It’s been a stunning year for the crypto market and an even more stunning one for crypto ETFs.
Global assets of crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs) surged 549% to $20.23 billion as of Nov. 30, compared to just $3.12 billion at the end of 2020, according to a report from ETFGI, a London-based research house focused on the global ETF market.
The top three funds in the world are XBT Provider’s Ether Tracker One, with $1.69 billion in total assets, XBT’s Bitcoin Tracker Euro, with $1.53 billon, and ProShares Bitcoin Strategy ETF (BITO) with $1.42 billion.
XBT Provider, a Swedish firm that launched the first crypto ETP with a Bitcoin exchange-traded note in 2015, is the largest ETF/ETP provider in terms of assets with $5.34 billion, reflecting 26.4% market share. XBT’s Coinshares family has two Bitcoin and two Ether products.
U.S.-based Proshares launched its Bitcoin Strategy ETF (BITO) in October. With just the one fund, Proshares already holds 7% of the market.
The entire ETF/ETP market saw total global assets jump 24% to $9.92 trillion at the end of November, compared with $7.99 trillion at the end of 2020.
The massive jump in ETF crypto assets was a function of the 280% increase in crypto ETFs and ETPs to 80 through November, up from 21 at the end of 2020. Of that, 24 were ETFs and 56 were ETPs, according to ETFGI.
Ten new crypto ETFs/ETPs were launched in November alone. At then end of the month, there were three crypto ETFs in the U.S, with $2 billion in assets, or 7.5% of the global total. There are 56 crypto ETFs/ETPs in Europe, 14 in Canada, and seven in Latin America. Europe holds 60% of the global assets.
Globally, crypto ETFs and ETPs saw net inflows of $1.11 billion last month, for total net inflows of $9.26 billion through November.
Thirty of the 80 funds have exposure to Bitcoin, and 17 have exposure to Etherium, the second most popular cryptocurrency. Among other popular cryptocurrencies, Solana was in three funds, Cardano, two, and Binance, one.
Out of that, Bitcoin ETFs/ETPs reported net inflows of $528 million during November, bringing year-to-date net inflows to $5.23 billion. Total assets under management in Bitcoin products was $10.92 billion through November.
Ethereum ETFs/ETPs saw a big boost with net inflows of $342 million last month, for a total of $1.98 billion through the end of November, up from just $25 million for the same period in 2020. Total assets in Ethereum funds was $6.35 billion.
The ProShares Bitcoin Strategy ETF posted the largest individual net inflow in November to $352 million. Even though it only launched the previous month, for the first 11 months of the year, ProShares gathered the largest net inflows of ETF/ETPs with $1.60 billion, said ETFGI.