There has been a significant surge in investments in European cryptocurrency exchange-traded products (ETPs) following BlackRock’s filing for a Bitcoin ETF.
Recent data from Morningstar reveals that ETPs located in Europe accumulated €150 million in net inflows for the month of June, marking the highest figure since March 2022. This development follows a reversal in trends, as May witnessed outflows of €100 million, only to be succeeded by a renewed influx of €60 million in July.
Remarkably, this pattern extended beyond Europe’s borders, with global data from CoinShares indicating a total inflow of $610 million (€560 million) over the combined months of June and July.
According to analysts at CoinShares, “The mere announcement of BlackRock’s desire to initiate a bitcoin ETF has already bolstered confidence, with the implicit signal that the world’s largest asset manager endorses bitcoin.”
The surge in investments in European ETPs following BlackRock’s application for a bitcoin fund in the US reflects a strategic response to the delayed prospects of obtaining approval for a US-based ETF centered around spot bitcoin transactions.
Also Read: SEC Acknowledges BlackRock’s Bitcoin ETF Applications
