After BlackRock’s application to form a Bitcoin fund in the US, Europe has turned its attention to crypto investment products.
In Europe, demand for crypto ETPs increased after BlackRock’s Bitcoin application. Like crypto ETPs, the trend is tracking the worldwide movement of money.
After BlackRock submitted its application to operate a Bitcoin fund in the US, European investors poured money into crypto-related exchange-traded products.
According to Morningstar statistics, June was the greatest month for European exchange-traded products (ETPs) with crypto-related titles since March 2022, with a net infusion of €150 million.
After €100 million left in May and €60 million left in July, the inflows occurred. According to CoinShares, worldwide inflows followed a similar pattern in June and July, totaling $610 million (€560 million).
In June, BlackRock submitted paperwork to the US regulator seeking approval to begin trading a spot Bitcoin exchange-traded fund, prompting proposals from other businesses like Fidelity, Invesco, and WisdomTree.
In contrast to ETFs that follow the price of Bitcoin futures contracts, a spot ETF will follow the price of Bitcoin immediately.
The application that BlackRock submitted, according to HANetf founder and co-chairman Hector McNeil, had a “very positive” effect on Bitcoin ETP flows and the price of Bitcoin.
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