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CRB Monitor Chart of the Month: An Update On Cryptocurrency-themed ETPs

May 2026

James B. Francis, CFA, Chief Research Officer, CRB Monitor 

Peter Simcox, Senior Analyst, CRB Monitor 

Tamara Guy, Research Analyst, CRB Monitor

Global crypto ETP assets under management reached approximately $184 billion by the end of 2025, according to industry estimates. Fast forward to May 2026, and the global market for spot crypto exchange-traded products (ETPs) - including spot Bitcoin, Ethereum, Solana, XRP, and other physically backed crypto ETFs and ETPs—is estimated at approximately $136 billion in assets under management (AUM). This would suggest crypto ETPs suffered a collapse in total value of about 35% in 2026 (see chart below).

Year-to-date trading volumes for cryptocurrency-themed ETFs have remained exceptionally strong, led by U.S. spot Bitcoin ETFs from BlackRock, Fidelity Investments, and Grayscale Investments. Collectively, spot Bitcoin ETFs have frequently generated between approximately $8 billion and $12 billion in average daily trading volume during 2026, while spot Ethereum ETFs have added another $1 billion to $3 billion in daily turnover. Crypto ETPs listed in Canada, Europe, Brazil, Hong Kong, and Australia have also continued to record strong trading activity across Bitcoin, Ethereum, Solana, as well as diversified digital asset products. The sustained liquidity across these investment vehicles reflects continued institutional adoption and growing investor demand for regulated exposure to digital assets through traditional exchange traded products.

The investment objective of most digital asset-themed ETPs is to replicate the performance of one cryptocurrency (or in a handful cases, a basket of cryptocurrencies) and flows into and out of an ETP can be entirely independent of the underlying price movement of the holdings. That is why it is important to look at both the performance and the net cash flows related to each fund.

The following tables list the 10 largest crypto-themed and 10 largest DARB ETFs as of 4/30/2026: 

Largest Spot ETPs by AUM 4/30/2026

Source: Issuer & Exchange Websites 

As of the date of this update, CRB Monitor now maintains data on over 900 globally-listed, digital asset-themed exchange traded products (more than 600 that hold at least one of over 100 different spot cryptocurrencies directly or via derivatives). Among these 900 are exchange traded products that hold more than 50% in publicly listed digital asset-related businesses (DARBs), which we include in our analyses below.

Largest DARB ETPs by AUM 4/30/2026

Source: Issuer & Exchange Websites

CRB Monitor maintains critical, risk-based information on more than 900 digital asset-themed exchange traded products (more than 700 that hold at least one of over 100 different spot cryptocurrencies directly or via derivatives). Among these 900 are exchange traded products that hold more than 50% in publicly listed digital asset-related businesses (DARBs), which we include in our analyses below.

The following chart tracks the performance over this period for a sample of spot crypto and DARB-themed ETFs:

Source: Yahoo Finance, CRB Monitor

We are still seeing a significant spread (47%) between Bitcoin and Ethereum-themed funds. As we noted on our last update, Ethereum funds have vastly underperformed Bitcoin-themed funds over the last 12 months while outgrowing the BTC funds in creation activity on a percentage basis. There are several reasons for this (e.g., investor acceptance, name recognition, costs, and yield) and we plan to dive into those in a future article. Suffice it to say, there is a persistent Bitcoin/Ethereum spread which does not reflect investor interest.

In terms of size and number of funds, DARB-themed exchange-traded products (BITQ, BLOK, DAPP, ARKK) have played a supporting role to the massive spot crypto ETF universe over the last 2 years. Looking at the performance above, we see that returns for these products have been strong across the board while asset size remains relatively modest (see the table above).

[**It is also worth noting that DARBs (digital asset-related businesses), due to their exposure to cryptocurrencies, present “look-through” exposure to the various risks inherent native to the crypto universe, such as investment risk, operating risk, and regulatory risk. The CRB Monitor database of ~3,000 digital asset-related businesses is an excellent source of data related to these risks.**]

Correlations and Risk – Spot Crypto and DARB-themed ETFs

Correlations - 7/31/24 - 4/30/2026

Source: Yahoo Finance, CRB Monitor

Taking a look at the table above, correlations among DARB-based and spot crypto ETPs have not changed materially since February. A high correlation between IBIT and ETHA persists, and we are still seeing even higher correlations between the DARB and spot crypto ETPs. The correlations of the DARB-themed group (BLOK, DAPP, BITQ and ARKK) are very high, implying that investors have choices in that space that will offer similar returns while adding a layer of risk control to the investment. The significant difference in SD between IBIT and ETHA seems peculiar and it will be one to watch going forward.

