Global digital asset exchange traded products (ETPs) saw a sharp drop in November, with total assets under management (AUM) falling 17.1% to $176.4 billion, ending a four-month streak above $200 billion, according to a report by Fineqia International Inc (CSE:FNQ).
The total cryptocurrency market capitalisation mirrored this trend, declining 16.4% to $3.16 trillion, suggesting that the pullback was largely price-driven rather than the result of significant outflows.
“ETPs include Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs), and their investors tend to be less price-sensitive than crypto-native participants who trade more actively,” said Matteo Greco, senior associate at Fineqia International.
Bitcoin (BTC) ETPs were down 16.6% to $140.2 billion, broadly in line with a 17.5% drop in BTC’s price to $90,389. Despite the correction, net outflows were limited to around $3 billion. “This reflects the long-term investment profile of Bitcoin ETP participants,” Greco noted.
Year-to-date, Bitcoin ETP AUM is up 12.5%, even as BTC’s price has declined 3.3%.
Ethereum (ETH) ETPs saw a steeper decline, falling 23.5% to $23.6 billion as ETH’s price slid 22.3% to $2,991. November marked the first month of net outflows for ETH ETPs since March, totaling approximately $1.5 billion. Nonetheless, Ethereum ETPs continue to show strong structural demand, with total inflows since inception approaching $13 billion. “On a market-adjusted basis, inflows have been proportionally stronger for Ethereum,” Greco said.
Altcoin and basket ETPs proved relatively resilient. Altcoin products fell just 4.6% to $7.5 billion, while basket ETPs declined 13.4% to $5.0 billion. Analysts point to recent US ETF launches tracking Solana, Dogecoin, Chainlink, Hedera, and Litecoin as supporting relative stability in these segments.
Despite November’s correction, crypto ETPs have outperformed the broader digital asset market year-to-date. Overall ETP AUM has risen 16.9% in 2025, while total market capitalisation is down 7.1%. The total number of listed crypto ETPs surpassed 300 for the first time, reflecting strong institutional appetite and confidence in the long-term growth of regulated crypto products.
“Even amid weaker market conditions, crypto ETPs continue to outperform the underlying digital asset market, reaffirming their role as the preferred regulated vehicle for institutional exposure,” Greco said.