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 March marked a decisive break from the two-month outflow trend that had defined the year to date, with global crypto ETP flows reversing sharply as institutional demand returned in force.
According to TrackInsight data, global digital-asset investment products recorded USD1.75 billion in net inflows during March, pushing total assets under management to USD130.6 billion, with the United States accounting for the vast majority of the recovery while European markets contributed meaningfully in the same direction.
The CoinDesk 20 Index (CD20) gained 0.86 per cent in March, a modest partial recovery from February’s 16.82 per cent decline, while the CoinDesk 5 Index (CD5) rose 2.17 per cent, outperforming both the CD20 and bitcoin, which gained 1.84 per cent over the month. The hierarchy of returns, with CD5 leading, bitcoin in the middle, and the broader CD20 trailing, reflects an environment where large-cap outperformance was concentrated in the top five assets rather than spread evenly across the index.
Asset flows
According to data from TrackInsight, bitcoin-linked products drove the bulk of the inflow recovery globally, while Ethereum recorded its first month of net positive flows since late 2025. Multi-asset products were the sole category to register outflows, as investors favoured single-asset directional exposure during the partial price recovery.
Bitcoin: BTC-linked products recorded net inflows of USD1.51 billion, lifting total category AUM to USD104.6 billion. The reversal from USD230.2 million in outflows in February was driven predominantly by a single fund, the iShares Bitcoin Trust ETF, reinforcing bitcoin’s role as the primary vehicle for institutional re-entry.
Ethereum: Ether-linked products posted USD117.5 million in net inflows, ending March with USD16.0 billion in aggregate AUM. The category’s return to positive flow territory was largely attributable to the newly launched iShares Staked Ethereum Trust ETF, which attracted USD405.8 million in its debut month; underlying Ether products continued to see net redemptions.
Multi-asset: Diversified baskets recorded net outflows of USD26.3 million, with total AUM of USD2.17 billion, the only asset class to see net redemptions during the month.
Altcoins: Solana-linked products attracted USD53.1 million in net inflows (AUM: USD2.28 billion) and Sui added USD18.1 million (AUM: USD174 million). XRP-linked products recorded just USD7.9 million in net inflows (AUM: USD2.39 billion), a sharp deceleration from the prior two months, as large opposing flows within the category nearly offset each other.
Flows by geography
Americas: Net inflows of approximately USD1.56 billion, driven almost entirely by US-listed products (USD1.52 billion), with Canada contributing an additional USD44.0 million (AUM: USD4.84 billion). US-domiciled ETFs ended March with USD110.4 billion in AUM, representing 84.5 per cent of global market share.
Europe: Net inflows of approximately USD158.7 million, broad-based across domiciles. Switzerland led at USD72.0 million (AUM: USD3.79 billion), followed by Jersey at USD43.0 million (AUM: USD4.11 billion), Germany at USD26.4 million (AUM: USD1.72 billion) and Liechtenstein at USD25.4 million (AUM: USD0.77 billion).
APAC: Net inflows of approximately USD28.8 million, with Hong Kong contributing USD18.9 million (AUM: USD0.59 billion) and Australia USD7.7 million. Every major region recorded net inflows for the month, the first such clean sweep since Q4 2025.
Flows by currency
USD: USD-denominated products recorded USD1.67 billion in net inflows, with a total AUM of USD123.2 billion, the dominant share of global crypto ETP assets.
CAD: CAD-denominated products recorded USD59.1 million in net inflows, with a total AUM of USD4.05 billion.
EUR / SEK / AUD: EUR-denominated products recorded USD6.7 million in inflows (AUM: USD1.27 billion), SEK added USD3.3 million (AUM: USD1.48 billion), and AUD added USD7.7 million (AUM: USD570 million).
Largest ETF gainers (by March net flows)
iShares Bitcoin Trust ETF (IBIT): +USD1.28 billion; USD53.05 billion AUM
iShares Staked Ethereum Trust ETF (ETHB): +USD405.8 million; USD408 million AUM
CoinShares XRP ETP (XRRL): +USD118.9 million; USD277 million AUM
NEOS Bitcoin High Income ETF (BTCI): +USD87.9 million; USD962 million AUM
Grayscale Ethereum Mini Trust ETF (ETH): +USD85.9 million; USD1.74 billion AUM
iShares Bitcoin ETP (IB1T): +USD83.9 million; USD874 million AUM
Volatility Shares 2x Ether ETF (ETHU): +USD68.3 million; USD867 million AUM
Grayscale Bitcoin Mini Trust ETF (BTC): +USD59.5 million; USD3.43 billion AUM
Bitwise Solana Staking ETF (BSOL): +USD58.5 million; USD568 million AUM
Outlook
March’s USD1.75 billion inflow figure is substantial, but its composition tells an important story. IBIT alone accounted for USD1.28 billion of the global total, and the ETHB debut contributed USD405.8 million, meaning the two products together represent over 96 per cent of the recovery. Strip those out and the broader market added a modest USD60 million across the rest. XRP, which had led altcoin flows in the prior two months, finally turned negative, and multi-asset products were the only category in outflows. The partial price recovery, with CD20 up just 0.86 per cent against bitcoin’s 1.84 per cent gain, also reiterates that March inflows were primarily driven by accumulation into weakness.
The structural picture heading into Q2 is more constructive than it was at the start of the year. IBIT’s capacity to absorb over USD1 billion in a single month confirms that US institutional infrastructure remains intact. The ETHB launch has opened a new staking-yield inflow channel. European and APAC markets posted their first synchronised positive month in some time. Whether the concentration of flows broadens beyond the two iShares products is the key question for April and beyond.
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.
