Investment firm, Fidelity International has embarked on the crypto space, launching the equal-cheapest bitcoin exchange-traded product (ETP) in Europe.
The Fidelity Physical Bitcoin ETP (FBTC) is now listed on the Deutsche Boerse and Frankfurt Stock Exchange and is set to list on the SIX Swiss Exchange in the coming weeks.
This physically-backed ETP will allow people to invest in crypto without being exposed to the market’s usual level of risk.
The ETP has a total expense ratio of 0.75%, the equal-cheapest on the European market.
Fidelity International said it launched FBTC after conducting a survey which found 70% of institutional respondents expect to invest in digital assets in the future.
Fidelity International is just the latest ETF issuer to enter the digital assets market. In late 2021, US giant Invesco launched the Invesco Physical Bitcoin ETP, which listed on Deutsche Boerse.
Meanwhile, Bitcoin has increased over 4% in the past 24 hours to cross US$44,500 level.
Deutsche Bank Survey
The majority of crypto investors would hold their asset even if prices plunged dramatically, according to a report from Deutsche Bank.
The report says, over half of crypto investors surveyed wouldn’t lower or completely sell their crypto positions even if prices dropped by 80%.
Additionally, nearly half of respondents said they’ve already left their job or are considering leaving their job due to their success as a crypto investor.
There were 3,250 respondents to the Deutsche Bank survey, of which, 680 said they used cryptocurrency.
Over half of those who invested in crypto said they only got into the crypto market because they thought they could make money.
Moreover, a quarter of respondents said they believed Bitcoin would reach US$110,000 in the next five years.
The findings of the report reveal the bullish sentiment when it comes to digital assets.
However, despite this, findings also showed that the majority of crypto transactions were for amounts less than US$100.
Winners and Losers
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Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT