In a significant turn of events, data suggests that asset managers are now flocking towards cryptocurrencies following BlackRock’s decision to apply for an ETF in June. Prior to this move, European and global crypto exchange-traded products (ETPs) experienced a decline in funds. However, after BlackRock’s filing, European crypto ETPs saw impressive inflows of €150 million in June, marking their best performance since March 2022. Similarly, global crypto ETPs witnessed a combined inflow of $610 million in June and July. This surge in inflows indicates a growing interest among investors, and experts believe that BlackRock’s involvement has played a crucial role in bringing cryptocurrencies into the mainstream market. The value of Bitcoin has also seen a 3% increase in the past 24 hours, reaching $26,642.
Background
Decline in funds before BlackRock’s ETF application
Before BlackRock applied for an ETF in June, both European and global crypto exchange-traded products (ETPs) saw a decline in funds. Outflows were a consistent trend during this period.
Inflows of European crypto ETPs in June
However, the trend reversed after a surge of inflows into European crypto ETPs. In June, these ETPs witnessed inflows of €150 million, marking their best performance since March 2022.
Global trend of inflows in June and July
The positive trend was not limited to Europe. In fact, a similar trend was observed worldwide, with total inflows of $610 million in June and July combined. This marked a significant shift in the crypto market, indicating renewed investor interest.
Impact of BlackRock’s ETF on the crypto market
One of the key factors contributing to the inflows was BlackRock’s ETF application. The company’s move into the crypto market helped move the asset class into the mainstream. BlackRock, as the world’s largest asset manager, changing their stance and expressing confidence in cryptocurrencies had a significant impact on investor sentiment.
Crypto Inflows
Inflows of €150 million in European crypto ETPs in June
As mentioned earlier, European crypto ETPs experienced inflows of €150 million in June. This was a significant increase compared to previous months and helped balance out the previous outflows.
Balancing out previous outflows
In May, outflows from European crypto ETPs amounted to €100 million, while in July, outflows reached €60 million. The substantial inflows in June helped offset these outflows and stabilize the market.
Total inflows of $610 million globally in June and July
The positive trend was not limited to Europe alone. Globally, the combined inflows into crypto ETPs in June and July reached $610 million. This indicates a global trend of renewed interest and investment in cryptocurrencies.
Outflows in the weeks leading up to BlackRock’s filing
Before the surge in inflows, there were consistent outflows from crypto ETPs for nine consecutive weeks leading up to June 15. These outflows reached a total of $400 million, reflecting a period of investor uncertainty and caution. However, BlackRock’s filing acted as a turning point and sparked renewed interest in the market.
BlackRock’s ETF Impact
Moving the asset class into the mainstream
BlackRock’s ETF application had a significant impact on the perception and acceptance of cryptocurrencies. The move by the world’s largest asset manager signaled a shift in attitude towards cryptocurrencies as a legitimate investment asset class. This helped move cryptocurrencies from the fringes of finance into the mainstream financial market.
Change in BlackRock’s stance
BlackRock’s decision to apply for an ETF represents a change in their previous negative stance on cryptocurrencies. This change in stance is significant, as it demonstrates increasing acceptance of cryptocurrencies as an investment option. The move by such a prominent player in the financial industry has boosted investor confidence and interest in the crypto market.
Increased confidence in the crypto market
BlackRock’s entry into the crypto market has instilled a sense of confidence among investors. The company’s reputation and size give credibility to the crypto market, attracting new investors who may have been hesitant or skeptical before. This increased confidence has contributed to the surge in inflows into crypto ETPs globally.
Bitcoin’s Value
3% increase in the past 24 hours
Bitcoin’s value has seen a notable increase in the past 24 hours. According to CoinGecko data, it has risen by 3%. This upward movement in price is likely influenced by the positive market sentiment following the inflows into crypto ETPs and BlackRock’s ETF application.
Current value of $26,642
As of now, Bitcoin’s value stands at $26,642. This price reflects the increased investor interest and confidence in the crypto market, as well as the positive impact of recent developments such as BlackRock’s entry into the market.
Disclaimer
Information obtained from independent sources
The information presented in this article is obtained from independent sources. These sources are believed to be accurate and reliable, but readers should exercise their own judgment and verify the information from other reliable sources.
Decentral Media, Inc. not an investment advisor
Decentral Media, Inc. does not provide personalized investment advice or other financial advice. The information presented in this article is for informational purposes only and should not be interpreted as investment advice. Readers should consult with a licensed investment advisor or other qualified financial professional before making any investment decisions.
Information subject to change without notice
The information presented in this article is subject to change without notice. The crypto market is highly dynamic and can experience rapid fluctuations. Readers should stay updated and consult reliable sources for the latest information.
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