European crypto ETP inflows rise after BlackRock bitcoin filing

European crypto ETP inflows rise after BlackRock bitcoin filing

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European crypto-related exchange traded products have seen a boost in flows after BlackRock applied to launch a bitcoin fund in the US.

Europe-domiciled ETPs with crypto-related names had net inflows of €150mn in June, their best month since March 2022, Morningstar data shows.

The inflows came after €100mn of outflows in May and were followed by a further €60mn of inflows in July.

This followed a similar trend globally, with inflows totalling $610mn (€560mn) in June and July, according to CoinShares data.

BlackRock filed an application with the US regulator to launch a spot bitcoin exchange traded fund in June, sparking a flurry of similar applications from firms including Fidelity, Invesco and WisdomTree.

A spot ETF would directly track the price of bitcoin, as opposed to ETFs tracking the price of bitcoin futures contracts, a number of which have received US regulatory approval.

Hector McNeil, founder and co-chief executive officer of HANetf, said BlackRock’s application had had a “very positive” impact on bitcoin ETP flows and the price of bitcoin.

“[This is] mainly because of the anticipation of the demand that would be generated [by the launch],” he said.

“But most