According to Blockworks, while U.S.-listed ETFs often get a lot of attention, there's a whole new world outside of ETFs and the U.S. The vast majority of crypto investment products' assets under management (AUM) are tied to Bitcoin and Ethereum. While the U.S. awaits the SEC's formal approval of the Ethereum ETF registration statement (and any decision on the Solana ETF), there are already a number of ETPs, ETNs, and ETCs listed in the U.S. and Europe that are backed by these cryptocurrencies. There are even more products that directly expose 33 additional tokens, including Celestia, Optimism, Fantom, Uniswap, and Stacks. Currently, Solana is the third-largest choice for traditional finance types, with $1.22 billion distributed between funds from 21Shares, CoinShares, Grayscale, VanEck, WisdomTree, ETC, and Virtune. BNB, Ethereum Classic, and Litecoin rank behind, with cumulative AUM ranging from $719.4 million for the former to $142.5 million for the latter. However, buying all of these cryptocurrencies is one thing, but holding the right ones is another. The tokens held by most investment products have outperformed the S&P 500 over the past year. Solana, TON, NEAR, LivePeer, Maker, and Celestia led the way, all with returns of more than 200% since last year. Bitcoin and Ethereum are up 102% and 76%, respectively. However, there are some laggards. A third of the cryptocurrencies held by the products analyzed are in the red over the past year. Litecoin, Arbitrum, Cosmos, and The Sandbox were the worst performers, with declines between 34% and 26%.
