Monthly Flows Report: September 2026 (21Shares)

Summary

• European Crypto ETPs captured $104 .5M in aggregate net inflows in September 2026, bringing YTD totals to $1.6B.p.3
• Aggregated European Crypto ETP AUM expanded by 10.7% month-over-month to $14.6B.p.3
• 21shares remained the largest European physical ETP issuer with $3.7B in AUM and a 25.3% market share.p.3
• European exchange trading activity expanded to an average daily turnover of $83.7M ADV across major venues.p.4
• Total AUM for US Spot Crypto ETFs expanded to $141 .3B in September 2026, up 9.9% MoM from $128 .5B.p.5
• US Crypto ETFs attracted $4.27 B in net monthly inflows during September 2026.p.5

Key insights

1. European ETP inflows were primarily driven by Bitcoin products at $100 .7M, while Ethereum ETPs recorded net redemptions of $18.9M.p.3
2. Aggregated European ETP AUM grew from $13.2B in August to $14.6B in September 2026.p.3
3. 21shares Bitcoin Core ETP (CBTC) recorded the tightest average bid/ask spread among core single-asset ETPs at 5.2 bps.p.4
4. On-exchange trading turnover for 21shares ETPs averaged $34.9M per day in September.p.4
5. Deutsche Börse Xetra led European on-exchange activity at $45.4M ADV, representing a 22.0% MoM increase.p.4
6. BlackRock generated $2.5B in US ETF issuer net additions in September, bringing its US AUM to $78 .2B.p.5
7. Year-to-date net flows for US Crypto ETFs expanded to +$6.7B through September 2026.p.5