After years of regulatory roadblocks, crypto-asset index products have established themselves in global finance. They have offered investors simple, structured access to a market that was once reserved for insiders. Their rise has accelerated the normalisation of Bitcoin and attracted flows to the most established players, including Blackrock, now a key player with its IBIT ETF. However, this dynamic reveals a high concentration of asset custody, mainly entrusted to Coinbase Custody, which is fuelling concerns about the risk of excessive dependence.

Canada and Europe were pioneers in launching the first crypto-asset ETPs, well ahead of the United States. However, the EU remains constrained by the UCITS Directive, which still prohibits the creation of spot ETFs. This constraint diverts some capital to the United States, where structures are more flexible, less costly and better designed to absorb large volumes.