ETP Asset Growth 2026

The following table displays the net growth of the top 20 digital asset-themed ETFs in 2026. This growth featured a surge of new money in March, particularly into iShares funds:

Source: ETF Book, CRB Monitor

Regulatory Updates - YTD 2026

The regulatory landscape for spot cryptocurrency exchange-traded products (ETPs) in 2026 has evolved rapidly, driven by broader structural reforms in crypto market regulation across major jurisdictions. While some regs do not target ETPs exclusively, they directly shape how spot crypto ETPs are approved, structured, and distributed. Nevertheless, global progress toward standardization is a strong indication that cryptocurrencies are here to stay for the foreseeable future.

Token taxonomy and market structure guidance

The U.S. Securities and Exchange Commission released new interpretive guidance in March 2026 explaining how federal securities laws apply to crypto assets. The SEC and CFTC jointly introduced a five-part token taxonomy covering digital commodities, stablecoins, collectibles, tools, and securities. The guidance was widely seen as a turning point because it provided clearer jurisdictional boundaries and compliance expectations for the crypto industry. 

Grayscale Addresses Staking Issues

Grayscale Ethereum Staking ETF (ETHE) filed an 8-K with the SEC confirming implementation of Delayed Delivery Orders to manage digital asset liquidity constraints, following satisfaction of the Staking Condition.

"It is also possible that, in connection with future redemption orders and if the Staking Condition is satisfied with respect thereto, the Sponsor may make arrangements for the Trust to obtain liquid digital assets from the Custodian or another institutional liquidity provider in exchange for the Trust’s present or future delivery of a similar number of digital assets, although the details of any such future arrangement are not presently known. The implementation of Delayed Delivery Orders and other liquidity risk policies and procedures are intended to be consistent with NYSE Arca’s generic listing standards and the liquidity risk policies set forth in Internal Revenue Service Procedure 2025-31. However, there can be no assurance that such arrangements would be available as intended or provide sufficient liquidity to satisfy redemption requests."

US Regulators and ETF Listing Eligibility
SEC noticed NYSE Arca's proposed amendment to Rule 8.201-E (SR-NYSEARCA-2026-42), introducing an 85% NAV threshold for assets meeting existing generic listing eligibility, with the remaining 15% available for non-qualifying holdings. Daily monitoring required. NFTs and collectibles explicitly excluded. Comment deadline May 21. Federal Register published April 30. 

T. Rowe Price Amends Operational Details for Crypto ETFs
T. Rowe Price filed Amendment No. 3 to its Form S-1 for an actively-managed crypto ETP (Registration 333-291007). Listed on NYSE Arca under TKNZ. Overall, this amendment looks less like a fundamental strategy change and more like a SEC comment-response refinement: adding operational precision, tightening disclosures, expanding custody/risk language, and clarifying how the ETF would comply with evolving crypto ETF regulatory expectations before approval. 

Explainer: What is in the US Senate's landmark crypto bill?
A Reuters article reported that the U.S. Senate advanced the “Clarity Act,” a landmark bill designed to create a unified federal framework for cryptocurrencies and digital assets in 2026. The legislation would clarify when tokens are regulated as securities or commodities while imposing anti-money laundering requirements on crypto platforms. Regulators and industry leaders view the proposal as a major step toward reducing legal uncertainty in the U.S. digital asset market.

Improved market integrity and pricing
The U.S. Securities and Exchange Commission released new interpretive guidance in March 2026 explaining how federal securities laws apply to crypto assets. The SEC and CFTC jointly introduced a five-part token taxonomy covering digital commodities, stablecoins, collectibles, tools, and securities. The guidance was widely seen as a turning point because it provided clearer jurisdictional boundaries and compliance expectations for the crypto industry.

As crypto investors continue to wade into the dark, open water of operational risk and volatility, there are a number of considerations that will be essential components of compliance and risk management beyond those required for typical ETF investing. Rather, it can be assumed that an investment in a spot cryptocurrency ETF is akin, from a risk perspective, to an investment in the cryptocurrency itself. And it should not be overlooked that cryptocurrencies are actively traded on global exchanges of varying qualities and degrees of regulation, and as such lends itself to illicit activity. CRB Monitor reviews global regulators of crypto activity on an ongoing basis to ensure that our clients are fully aware of all the embedded risks in this volatile space.

Wondering what a Tier 1, Tier 2 or Tier 3 DARB is?

See our seminal ACAMS Today white paper Defining ‘Digital Asset-related Business’ and Digital-Asset Related Businesses - What Financial Institutions Need to Know