Global digital asset exchange traded products (ETPs) closed May 2026 with total assets under management (AUM) of $130.9 billion, down 4% at the end of April, according to research from Fineqia International Inc (CSE:FNQ).
The decline partially reversed April’s rebound and confirmed that market conditions remained uneven following the first-quarter sell-off.
The broader digital asset market also retreated, with total market capitalization falling 2% to $2.57 trillion, meaning ETP AUM underperformed the underlying market and pointed to weaker demand for regulated digital asset exposure during the month.
On a year-to-date basis, total crypto ETP AUM remained down 20.2% from $164.2 billion at end-2025, compared with a 15.5% decline in total digital asset market capitalization over the same period.
Bitcoin-backed ETPs ended May with $108 billion in AUM, down 3.4% from $111.8 billion in April, broadly tracking BTC’s 3.6% price decline to $73,580.
Fineqia senior research analyst Matteo Greco noted the close alignment between price performance and AUM suggests May was “mainly price driven for the Bitcoin segment, with broadly neutral flow dynamics,” contrasting with stronger inflow-driven periods seen in 2024 and parts of 2025. Bitcoin retained approximately 82.5% of total crypto ETP AUM at month-end.
Ethereum ETPs were the weakest major segment, with AUM falling 13.4% to $13.5 billion as ETH’s price declined 11.2% to $2,004. The steeper drop in AUM relative to price performance pointed to continued outflow pressure, with Ethereum ETPs down 37.5% year-to-date from $21.5 billion at end-2025. Ethereum’s share of total crypto ETP AUM slipped to approximately 10.3% from 11.4% in April.
Altcoin and basket products bucked the broader trend. Altcoin ETP AUM rose 6.4% to $5.89 billion, while basket ETP AUM edged up 1.2% to $3.61 billion, suggesting selective risk appetite may be returning outside the two largest assets.
However, product issuance continued despite softer conditions. “The continued expansion in listed products to 326 confirms that the structural development of the crypto ETP market remains intact,” Greco wrote.
“The key factor to monitor in the coming months will be whether the strength in altcoin and basket products broadens into sustained inflows across the larger Bitcoin and Ethereum segments.”
