Europe's crypto funds injected €150 million after BlackRock's bitcoin-ETF bid

Europe's crypto funds have been infused with €150 million following BlackRock's bitcoin-ETF bid

These companies saw net inflows in June 2023 compared to May outflows of €100 million

European cryptocurrency funds saw a net inflow of €150 million in June 2023, a dynamic noted after BlackRock applied to launch a bitcoin-ETF in the US, the Financial Times reported. In May, on the contrary, the funds had a capital outflow of €100 million. And for June and July, the total capital inflow amounted to €560 million, the publication specifies.

In June, BlackRock filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot bitcoin-ETF, followed by a large number of similar applications from other companies, in particular Fidelity, Invesco and WisdomTree.

In July, the SEC began reviewing bitcoin-ETF applications filed by major UCs. Formally, the review process will begin when the documents are published in the federal register. Former SEC Chairman Jay Clayton believes that applicants for a spot bitcoin-ETF have a high chance of approval if they can prove that it is a more efficient and effective way for investors to buy a digital asset.

In August, the SEC deferred a decision on Katie Wood's ARK 21Shares fund ARK 21Shares' application for a bitcoin-ETF. Shortly before that, Wood speculated that the SEC would approve several bitcoin-ETFs at once.