Crypto ETFs in September: Bitcoin Leads, America Dominates

Regulatory momentum

September marked a clear turning point in policy:

• The SEC introduced generic listing standards for crypto ETFs, easing the path to market for future products. On the same day, regulators approved Grayscale’s Digital Large Cap Fund (GDLC) which tracks the CoinDesk 5 Index and became the first US-listed multi-crypto ETP, offering exposure to bitcoin, ether, Solana, XRP, and Cardano.
• In parallel, the Commission asked issuers to withdraw over 190 pending 19b-4 filings for single-asset altcoin ETFs, signalling that future launches will need to conform to the new generic framework. Together, these steps reflect both an acceleration of product approvals and a tightening of process under a standardised rulebook.
• Beyond these headline moves, policy attention on digital assets remained elevated in Washington. The Senate Banking Committee circulated an updated draft of a crypto market-structure bill, while the CFTC issued fresh guidance on cross-border access for foreign trading platforms. Both steps demonstrate how regulatory engagement with the sector is broadening beyond ETFs, touching trading infrastructure and legislative oversight.

Bitcoin reclaims leadership

Allocations pivoted decisively back to bitcoin after ether’s dominance in August.

• iShares Bitcoin Trust
  IBIT
  +2.77%
  absorbed $2.49B in flows, lifting its AUM to $71.8B – nearly 40% of the global total.
• Fidelity Wise Origin Bitcoin Fund
  FBTC
  +2.62%
  gained $384M, reaching $8.1B AUM.
• Volatility Shares 2x Bitcoin ETF
  BITX
  +5.31%
  saw $436M of new capital, reflecting ongoing demand for geared exposure.

Category-wide, global bitcoin funds absorbed $3.69B, restoring momentum after a quiet August.

Ethereum flows cool

Ether-linked products recorded a step down from August’s record-setting, $4.27B in net inflows; but still held institutional interest.

• Net inflows totalled $442M, bringing aggregate AUM to $36.2B.
• iShares Ethereum Trust
  ETHA
  +3.42%
  contributed the bulk with $175M in inflows, lifting its AUM to $16.2B.
• Despite softer allocations, ETH products remain the second-largest segment of the market, accounting for roughly 16% of global crypto ETF AUM.

American Dominance

• The United States remained the undisputed hub, adding $4.73B of inflows, with trading volumes above $542B, lifting AUM to $194B – more than ten times the size of Europe.
• North America more broadly contributed $5.0B of inflows, with the remainder attributed to growth in Canadian products. 
• Europe added $2.05B in inflows, whilst APAC posted $32.6M of net inflows.

Performance favours large-caps

• The CoinDesk 20 Index (CD20), which tracks the largest and most liquid digital assets, closed 3,994.6 (+0.59%).
• The CoinDesk 5 Index (CD5), focused on the five largest assets, finished 2023.4 (+3.15%), outperforming the CD20 and demonstrating concentrated gains amongst the most liquid digital assets.

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.