Jamie Crawley is a CoinDesk news reporter based in London.
Bitcoin hovered around the $70,000 mark during the European morning, a slight drop following Tuesday's rally to as high as $71,400.
BTC is currently priced at $70,069, around 1.6% lower over 24 hours. The CoinDesk 20 Index , offering a measurement of the broader digital asset market, fell about 0.5%. BlackRock's spot bitcoin ETF , its highest one-day figure since April 5 and nearly three times the previous high this month: $93 million on May 16. As a whole, ETFs took on nearly $300 million in net inflows on Tuesday.
The asset manager said it was among the first applicants to have its prospectus given the go-ahead by the FCA. The Physical Bitcoin and Physical Ethereum ETPs are expected to start trading on May 28 and will be available only to professional investors. They will carry fees of 35 basis points. The FCA said in March it would not object to requests from financial institutions seeking to list ETPs for professional investors, a partial lift on the ban it put in place in 2020.
The U.S. share has steadily increased, reaching a record high of 46% in 2024 as the debut of spot ETFs in the U.S. opened the doors to mainstream institutional adoption. "The new ETFs calculate their net asset value against dedicated benchmarks at the US close each weekday, thereby boosting arbitrage and price discovery," Paris-based Kaiko said in the weekly newsletter, explaining the concentration of activity during the American hours.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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