Cryptocurrency Exchange-Traded Products (ETPs) have now become the largest holders of Bitcoin, edging out public companies and even governments. As of today, ETPs hold approximately 1.47 million Bitcoins, which accounts for about 7% of the capped 21 million Bitcoin supply. This noteworthy shift signifies the growing influence of crypto ETPs in the digital asset space and is a central theme in the latest “Crypto for Advisors” newsletter.
ETPs Hold the Bitcoin Crown
According to data from Hold15Capital, ETPs have surpassed other major holders of Bitcoin, including public companies, which hold just over 1 million coins, and governments, which account for around 526,000 coins. Among these ETPs, BlackRock’s iShares IBIT ETF stands out with its substantial holding of 749,000 Bitcoins. Fidelity’s FBTC and Grayscale’s GBTC follow with 201,000 and 185,000 coins, respectively. This significant accumulation is a clear indicator of the growing institutional embrace of Bitcoin as a legitimate asset class, especially under a more crypto-friendly U.S. administration.
Crypto Moves Into the ETF Mainstream
Cryptocurrencies have undeniably become a focal point in the Trackinsight Global ETF Survey. This year’s survey, which collated insights from over 600 professional investors managing more than $1 trillion in ETF assets, highlighted a strong interest in crypto ETFs. Over half of the respondents indicated plans to increase allocations to crypto ETFs in their client portfolios throughout 2025, underscoring a significant shift in attitude towards digital assets.
Crypto ETFs Break Into the Big Leagues
In a sign of their growing influence, U.S. cryptocurrency ETFs have ranked 8th in net inflows over the past year. This achievement, highlighted by ETF Central’s dashboard, further demonstrates the increasing acceptance of crypto as a mainstream investment option. The results from the Trackinsight survey reflect this trend, revealing a marked change among professional investors who were once hesitant but are now more open to integrating crypto into their investment strategies.
Solana and XRP ETFs Edge Closer to the Spotlight
While Bitcoin and Ether ETFs have already established themselves, Solana and XRP are poised to join the fray. Although the U.S. Securities and Exchange Commission (SEC) has yet to approve any filings for these digital assets, optimism remains high. The recent removal of legal uncertainties surrounding Ripple and a friendlier regulatory environment in Washington are boosting confidence. Meanwhile, investors are riding the wave through U.S. futures-based Solana and XRP ETFs, while Canada and Europe continue to lead with spot launches.
Since 2024, Solana and XRP ETPs have amassed $2.02 billion and $1.35 billion in net inflows globally. This momentum has gained traction following the first U.S. spot ETF filings related to these cryptocurrencies, signaling a growing appetite for diversified digital asset exposure.
The Big Race: Gold vs. Crypto
One of the most compelling trends in modern finance is the competition between gold and cryptocurrencies for a place in investor portfolios. ETPs holding gold continue to lead with nearly $400 billion in assets, as investors rely on the precious metal to hedge against inflation and geopolitical instability. However, the rapid growth of crypto ETPs, which have surged past the $200 billion mark, reflects a new era in asset diversification. Instead of a zero-sum game, this trend suggests that in an unpredictable world, investors are increasingly turning to both gold and cryptocurrencies for distinct forms of protection and growth.
Ask an Expert
In the “Ask an Expert” section, Joshua de Vos, research lead at CoinDesk, provides insights into recent global crypto ETF/ETP flows. In August, ether-linked products attracted a staggering $4.27 billion, marking the strongest monthly intake this year and accounting for approximately 88% of the month’s net inflows. In contrast, Bitcoin products experienced net outflows of $169.1 million, despite variations at the issuer level. Notably, Solana and XRP products recorded inflows of $383.4 million and $279.7 million, respectively, highlighting selective diversification beyond Bitcoin and Ether.
Geographically, the Americas led with $4.92 billion in net inflows, while Europe saw $108 million in net outflows. The Asia-Pacific region, driven by gains in Hong Kong and Australia, recorded $70.4 million in net inflows.
The U.S. has firmly positioned itself as a core venue for regulated digital asset exposure since the debut of Bitcoin ETFs in January 2024. U.S.-listed products now account for approximately 94% of global activity, underscoring the country’s role as a primary market for price discovery and capital formation in the crypto space.
In terms of policy developments, the SEC’s decision to allow in-kind creations and redemptions for spot Bitcoin and Ether products has enhanced primary-market operations and reduced spreads. Major exchanges have also proposed generic listing standards for commodity-based ETPs, including those tied to digital assets, which could streamline future product approvals. Additionally, the SEC has extended review periods on select single-asset proposals, clustering several high-profile decisions into October. These steps collectively provide structural clarity as the crypto market continues to mature.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
