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With the growing adoption of cryptocurrencies, several traditional funds managers and asset managers have changed their stance on such products; in a most recent development, it has been reported by DL News that BlackRock, which has over $11 trillion, has secured approval from FCA of the United Kingdom to offer European Bitcoin Exchange Traded products in the territory of the nation.
BlackRock’s involvement in crypto has grown over the past few quarters, especially after it launched its Bitcoin spot ETF trading under the ticket IBIT.
Following this approval, the global asset manager has joined the list of companies already registered with the FCA; some of them are Coinbase, Revolut, and PayPal.
Regulators, cautious, approved 14% of filed applications
According to experts, the Financial Conduct Authority of the United Kingdom has received thousands of applications to offer crypto-related services in the nation. Yet, after review, only 14% of them got approval.
It is worth noting that most applications were rejected due to a lack of customer protection and failure to meet the FCA’s rules and regulations.
The entry of asset managers and institutional financiers is seen as one of the primary factors strengthening investors’ trust and will continue to do so.
With its profitability in the Bitcoin spot ETF category, BlackRock has maintained its penetration pace in crypto, which has turned down the claims of experts who have said there is a dark future for crypto after the entry of BlackRock and other such companies.
IB1T is the ticker of the iShares Bitcoin ETP, which began trading in Amsterdam and Euronext Paris last week.
Bitcoin spot ETF updates
Until publishing, the total volume of Bitcoin spot ETFs was $2.20 billion, the market capitalization was $97.82 billion, and total assets under management were $98.08 billion.
In terms of volume, iShare Bitcoin Trust by BlackRock stands at the top with a volume of $30.12 million, followed by ProShares Bitcoin ETFs, Fidelity, and Bitwise. BlackRock is a topper in market capitalization and leads in holding with 576.07k Bitcoins.
The pioneer of Bitcoin spot ETFs, GrayScale, has lost ground and is below the BlackRock and Fidelity ETFs in terms of BTC holding and market capitalization.
According to data from CoinGlass, the outflow in the Bitcoin spot ETF category is $1.91k as of April 01, 2025, in the past three sessions, and the market remained steady with a constant outflow.
When writing, Bitcoin was trading at $84,158 with a surge of 1.18%, and Ethereum is still below the $2k mark; despite overall bearishness, the fear and greed index showed a reduction in fear sentiments and was at 29, which was recorded at 24 the day before.
As per CoinMarketCap, the losers in the past 24 hours are DeXe, Story, Four, JasmyCoin, Jupiter, Pancakeswap, and Flare; on the other weekly losers are Story, Jupiter, Movement, and Pancakeswap.
