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First Mover Americas: Investors Pile Into Bitcoin ETPs Following BlackRock ETF Filing

First Mover Americas: Investors Pile Into Bitcoin ETPs Following BlackRock ETF Filing

CoindeskCoindesk2023/07/19 12:01
By:Lyllah Ledesma

The latest price moves in crypto markets in context for July 19, 2023.

(Shutterstock)

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

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Crypto investors have money into bitcoin exchange-traded products at a record pace ever since BlackRock filed for a spot-based ETF on June 15.New data from K33 Research shows the BTC-equivalent exposure of ETPs listed worldwide increased by 25,202 BTC ($757 million) to 196,824 BTC in the four weeks to July 16. That's the second-highest monthly net inflow, surpassed only by inflows seen following the launch of ProShares’ futures-based ETF and other futures-based ETFs in October 2021, according to K33 Research’s Vetle Lunde.

Societe Generale's (GLE) cryptocurrency division, SG Forge, has the first company to receive a license to offer crypto services in France from the country's financial regulator. SG Forge is licensed to provide buying and selling, exchange and custody of digital assets as of July 18, according to the . While dozens of crypto firms, including the world's largest cryptocurrency exchange, , are registered with the AMF, SocGen's crypto division is the first to receive a license.

Messaging platform Telegram issued $270 million in bonds this week to fund its growth until "we reach the break-even point," CEO Pavel Durov Tuesday. The platform is not yet profitable and has rising expenses due to its "massive growth," Durov said. It’s onboarding 2.5 million new users a day and earlier this year hit 800 million monthly active users. "I personally bought about a quarter of the new Telegram bonds, investing tens of millions into Telegram's growth. This comes in addition to the hundreds of millions I spent over the last 10 years to keep Telegram operational," Durov said. The alternative messaging platform has long been a favorite among crypto enthusiasts. That's partly attributable to the company's defunct efforts to launch its own crypto token, GRAM.

DeFiLlama

- Omkar Godbole

Edited by Sheldon Reback.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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As the crypto market recovers in 2025, Digital Asset Treasury (DAT) firms and protocol token buybacks are drawing increasing attention. DAT refers to public companies accumulating crypto assets as part of their treasury. This model enhances shareholder returns through yield and price appreciation, while avoiding the direct risks of holding crypto. Similar to an ETF but more active, DAT structures can generate additional income via staking or lending, driving NAV growth. Protocol token buybacks, such as those seen with HYPE, LINK, and ENA, use protocol revenues to automatically repurchase and burn tokens. This reduces circulating supply and creates a deflationary effect. Key drivers for upside include institutional capital inflows and potential Fed rate cuts, which would stimulate risk assets. Combined with buyback mechanisms that reinforce value capture, these assets are well-positioned to lead in the next market rebound.

Bitget2025/09/12 06:52
Bitget VIP Weekly Research Insights