted its strongest monthly gain in over a year.
According to TrackInsight data, global digital asset investment products recorded USD1.79 billion in net inflows during April, pushing total assets under management to USD158.7 billion, with the United States again accounting for the dominant share of the recovery while European and APAC participation pulled back from the levels recorded in March.
The CoinDesk 20 Index (CD20) gained 5.45 per cent in April, building on March’s 0.86 per cent partial recovery from February’s 16.82 per cent decline, while the CoinDesk 5 Index (CD5) returned 9.91 per cent, as Bitcoin gained 11.87 per cent over the month. The hierarchy of returns, with bitcoin leading, CD5 in the middle, and the broader CD20 trailing, reflects an environment in which large-cap outperformance was concentrated in the very top assets rather than spread evenly across the index.
Asset flows
According to data from TrackInsight, bitcoin-linked products again dominated net inflows globally, while Ethereum posted its second consecutive month of positive flows and the multi-asset category returned to positive territory after recording net outflows in March.
Bitcoin: BTC-linked products recorded net inflows of USD1.52 billion, lifting total category AUM to USD128.1 billion, up from USD104.6 billion at the end of March. The pace of bitcoin accumulation through ETPs remained concentrated in a small number of US-listed vehicles, with the category capturing the decisive share of global net flows for the second consecutive month.
Ethereum: Ether-linked products posted USD150.9 million in net inflows, ending April with USD18.35 billion in aggregate AUM. At USD150.9 million, April’s reading represented a meaningful step up from March’s USD117.5 million, and the category has now recorded positive flows for two consecutive months.
Multi-asset: Diversified baskets recorded net inflows of USD1.2 million, with total AUM of USD2.40 billion, returning to positive territory after USD26.3 million in net outflows in March.
Altcoins: Solana-linked products attracted USD46.1 million in net inflows (AUM: USD2.59 billion). XRP-linked products recovered to USD32.5 million in net inflows (AUM: USD2.56 billion), a sharp acceleration from the USD7.9 million recorded in March, when large opposing flows within the category had nearly offset each other. Chainlink-linked products posted USD1.4 million in net inflows (AUM: USD166 million).
Flows by geography
Americas: Net inflows of approximately USD1.71 billion, driven almost entirely by US-listed products (USD1.70 billion), with Canada contributing USD13.9 million (AUM: USD5.69 billion). US-domiciled ETFs ended April with USD135.0 billion in AUM, representing 85.1 per cent of global market share.
Europe: Net inflows of approximately USD68.8 million, a pullback from March’s USD158.7 million. Switzerland led at USD34.6 million (AUM: USD4.39 billion), followed by Jersey at USD29.3 million (AUM: USD4.74 billion) and Liechtenstein at USD10.7 million. Germany contributed USD2.7 million, while Ireland and Sweden recorded modest outflows.
APAC: Net inflows of approximately USD2.2 million, a sharp moderation from March’s USD28.8 million, led by Hong Kong at USD1.3 million and Australia at USD0.8 million. The region’s synchronised positive reading from March did not repeat at scale in April.
Flows by currency
USD: USD-denominated products recorded USD1.77 billion in net inflows, with a total AUM of USD149.9 billion, the dominant share of global crypto ETP assets.
CAD: CAD-denominated products recorded USD17.9 million in net inflows, with a total AUM of USD4.80 billion.
EUR / SEK / AUD: EUR-denominated products were essentially flat at -USD0.1 million (AUM: USD1.51 billion), SEK added USD0.5 million (AUM: USD1.70 billion), and AUD added USD0.8 million (AUM: USD0.72 billion).
Largest ETF gainers (by April Net Flows)
· iShares Bitcoin Trust ETF (IBIT): +USD937.0 million; USD65.77B billion AUM
· Fidelity Wise Origin Bitcoin Fund (FBTC): +USD398.7 million; USD15.24 billion AUM
· ARK 21Shares Bitcoin ETF (ARKB): +USD163.2 million; USD3.13 billion AUM
· iShares Ethereum Trust ETF (ETHA): +USD92.0 million; USD7.37 billion AUM
· NEOS Bitcoin High Income ETF (BTCI): +USD48.5 million; USD1.27 billion AUM
· iShares Staked Ethereum Trust ETF (ETHB): +USD38.1 million; USD653 million AUM
· iShares Bitcoin ETP (IB1T): +USD31.7 million; USD1.16 billion AUM
· CoinShares Bitcoin Mining ETF: +USD31.1 million; USD382 million AUM
· Bitwise Solana Staking ETF (BSOL): +USD30.4 million; USD708 million AUM
· Morgan Stanley Bitcoin Trust: +USD24.3 million; USD234 million AUM
Outlook
April’s USD1.79 billion inflow figure is consistent with March at the headline level, but its composition reflects a broader distribution of demand than the prior month. IBIT retained its leading position at USD937.0 million, accounting for approximately 52.5 per cent of top 10 net inflows, while Fidelity’s FBTC contributed USD398.7 million and ARK 21Shares’ ARKB added USD163.2 million, the three funds together representing approximately 83.9 per cent of the total.
European flows pulled back from USD158.7 million to USD68.8 million, and APAC from USD28.8 million to USD2.2 million, indicating that March’s synchronised global recovery was partly a one-time realignment rather than a durable shift in non-US demand. XRP’s recovery to USD32.5 million was a constructive read, as was multi-asset returning to positive territory.
The question posed in last month’s column, whether the concentration of flows would broaden beyond the two dominant iShares products, has been answered partially in April: all nine of the largest gainers by net flows are in positive territory, Ethereum has posted two consecutive months of net inflows, and XRP has recovered sharply.
With global AUM at USD158.7 billion and bitcoin having gained 11.87 per cent in April, the ETP market enters May in a materially stronger position than at any point since the drawdown began in late 2025. Sustaining that momentum will depend on whether bitcoin’s price gains begin to filter more visibly through to the broader altcoin complex, and on whether non-US institutional demand re-accelerates after April’s geographic pullback and investor preference towards commodities.
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.
