- The filing of a spot Bitcoin exchange-traded fund by BlackRock, the world’s largest asset manager, may be looked back on as the turning point for the cryptocurrency market as the asset class has seen a flurry of activity since the filing was first revealed on June 15.
Exchange-traded products also saw a spike in activity, with CoinShares reporting that these vehicles experienced a total trading volume of $2.5 billion during the week, a figure that is 170% of the average for this year. While the uptick in activity has benefited Bitcoin, altcoins saw little benefit overall as investors have opted to focus on the two tokens that are known to be considered commodities by the Securities and Exchange Commission – BTC and ETH.
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