Coming back after the summer break always reminds us of the return to school, those dreaded back to school adverts, buying school uniforms and getting new books for the year ahead. Yuck
For those of you shuffling back into the office you missed out on last week’s big news. Grayscale gave the SEC a bloody nose and the price of Bitcoin took a jump as a result. High drama indeed. Who said summer was always a quiet time.
Crypto ETPs are having a tough run of it. There is an oversupply of some products e.g. Bitcoin ETPs, flows are weak, the SEC is proving stubborn in their stance and the market is blighted with bad actors. So, not really that surprising to see 21Shares close a couple of funds this week. We are sure others will follow.
Invesco and Fidelity International are seeing slower crypto sales than some smaller rivals, as experts warn that brand is “not a guarantee to success”.
Invesco, with $1.5btn (€1.47tn) in assets under management, launched the Physical Bitcoin exchange traded product in November last year, making it one of the first large traditional asset managers to offer investors access to the controversial cryptocurrency market.
Invesco has officially filed two bitcoin ETFs and State Street has created their own digital assets team and hinted at possible crypto ETFs in the future. And the Amundi and Lyxor deal is ahead of schedule.
