21Shares "Bitcoin, will Active ETFs 'devour' it in the second half of 2026?"

▲ Bitcoin (BTC) Exchange Traded Fund (ETF)

Global asset managers are aggressively expanding into the active exchange-traded fund market, moving beyond simple holding to generate profits.

Duncan Moir, Chairman of 21Shares, announced that the virtual asset market has entered a new phase during an interview with crypto researcher Paul Barron at Solana Accelerate Miami 2026 on May 7 (local time). Moir assessed that the success of spot Bitcoin (BTC) and Ethereum (ETH) ETFs has served as a catalyst, leading to the institutional entry of various assets such as Solana (SOL). He plans to continuously introduce innovative financial products in a basket format that go beyond simple coin tracking, by transplanting the know-how gained from operating exchange-traded products in Europe for over 8 years into the US market.

The market's capital flow is already being led by institutional investors and whales. Moir explained that wealthy individuals seeking to avoid the hassle of direct custody are using ETFs as a primary channel, leading to an unprecedented thirst for new assets like XRP and Hedera. Structured products, such as STRC issued by Strategy, are prime examples reflecting the demand from investors who desire additional returns beyond simple price fluctuations. The emergence of such income-generating products is strong evidence that virtual assets are settling into the mainstream of the traditional financial system.

Legislative expectations for the US crypto market structure bill (CLARITY) are accelerating the entry of financial platforms and intermediary institutions into the market. Moir predicted that if regulatory clarity is secured, large-scale capital, including family offices and private capital, will flow in earnest. Some institutions are already showing high interest in decentralized exchange-based derivatives like Hyperliquid, building strategies that can generate profits even in a bear market. This signifies that virtual asset investment has evolved beyond mere speculation into the realm of sophisticated portfolio management.

Experts analyze that a strategy of allocating approximately 5% of the total asset portfolio to virtual assets is becoming a standard among institutions. Moir positively evaluated the significant decrease in Bitcoin's volatility compared to the past, which has increased stability in asset allocation. In the future, the virtual asset market's focus is expected to shift from passive management, which simply tracks an index, to an active approach where fund managers directly select and manage assets. 21Shares is also concentrating its company-wide capabilities on developing next-generation financial products in response to these changes.

Macroeconomic variables, such as geopolitical crises in the Middle East and US inflation indicators, remain key subjects of observation for the market. Investors are advised to approach cautiously, as the prices of risk assets across the board can fluctuate depending on the Federal Reserve's interest rate decisions. With Bitcoin surpassing the $125,000 mark and public perception fundamentally shifting, income-generating products utilizing stablecoins are becoming a crucial key to attracting even conservative capital into the market. Moir emphasized that global capital inflows are turning in a positive direction, and the explosive growth of the virtual asset ETF market is just beginning.

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