July roundup: Global crypto ETP flows favor ether

Global crypto ETPs recorded $515.9 million in net inflows in July, raising assets under management to $117.5 billion from $108.6 billion in June. US-listed funds contributed $429.0 million to the monthly inflows. Ether-linked products drew $318.7 million, while bitcoin-linked products had $243.0 million.

US-listed vehicles reversed June’s $4.46 billion of redemptions to post $429.0 million in net inflows in July. Europe and Canada added further inflows, and the Asia-Pacific region registered modest net outflows for the month.

A broad 20-component crypto index rose 7.7 percent in July to 1,726.05, and a concentrated five-component index gained 8.3 percent to 1,037.64, with larger-cap names leading gains.

At the asset level, ether products closed July with $14.0 billion in AUM, up from $11.4 billion in June, after adding $318.7 million in net inflows. The iShares Ethereum Trust ETF (ETHA) led fund-level inflows with $359.4 million. Bitcoin products increased category AUM to $93.6 billion from $86.9 billion after $243.0 million of net inflows. Diversified multi-asset baskets added $17.4 million and reached $2.04 billion in AUM.

Smaller-cap and alternative token products continued to attract capital. XRP-linked ETPs drew $24.8 million, bringing AUM to $2.09 billion, while Solana products added $18.4 million to reach $2.16 billion. Both categories reported smaller inflows than in June.

By region, the Americas recorded approximately $447.5 million of net inflows, driven by US-listed products and $18.5 million from Canada. US-domiciled ETFs finished July with $98.5 billion in AUM, about 84 percent of the global crypto ETP market. Europe posted roughly $72.6 million in net inflows, with Switzerland adding $86.1 million and total Swiss-domiciled AUM of $3.65 billion; inflows were partly offset by redemptions in Jersey, Liechtenstein, Ireland and Sweden. APAC saw about $4.2 million in net outflows, led by $8.0 million of redemptions in Hong Kong and partially offset by $3.2 million of inflows into Australian listings.

Currency-denominated flows were dominated by US-dollar products, which recorded $469.5 million in net inflows and held $110.5 billion in AUM at month-end. Canadian-dollar listings added $25.9 million to $3.96 billion in AUM. Swedish krona funds increased by $14.1 million to $1.35 billion, euro-denominated products saw $3.2 million of inflows to $1.15 billion, and Australian-dollar listings grew by $3.2 million to $578 million.

Top fund-level gainers for July included the iShares Ethereum Trust ETF (ETHA) with $359.4 million in net inflows and $5.42 billion in AUM; the Grayscale Bitcoin Mini Trust ETF with $298.3 million and $3.71 billion in AUM; the iShares Bitcoin Trust ETF with $110.8 million and $46.5 billion in AUM; the ARK 21Shares Bitcoin ETF with $108.5 million and $2.13 billion in AUM; and the Morgan Stanley Bitcoin Trust with $74.0 million and $392.3 million in AUM. Several other bitcoin ETPs and structured products also posted inflows.

Combined centralized exchange spot and derivatives volumes declined 23.9 percent in July to $3.76 trillion, the lowest monthly total since November 2023. Open interest on derivatives markets edged down 1.26 percent to $80.2 billion from $81.2 billion in June.

“July ended the correction’s most sustained outflow run with a decisive reversal and marked a shift in the composition of recovery capital to ether-linked products,” reads the monthly report. The report treats a fund’s first reported AUM at listing as its initial inflow, which can produce differences compared with sources that account for pre-listing activity or conversions.