Bitcoin's market value has grown to comprise nearly half of the US$1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Its share was around 40 per cent at the start of the year, up from a low of 34 per cent in 2018.
Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. For example, ProShares' Bitcoin Strategy ETF has risen 62 per cent this year, lagging bitcoin's 82 per cent jump. Crypto investment products are still a tiny part of the overall market. Excluding grantor trusts - limited to accredited investors - such as the Grayscale Bitcoin Trust, the current crypto ETF market totals about US$2 billion, according to MorningStar Direct, less than 2 per cent of overall crypto market.
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