Three years ago, exchange-traded funds (ETFs) promised a major shift for crypto into mainstream finance. While these products initially provided investors with a way to gain exposure to Bitcoin and Ethereum without the complexities of private keys and custody, their limitations in capturing true market dynamics have become increasingly clear as cryptocurrencies’ volatility presents a new challenge. 24/7 trading demands innovation beyond passive price tracking. 24/7 trading demands more than passive price tracking. This is where exchange-traded notes (ETNs) step in, offering structured exposure to diversified crypto assets like staking tokens, DeFi portfolios, and multi-asset investment baskets. Driven by this demand, ETNs have flourished across Europe, offering institutional investors a way to generate returns beyond just price appreciation.