Bloomberg News, on February 5, reported that BlackRock was preparing to launch an ETP linked to Bitcoin BTC in Europe.
BlackRock may begin selling the product this month, according to sources who are familiar with the situation.
James Seyffart, Bloomberg ETF analyst You can also read about the importance of this in our article BlackRock may launch its new ETP the same way as it launched in Canada. The Canadian ETP is a wrapper for IBIT, BlackRock’s spot Bitcoin exchange-traded fund (ETF) available in the US. Seyffart Note: This move is unlikely to be successful in Europe.
The War on Fees
Seyffart pointed out that BlackRock Bitcoin Exchange Traded Products (ETPs) in Canada and the US have respective fees of 32 basis points and 25 basis points. It is worth noting that European products offer BTC exposure through funds with a fee of 25 basis points.
Eric Balchunas also Interest BlackRock charges fees for its services in Europe. He stated that US costs are often the most competitive in other parts of the globe in terms of liquidity and cost.
Balchunas added:
“Either way shows commitment from world’s biggest asset manager who has big presence overseas.”
This is a relatively small market
More than 160 crypto ETPs are available on the European market that track Bitcoin (ETH), Ethereum (ETH) and other digital currencies. The market’s cumulative value is $17.3 billion.
Balchunas has highlighted the European crypto ETF scene. “barely on [the] leaderboard,”As the US Bitcoin spot ETFs account for 91% of global shares.
BlackRock’s CEO thought that he had the best chance of success by using the “US Terrordome”Balchunas noted that European investors, unlike US and Asian investors, have less appetite for riskier investment products. Balchunas pointed out that Europeans are less inclined to invest in riskier products than their counterparts from the US and Asia.
IBIT, according to Farside Investors’ data, recorded net inflows of $40.7 billion as of February 4. The inflows of IBIT are more than three times higher. larger than Fidelity’s FBTC, the second-largest spot Bitcoin ETF.
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