It’s been a month of significant happenings in the crypto space, particularly with regards to Bitcoin exchange-traded products (ETPs). Market research from K33 Research reveals a surge in crypto investors’ funding into Bitcoin ETPs – a trend that takes us back to the time when BlackRock filed a spot-based ETF. In fact, it resulted in an increase of approximately 25,202 BTC ($757 million), leading to a record 196,824 BTC within the span of a month till July 16. This shift was second only when viewed in light of inflows post the launch of ProShares’ futures-based ETF.
On a different, yet equally meaningful note, Societe Generale’s SG Forge emerged as the pioneering company to obtain a license for crypto services in France. Issued on June 18, the license permits SG Forge to extend a range of services, including buying, selling, exchange, and custody of digital assets. The fascinating aspect is that amidst all companies registered with the AMF, including Binance, the world’s largest crypto exchange, it’s SocGen’s crypto offshoot that has bagged this honor first.
At the same time, there’s substantial stir around the messaging platform, Telegram. It disclosed a fresh issuance of $270 million in bonds for facilitating its expansion until “we reach the break-even point,” according to CEO Pavel Durov. With Telegram witnessing “massive growth” accompanied by the influx of 2.5 million users every single day, the effort doesn’t seem misplaced. Though not yet lucrative, the platform has a substantial following within the crypto community, partly due to its attempted crypto token launch, GRAM.
Consequently, the crypto market scenario seems replete with intriguing changes. The newly launched stablecoin GHO by DeFi lender Aave crossed a market cap of $3 million within just four days, indicating the market reception towards new crypto offerings. Such trends suggest a balance between established crypto entities and emerging innovations, setting an intriguing landscape for the future. Yet, it’s vital to negotiate such trends with a discerning eye, given the unpredictable nature of the market.
Source: Coindesk
