Record Growth for Digital ETPs and Morgan Stanley: A September of Successes in Financial Markets

The month of September marked a historic moment for the global digital exchange-traded products (ETP) sector.

According to an analysis by Matteo Greco, senior analyst at the digital asset platform Fineqia International, the assets under management of digital ETPs reached a record figure of 218.1 billion dollars, with a monthly increase of 6.3%.

This is the third consecutive month in which the sector surpasses the 200 billion threshold, confirming the solidity and constant growth of these financial instruments.

In parallel, the broader digital asset market grew by 4.1%, reaching $3.99 trillion.

Digital ETPs maintained an average premium of 50% over the underlying assets, indicating a demand exceeding supply and growing institutional investor confidence in these regulated vehicles.

Return of Confidence after the Summer Break

After a brief slowdown recorded in August, the first month with net outflows since the previous March, September saw a rapid return of capital inflows.

This movement highlighted a renewed appetite from investors for regulated instruments linked to cryptocurrencies, particularly among institutional operators.

Greco emphasizes how the recovery of inflows was immediate, confirming the strength of institutional interest in the sector.

Bitcoin ETP: New Momentum and Central Role

Bitcoin ETPs have experienced significant growth, with a 6.5% increase in assets under management, reaching $169.5 billion. The price of bitcoin rose by 5.6% to $114,316, while the 16% monthly premium highlighted new net inflows.

This reinforces the role of bitcoin as a core holding for institutional investors, especially after the approval of the first spot bitcoin ETFs in the United States in the early months of 2024.

Since the beginning of the year, bitcoin ETPs have seen a 36.1% increase in assets under management, far surpassing the 22.4% rise in the price of bitcoin itself.

The premium over the underlying has reached 61.2%, indicating particularly strong institutional demand.

Ethereum ETP: Resilience and Record Growth

Despite a 5.7% decline in the price of Ethereum in September, falling to $4,140, the ETPs linked to ETH showed remarkable resilience.

Assets under management decreased by only 1.6%, standing at $32.68 billion, supported by net inflows of approximately $300 million during the month.

During 2025, the ETPs on Ethereum more than doubled their assets (+100.9%), against an ETH price growth of 24.3%. The premium over the underlying reached 315%, making Ethereum the main growth driver among digital ETPs this year, according to Greco.

Altcoin and Basket ETP: Strongly Expanding Demand

Investor interest has also extended to altcoins and diversified products. ETPs linked to single altcoins have seen assets under management grow by 36.7%, reaching 10.3 billion dollars.

Basket ETPs, which offer exposure to multiple cryptocurrencies, have increased by 10.6% to 5.48 billion.

Since the beginning of the year, single altcoin products have grown by 77.8%, while basket ETPs have recorded a +29.6%. These figures confirm the increasing diversification of investments in the digital asset sector.

Institutional Adoption: A Bridge between Traditional and Digital Finance

In the third quarter, the assets under management of digital ETPs globally increased by 23.4%, surpassing the 16.4% growth of the total market capitalization. Since the beginning of the year, the crypto market value has grown by 17.5%, while ETPs have recorded a jump of 44.5%, with a premium of 154%.

Greco highlights how regulated and transparent ETPs remain the preferred vehicle for institutional investors to gain exposure to digital assets, acting as a bridge between traditional finance and the world of cryptocurrencies.

Morgan Stanley: Record Quarter and Performance Beyond Expectations

On the traditional finance front, Morgan Stanley has released quarterly results that exceeded all expectations.

The bank’s shares gained 6.7% after the release of third-quarter data, which beat Wall Street expectations across all divisions, thanks to excellent performances in trading, investment banking, and wealth management.

Financial Results: Record Numbers

Earnings per share stood at $2.80, well above the estimates of $2.10 and up 49% compared to the previous year. Revenues increased by 18.5% to $18.22 billion, surpassing the forecasts of $16.69 billion, while net income rose to $4.6 billion from $3.2 billion.

The return on tangible common equity (ROTCE) reached a record 23.5%. Jefferies analysts highlighted the overall strength of the results and the improvement in efficiency, with an efficiency ratio of 66.9%, below the long-term target of 70%.

Growing Divisions and Winning Strategies

The Institutional Securities group recorded $8.5 billion in revenues, driven by a 35% surge in equity trading and a 44% recovery in investment banking, thanks to debt and equity issuances.

The Wealth Management division generated $8.2 billion with a pre-tax margin of 31.3% and $81 billion in new net assets, while Investment Management contributed $1.7 billion, supported by $16.5 billion in long-term inflows.

Morgan Stanley also repurchased 1.1 billion shares in the quarter and maintained a CET1 ratio of 15.2%, confirming its capital strength.

A Growth Scenario for Traditional and Digital Finance

September 2025 is thus confirmed as a month of cross-sector successes in the financial markets, with the digital ETP sector reaching new all-time highs and traditional finance, represented by Morgan Stanley, recording record performances.

The growing institutional adoption of digital assets and the strength of major investment banks outline a scenario of integration and growth between traditional finance and digital innovation.