ETFGI, ett ledande oberoende forsknings- och konsultföretag som täcker trender i det globala ETF-ekosystemet, rapporterar att ETFmarknaden i Europa firar sitt 24-årsjubileum med rekordtillgångar på nästan 2 biljoner US-dollar. De första europanoterade ETF:erna gjorde sin debut den 11 april 2000. Dessa två ETFer var baserade på Euro Stoxx 50– och Stoxx Europe 50-indexen, och de var noterade på Deutsche Boerse i Tyskland.
Tillgångar som investerats i ETF-branschen i Europa nådde rekordhöga 1,96 biljoner USD i slutet av mars. Under mars samlade ETF-branschen i Europa nettoinflöden på 11,02 miljarder USD, vilket ger årets nettoinflöden till 49,52 miljarder USD, enligt ETFGIs mars 2024 europeiska ETFer och ETPers industrilandskapsrapport, den månatliga rapporten som är en del av en årlig betald forskningsprenumerationstjänst. (Alla dollarvärden i USD om inget annat anges.)
Höjdpunkter
Tillgångar som investerats på ETFmarknaden i Europa nådde ett rekord på 1,96 Tn i slutet av mars och slog det tidigare rekordet på 1,90 Tn i slutet av februari 2024.
Tillgångarna ökade med 7,8 % YTD 2024, från 1,82 Tn USD i slutet av 2023 till 1,96 Tn USD.
Nettoinflöden på 11,02 miljarder USD i mars 2024.
YTD nettoinflöden på 49,52 miljarder USD är tredje högsta någonsin efter YTD nettoinflöden på 59,30 miljarder USD 2021 och YTD nettoinflöden på 49,73 miljarder USD 2022.
Artonde månaden med på varandra följande nettoinflöden.
”S&P 500-indexet ökade med 3,22 % i mars och är upp 10,56 % YTD 2024. De utvecklade marknaderna exklusive det amerikanska indexet ökade med 3,62 % i mars och steg 5,26 % YTD 2024. Spanien (upp 10,72 %) och Italien (upp 6,34 %) såg de största ökningarna bland de utvecklade marknaderna i mars. Emerging markets-indexet ökade med 1,50 % under mars och steg 2,08 % YTD 2024. Peru (upp 10,27 %) och Columbia (upp 8,19 %) såg de största ökningarna bland tillväxtmarknaderna i mars”, enligt Deborah Fuhr, managing partner, grundare och ägare av ETFGI.
Tillgångstillväxt i ETF-branschen i slutet av mars
Källa: ETFGI
I slutet av mars hade ETFmarknaden i Europa 3 037 produkter, med 12 209 noteringar, tillgångar på $1,96 Tn, från 99 leverantörer listade på 29 börser i 24 länder.
Under mars samlade ETFer nettoinflöden till 11,02 miljarder USD. Aktie-ETFer samlade nettoinflöden på 9,81 miljarder USD under mars, vilket förde YTD nettoinflöden till 39,30 miljarder USD, högre än 19,38 miljarder USD i nettoinflöden av eget kapital YTD 2023. Ränte-ETFer rapporterade nettoinflöden på 719,00 USD YTD under 1 mars, vilket gav 25 USD nettoinflöden. miljarder, lägre än 15,49 miljarder USD i nettoinflöden YTD år 2023. Råvaru-ETFer rapporterade nettoutflöden på 75,35 miljoner USD under mars, vilket förde YTD nettoutflöden till 2,32 miljarder USD, lägre än 1,67 miljarder USD i nettoinflöden YTD 2023. på 670,27 miljoner USD under månaden, vilket samlade ett nettoinflöde för året i Europa på 2,33 miljarder USD, högre än 2,17 miljarder USD i nettoinflöden YTD 2023.
Betydande inflöden kan tillskrivas de 20 bästa ETFerna av nya nettotillgångar, som samlat in 9,63 miljarder USD under mars. iShares Core S&P 500 UCITSETF – Acc (CSSPX SW) samlade in 918,91 miljoner USD, det största enskilda nettoinflödet.
Topp 20 ETFer efter nettoinflöden i mars 2024: Europa
De 10 bästa ETPerna av nya nettotillgångar samlade ihop 1,69 miljarder USD under mars. WisdomTree Physical Silver – Acc (PHAG LN) samlade in 832,90 miljoner USD, det största enskilda nettoinflödet.
Topp 10 ETPer efter nettoinflöden i mars 2024: Europa
Last week was monumental for Bitcoin and the broader crypto ecosystem, ushering in key regulatory and legislative developments in the US. These changes not only underscore a shifting attitude toward digital assets in the US but also lay the groundwork for greater clarity and legitimacy for crypto globally in the years to come. Following are the five reasons we think last week was such a defining moment for crypto assets and why we think the current environment is setting this asset class up for a remarkable 2025.
