Crypto ETP entries surged in Europe following BlackRock’s application for Bitcoin. The trend is following the flow of money similar to crypto ETPs globally.
Increased Interest in Crypto Investment Products in Europe
Money flows to crypto-related exchange-traded products increased in Europe after BlackRock applied to launch a Bitcoin fund in the US.
European-based ETPs with crypto-related names had their best month since March 2022, with net inflows of €150 million in June, according to Morningstar data.
The entries came after the €100 million exits in May, followed by the €60 million in July.
This followed a similar trend globally, with total inflows of $610 million (€560 million) in June and July, according to CoinShares data.
BlackRock filed with the US regulator to launch a spot Bitcoin exchange-traded fund in June, triggering similar applications from firms like Fidelity, Invesco, and WisdomTree.
A spot ETF will track the price of Bitcoin directly, unlike ETFs that track the price of Bitcoin futures contracts.
Hector McNeil, founder and co-chairman of HANetf, said BlackRock’s application had a “very positive” impact on Bitcoin ETP flows and Bitcoin price.
*Not investment advice.
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Source: https://en.bitcoinsistemi.com/interest-in-crypto-investment-products-increases-in-europe-after-blackrocks-etf-application/