The total assets under management for digital asset investment products have increased by 9.05% in June, reaching $33.4 billion. This represents a year-to-date growth of around 69.5%. Products offering exposure to Bitcoin specifically saw a 12.4% rise in assets under management, reaching $24.4 billion. The month of June saw significant developments in the cryptocurrency space, particularly with regards to the race to list a spot Bitcoin exchange-traded fund (ETF). BlackRock, the world’s largest asset manager, filed for a spot Bitcoin ETF, followed by applications from other financial giants such as Invesco and WisdomTree. Bitcoin-focused investment products now hold a 73.1% market share, while Ethereum-based products have a 23.1% market share. Grayscale’s Bitcoin Trust dominates the trust products market with a 74% market share, while Grayscale’s Ethereum Trust has seen a decline in volume and market share. This reflects the increasing positive sentiment towards Bitcoin and the perception of it as a safe haven asset. Financial behemoths, including BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, and others, are actively working to provide access to Bitcoin and cryptocurrency. Institutional interest in crypto has been growing, with the ProShares Bitcoin Strategy ETF experiencing a significant increase in capital inflows. The fund has gained 59.6% since the beginning of 2023. The interest in Bitcoin derivatives has also surged following BlackRock’s filing for a spot Bitcoin ETF.
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