A paradigm shift at the SEC
One of the most significant signals of change came from US Securities and Exchange Commission (SEC) Acting Chair Mark Uyeda, who announced the establishment of a Crypto Task Force led by Commissioner Hester Peirce, affectionately known as ”Crypto Mom” for her engagement in the digital asset space while at the SEC. The task force, along with the favorable views on digital assets from incoming chair Paul Atkins, reflects an important step toward ending the contentious practice of ”regulation by enforcement,” which has long stymied innovation for crypto entrepreneurs and limited opportunity for US investors.
The SEC’s subsequent decision to rescind Staff Accounting Bulletin (SAB) 121, which imposed restrictive accounting guidelines on banks wishing to custody crypto, further underscores the regulatory shift. Its repeal not only provides operational relief but also signals a more pragmatic approach to crypto oversight.
These regulatory moves reflect a broader recognition by US authorities of the need for a framework that fosters innovation while ensuring investor protection. They set the stage for a future where digital assets are more seamlessly integrated into the financial system.
New congressional leadership
Another pivotal development was the appointment of Senator Cynthia Lummis as chair of the newly created Subcommittee on Digital Assets. Lummis, a long-time advocate for Bitcoin and blockchain technology, is uniquely positioned to champion legislation that promotes innovation while addressing key concerns around market integrity and consumer protection.
Her leadership comes at a critical time, as Congress considers landmark legislation such as the Stablecoin Act and the Bitcoin Act. The Stablecoin Act, which could see approval this year, aims to establish clear guidelines for stablecoin issuance and use. Meanwhile, the Bitcoin Act proposes an audacious goal: for the US government to accumulate 5% of bitcoin’s total supply. There are obstacles to this proposal, some of which I noted in August last year, but if enacted, this legislation could significantly impact Bitcoin’s global adoption and price trajectory.
A game-changing executive order
The White House also contributed to the week’s momentum with a new executive order aimed at shaping the future of digital assets in the US. A key aspect of this order is its rejection of a Central Bank Digital Currency (CBDC) in favor of fostering stablecoin development. President Trump has been vocal about his preference for implementing a ”digital dollar” on top of open blockchain networks, a move that aligns with crypto’s decentralized ethos.
This executive order also signals the end of ”Operation Chokepoint,” an informal campaign that had effectively debanked parts of the crypto industry. By reaffirming the importance of open networks and stablecoins, the administration is providing a clear direction for the role digital assets could play in the US financial system.
Perhaps the most intriguing development is the proposal to establish a government stockpile of digital assets. While the term “stockpile” has been carefully chosen over “reserve” to avoid direct comparisons with traditional currency reserves, the implications are nonetheless profound. The working group tasked with studying this proposal has expanded its scope beyond bitcoin to include crypto assets more broadly.
While it’s too early to predict how or whether the stockpile will be established, the study represents a thoughtful approach to a high-stakes decision. It could mark the beginning of a global trend, with other nations potentially racing to stockpile crypto assets as part of their sovereign holdings, which we’ve already seen this week with the Czech central bank.
Steps toward a comprehensive regulatory framework
The week’s developments also highlight the ongoing evolution of regulatory characterization. US regulators are moving toward a more nuanced understanding of digital assets, which is essential for crafting effective policies. This trend was echoed in the revocation of SAB 121 and the growing momentum behind legislation like the Stablecoin Act. Additionally, the broader regulatory framework for market structure in digital assets, which could happen this year or next, will likely address issues ranging from trading practices to asset classification. These steps indicate a deliberate effort to integrate crypto into the financial system with precision and clarity.
The start of a geopolitical race to embrace crypto
These developments, particularly the possibility of a US crypto stockpile, also raises the stakes on the global stage. Sovereign states accumulating crypto assets could lead to a new form of economic competition, where digital assets play a central role in national strategy.
The US government’s interest in studying this proposal reflects an understanding of crypto’s growing significance in global finance. It also aligns with the nation’s broader goals of maintaining technological and economic leadership.
What’s next?
The developments of the past week are part of a broader trend of increasing institutional and governmental recognition of crypto’s potential. However, several key milestones remain on the horizon:
• Stablecoin Act Approval: This legislation, which could happen before the fourth quarter this year, will provide much-needed clarity for stablecoin issuers and users.
• Market Structure Framework: Expected by 2026, this framework will define the rules of engagement for trading and investing in digital assets.
• Bitcoin Act Progress: If the US government begins accumulating bitcoin, it could have profound implications for the asset’s supply dynamics and global adoption.
• Stockpile Study Results: The findings of the crypto stockpile working group could shape the long-term digital asset strategy in the US.
As these milestones approach, bitcoin and other crypto assets are likely to experience heightened volatility, but also greater legitimacy. Investors, policymakers, and innovators will continue to pay attention to these developments, as they could define the future of the global economy. While challenges remain, the direction is clear: crypto is moving from the fringes of finance to center stage. As these changes unfold, the crypto ecosystem is poised to evolve into a more robust and integral part of the global economy, presenting investors with attractive opportunities to get broad exposure to this emerging asset class.