Tiger Research finds 85% of crypto ETP market concentrated in US

The global crypto exchange-traded product (ETP) market grew to $172.5 billion as of 2025, but 85% of this volume is concentrated in products listed in the United States, according to a report from Tiger Research, an Asia-based Web3 research and consulting firm. The report stated that while ETP product types have diversified into six main forms beyond simple spot holdings, the market's attempts to expand through various derivative products are still in an early stage and have not yet attracted significant capital inflows. For the current institution-led crypto market to grow sustainably, Tiger Research argued that it is essential to both establish genuine diversity in derivative products and for the underlying Web3 industry to undergo rigorous self-regulation.