Crypto ETFs in October: Momentum Builds as New Altcoin ETFs Launch

Regulatory Momentum

October confirmed the acceleration of single-asset ETP approvals beyond Bitcoin and Ether, as US regulators moved swiftly to integrate staking rewards while signaling continued vigilance on operational infrastructure.

The first wave of altcoin spot ETPs began trading during the month, broadening market access under the SEC’s newly established generic listing standards. Notably, the Grayscale Solana Trust ETF

and Bitwise Solana Staking ETF (BSOL) both launched with integrated staking rewards, establishing staking as a feature in the next generation of crypto ETPs.

Other launches included the Canary Litecoin ETF

and Canary HBAR ETF

HBR

-2.98%

, introducing exposure to Litecoin and Hedera into the US market for the first time. Together, these developments marked the most diverse wave of new listings to date.

The product pipeline remains deep: more than 150 crypto-based ETP filings are now with the SEC, covering roughly 35 digital assets, with significant interest centered on Solana, XRP, and Cardano.

However, progress has temporarily slowed amid the ongoing SEC shutdown, which has effectively paused new approvals through mid-November.

How did Bitcoin ETFs Fare in October?

Allocations remain highly concentrated in bitcoin for a second consecutive month, following August’s unique participatory rally in Ether products. 

• iShares Bitcoin Trust
  IBIT
  -3.64%
  absorbed $4.27B in flows (up from $2.49B in September), lifting its AUM to $88.0B (up 22.5%) – accounting for roughly 39% of the global total.
• Fidelity Wise Origin Bitcoin Fund
  FBTC
  -3.62%
  added $240M in flows, reaching $22.5B AUM, with ADV averaging $141M, the second-highest behind IBIT.
• Demand for geared exposure persisted: Volatility Shares 2x Bitcoin ETF
  BITX
  -7.36%
  drew $154M in net inflows, with $72M in ADV across October. 

Category-wide, US-listed bitcoin funds led both flows and trading, with global bitcoin products absorbing $4.9B, building on September’s product momentum. 

How did Ethereum ETFs Fare in October?

Ether-linked ETFs recorded another strong month, albeit behind bitcoin on absolute flows.

• Ether-linked net inflows totaled $1.5B, bringing aggregate product AUM to $34.8B.
• iShares Ethereum Trust (ETHA) brought in $873M, taking AUM to $15.41B, and becoming the 4th largest crypto product by AUM (behind IBIT, FBTC and GBTC). ETHA currently holds over 44% of all Ether-linked AUMs globally. 
• The top six Ether-linked products all originate in the United States and collectively account for 82% of global Ether-linked AUM.
• ETH products remain the second-largest segment of the market, maintaining strong inflows and overall participation despite a sustained pivot back into bitcoin. 

The U.S. Crypto ETF Landscape Remains Dominant

• The United States remained the global hub for liquidity and asset gathering. US-listed products drew $7.35B of net inflows in October, supported by average daily volumes (ADV) of $1.04B and AUM of $191.7B by month-end. 
• On a currency basis, USD-denominated products captured ~97% of global crypto-ETP trading volumes. 
• Regionally, Americas led with $7.21B in inflows, while Europe added $440M and APAC posted modest net outflows.

How did the Crypto Market Fare in October?

• Market performance diverged from investment activity in October, with inflows remaining strong even as digital asset prices retraced. 
• The CoinDesk 5 Index (CD5) fell 5.34%, while the broader CoinDesk 20 Index (CD20) declined 9.55%. Bitcoin, represented by the CoinDesk Bitcoin Price Index, closed the month down 3.94%.
• The drawdown was largely driven by the October 10th liquidation cascade, which triggered sharp corrections across centralized exchanges and altcoins. Despite these market-wide moves, ETF and ETP trading held steady, reflecting the structural resilience and liquidity depth of US-listed products. The continued inflows amid falling prices highlight the institutional depth and conviction underpinning the market.

About the Author: Joshua de Vos

Joshua de Vos leads CoinDesk’s Research team, overseeing institutional-grade benchmarks and premium research publications. With nearly a decade of experience in digital assets, he previously headed CCData’s award-winning research division and served as Head of Research at a digital asset portfolio manager, where he developed foundational investment strategies.

At CCData—now part of CoinDesk—Joshua created the industry’s first institutional-grade ESG Benchmark and authored numerous reports covering protocols, exchanges, stablecoins, and regulatory developments.

He is a regular contributor to CoinDesk’s Markets Daily podcast and has appeared on CNBC’s Bitcoin Halving podcast, the U.S. presidential inauguration livestream, and in leading publications such as Bloomberg, Forbes, and the Financial Times.

Data Sources: 

TrackInsight (All ETF and ETP Data): https://www.trackinsight.com/services/data-services 

CoinDesk (XBX, CD20, CD80, Centralised Exchange Data): https://indices.coindesk.com/indices; https://www.coindesk.com/price

Disclaimer: Trackinsight considers flows from an ETF's perspective, treating the fund's first AUM upon listing as its initial inflow, which may differ from other sources that account for pre-listing activity or conversions.

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.