Spot Bitcoin exchange-traded funds (ETFs) saw a significant surge in demand last week, seeing over $2.4 billion of inflows, a figure that represents a new record that overshadowed the $623 million outflows from Grayscale's Bitcoin Trust (GBTC).

The world’s largest asset manager BlackRock has intensified its marketing efforts for its spot Bitcoin ETF, IBIT, positioning the investment not merely as a currency but as "progress."

Japan is on the verge of a significant policy shift that would enable venture capital firms and other investment entities to directly invest in digital assets as Prime Minister Fumio Kishida's administration has proposed a revised bill to implement the change.

Top stories in the Crypto Roundup today:

• Spot Bitcoin ETFs Inflows Hit New $2.4 Billion Weekly Record
• BlackRock Ad Markets Bitcoin as ‘Progress’
• Japan’s Proposed Bill to Allow Crypto Investments from Investment Funds

Spot Bitcoin ETFs Inflows Hit New $2.4 Billion Weekly Record

Spot Bitcoin exchange-traded funds (ETFs) saw a significant surge in demand last week, seeing over $2.4 billion of inflows, a figure that represents a new record that overshadowed the $623 million outflows from Grayscale's Bitcoin Trust (GBTC).

GBTC was already Bitcoin’s largest fund before the launch of spot Bitcoin ETFs and has been seeing outflows ever since it transitioned to an ETF. Notably, BlackRock's IBIT and Fidelity's FBTC were the standout performers, attracting $1.6 billion and $648 million, respectively, in just one week.

This surge in interest coincided with Bitcoin reaching $52,000, a price not seen since December 2021, fueling speculation about potential new peaks later in the year with Bitcoin options traders eyeing record highs, as open interest for call options expiring on March 29 grows, with strike prices of $60,000, $65,000, and even $75,000.

Spot Bitcoin ETFs currently have around $36.4 billion in total assets under management, with GBTC accounting most of those funds.

BlackRock Ad Markets Bitcoin as ‘Progress’

The world’s largest asset manager, BlackRock, has intensified its marketing efforts for its spot Bitcoin ETF, IBIT, positioning the investment not merely as a currency but as "progress."

Unlike its peers, BlackRock has adopted a notably understated strategy for promoting its IBIT fund, distinguishing itself with a minimalist yet impactful ad campaign. Its advertisement features a simple yet evocative image: a runway and plane silhouette set against a yellow background, accompanied by the compelling tagline, "Bitcoin ETFs have landed. Get your share of progress."

BlackRock's campaign also emphasizes the ETF's role in making Bitcoin as accessible and standardized as stocks and bonds in an investor's portfolio, highlighting the firm's innovative approach to integrating cryptocurrency into mainstream investment strategies.

Spot Bitcoin ETF promotion grew after Google started allowing cryptocurrency-related ads earlier this month.

Japan’s Proposed Bill to Allow Crypto Investments from Investment Funds

Japan is on the verge of a significant policy shift that would enable venture capital firms and other investment entities to directly invest in digital assets as Prime Minister Fumio Kishida's administration has proposed a revised bill to implement the change.

On February 16, Kishida's cabinet endorsed a bill designed to modify the country’s Industrial Competitiveness Enhancement Act, aiming to include digital assets among the permissible investments for investment limited partnerships, a structure utilized by venture capital firms to secure capital for investments.

This legislative move is part of Kishida's broader strategy to rejuvenate the Japanese economy, which includes nurturing Web3 companies. Historically, Japan has maintained stringent regulations on the digital asset industry, particularly concerning token listings and taxation.

The government intends to present this bill to the Diet, Japan's legislative body, for discussion during its current session. If passed, this amendment will allow Japan’s investment sector to have greater exposure to cryptocurrencies.

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