Following renowned asset manager 21Shares’ venture into Europe with crypto-backed ETPs, BlackRock echoed a market buzz with its plans to launch Bitcoin ETP in the region. The company revealed in an official statement that the iShares BTC ETP will be available on Xetra and Euronext Paris under the ticker IBIT starting this Tuesday. Furthermore, the same ETP product will also feature on Euronext Amsterdam commencing the same day.
As global pro-crypto ushers gain significant momentum, market participants are also eagerly awaiting a BTC breakout ahead.
BlackRock Deploys Bitcoin ETP In Europe
According to a recent Bloomberg report on March 25, BlackRock is introducing Bitcoin ETP in the abovementioned markets across Europe this Tuesday. This product will debut with a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until year-end.
It reflects what really could be seen as a tipping point in the industry — the combination of established demand from retail investors with more professionals now really getting into the fold,” stated the head of Europe & Middle East iShares Product, Manuela Sperandeo.
Following the asset manager’s remarkable success in the U.S. with Bitcoin ETFs, this move paves the way for heightened regional participation with the flagship crypto. SosoValue data signals that the American asset manager holds net assets worth $50.96 billion in its IShares BTC Trust (IBIT), underscoring its dominant stance in the U.S. promptly after its inception. Broader market sentiments in turn remain optimistic in light of the new venture launched in Europe.
Crypto Popularity In Europe Sees A Spike
It’s also worth pointing out that Europe is witnessing growing crypto adoption. CoinGape reported that 21Shares rolled out Bitcoin, Solana, and XRP ETPs on Nasdaq Stockholm. This mover marks another pro-crypto stride in the nation.
Reportedly, the European market saw Bitcoin Core ETP (CBTC), the Solana Staking ETP (ASOL), and the XRP ETP (AXRP) listings. Now, with BlackRock expanding its foothold in the sector, broader market sentiments over BTC price movements remain optimistic.
For context, the new offering paves the way for increased investor interaction with the flagship crypto, thereby bringing more funds into the market.
BTC Price Breakout Awaits?
At the time of reporting, BTC price traded at $87,266, up from $86,346.08 over the day. The flagship crypto even hit a high of $88,758.73 in the past 24 hours. Market watchers remain optimistic about the crypto’s long-term prospects, given the rising institutional and regional adoption. Meanwhile, the asset’s intraday trading volume also surged 53.90% to $32.54 billion.
Amid the soaring global adoption, another bullish news has uplifted the market sentiment for the crypto. Michael Saylor’s Strategy raised $722 million via a Series A funding round to acquire Bitcoin. This news added to market sentiments of a bullish breakout for Bitcoin ahead, further escorted by BlackRock’s ventures..
However, renowned crypto market analyst Ali Marinez revealed that the crypto faces crucial resistance at $89,000. Sustaining a break above this point remains vital for a bullish breakout.
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