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etp

21Shares: Actively managed crypto ETPs will become the next stage of investment, with the global actively managed ETF size nearing $1.8 trillion

Duncan Moir, President of 21Shares, stated that as the crypto market matures from simple price-tracking funds, actively managed exchange-traded products will become the next phase of crypto investment. Data compiled by Morningstar and Goldman Sachs Asset Management shows that by the end of 2025, global assets in actively managed ETFs are expected to approach $1.8 trillion.Duncan Moir pointed out that crypto, as an emerging and growing asset class, is particularly suitable for active management; 21Shares combines bottom-up research on single assets with quantitative and top-down strategies to manage risk and allocation, and has expanded its portfolio management and trading team.Duncan Moir added that after FalconX acquired 21Shares in October, the integration of the two is expected to accelerate product development, especially in the direction of more complex products. He stated that the demand for crypto ETPs and ETFs varies by region, with Europe having a more mature investor base, where institutions holding Bitcoin and Ethereum are seeking to further increase their crypto allocation.In this context, 21Shares recently launched an exchange-traded product in Europe linked to Strategy preferred stock STRC, providing exposure to high-yield tools related to the company's Bitcoin capital strategy, and noted that early demand for the product has been strong in multiple regions.Reports mention that as the crypto ETP and ETF market develops, issuers are launching more complex structures, with staking becoming one of the growth directions; Grayscale introduced staking in its ETP in October, and BlackRock launched a Nasdaq-listed Ethereum product with a staking mechanism in March, recording a trading volume of $15.5 million on its first day.Duncan Moir stated that 21Shares evaluates new products based on internal research, customer demand, and market trends, and cited its Bitcoin and gold ETP as an example, noting that the product has been running for four years and was recently cross-listed in London.

CoinShares: Global crypto ETP sees four consecutive weeks of outflows, Bitcoin and Ethereum under pressure

According to The Block, CoinShares' latest report shows that global crypto asset ETPs have experienced net outflows for the fourth consecutive week, with approximately $173 million flowing out last week. Over the past four weeks, total outflows have reached $3.74 billion, indicating that the trend of capital withdrawal from the market continues.The report notes that although the weekly outflow has slowed from a peak of about $1.7 billion at the beginning of the month, the overall selling pressure has not reversed. James Butterfill stated that the current data reflects that crypto fund capital has been undergoing a withdrawal cycle for a continuous month. In terms of trading activity, ETP trading volume has significantly cooled, dropping from a record $63 billion the previous week to $27 billion, indicating that speculative trading enthusiasm has declined in tandem with capital outflows.In terms of capital flow, approximately $575 million was recorded as inflow at the beginning of last week, but this was followed by about $853 million in outflows, primarily influenced by weakening prices. On Friday, boosted by weaker-than-expected CPI data, there was a brief inflow of about $105 million. There is a clear regional divergence. The U.S. market recorded approximately $403 million in outflows last week, while other regions collectively saw about $230 million in inflows, with Germany leading at approximately $115 million, followed by Canada at about $46.3 million and Switzerland at about $36.8 million, indicating that capital demand is shifting towards overseas markets.In terms of asset classes, Bitcoin-related investment products saw the largest outflows last week, totaling about $133 million; short Bitcoin products also experienced outflows of about $15.4 million over the past two weeks, a phenomenon that CoinShares notes typically occurs when the market approaches a cyclical low. Ethereum funds recorded outflows of about $85.1 million, while some altcoins still attracted inflows, with XRP seeing inflows of about $33.4 million, Solana about $31 million, and Chainlink about $1.1 million.In terms of prices, Bitcoin fell nearly 2% over the past week, remaining below the $70,000 mark; Ethereum, after two weeks of significant outflows, is still below the $2,000 level, and overall market sentiment remains cautious.
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