Fineqia International’s Matteo Greco discusses crypto market outlook - ICYMI

Fineqia International Inc (CSE:FNQ) Senior Associate Matteo Greco talked with Proactive about current conditions in the crypto market and how exchange-traded products (ETPs) are behaving during a period of price volatility.

Greco provided a broad crypto market overview, noting that prices have been trending downward in the short term while demand for crypto ETPs has remained relatively stable.

He explained that this resilience is largely due to the longer-term investment horizon typically adopted by ETP investors compared with participants in native crypto markets, where assets can be traded instantaneously.

Greco also highlighted that Bitcoin ETPs continue to dominate the space, accounting for roughly 80% of total crypto ETP assets under management, even as Ethereum ETPs experienced stronger inflows during early 2025. He stressed that this does not indicate a shift away from Bitcoin, but rather reflects how capital flows have evolved following the approval of spot Bitcoin ETFs in 2024.

Proactive: Hello, you’re watching Proactive. I’m joined by Fineqia International Inc Senior Associate Matteo Greco. Matteo, good to speak with you again. ETPs held up well in January despite a big market drop. Is this real confidence or just investors sticking with what they know?

Matteo Greco: Thanks for having me. I think there’s a combination of factors. ETP investors typically have a much longer investment time frame compared with participants in the native crypto market. That’s due both to the different nature of the investors and the infrastructure underpinning the products. On crypto exchanges, assets can be swapped instantaneously, while ETP creation and redemption processes are more time-consuming. Retail investors in the ETP space generally adopt a longer-term perspective, which makes demand more stable despite price volatility.

Ethereum ETPs grew strongly even as prices fell faster than Bitcoin. Are investors starting to favour Ethereum over Bitcoin?

I wouldn’t say that investors are preferring Ethereum over Bitcoin. The trend began with spot ETF approvals for Bitcoin in January 2024, which drove most capital inflows that year. That gave Ethereum more room to stand out in 2025. Bitcoin ETPs still represent about 80% of total crypto ETP assets under management, and their dominance is even stronger than Bitcoin’s dominance in the native market. Bitcoin’s role remains predominant, although Ethereum has been the strongest asset in the short term this year.

Could ETPs be hiding the true mood of the crypto markets or making demand look stronger than it really is?

I wouldn’t say that. Prices have been dropping quite sharply recently, so the trend is clear. ETPs provide more stability in demand because they are longer-term investments, but their impact on overall market cycles is still minimal since they represent only a small fraction of the total crypto market capitalisation.

With so many ETPs now listed, is the market running out of ideas or is there room for more innovation?

Crypto ETPs are still a drop in the ocean. While there are more than 200 products, there are thousands of crypto assets overall. We’re seeing a reshaping of products, moving from pure spot exposure towards yield products, including staking. At Fineqia, we launched some of the first DeFi ETPs, and tokenisation could bring non-native crypto assets into regulated ETP structures. While spot products may be nearing saturation, overall product numbers should continue to grow.

Quotes have been lightly edited for style and clarity