The crypto market has been experiencing a slight downturn on Wednesday, following the global trend of stock markets that are affected by China’s economic uncertainty. However, not all is gloomy in the crypto space, as Europe has just welcomed its first ever spot Bitcoin ETF on the Euronext Amsterdam stock exchange.

The ETF, which trades under the ticker BCOIN, is a product of Jacobi Asset Management, a London-based firm that specializes in digital assets. The fund allows investors to gain exposure to the live price of Bitcoin without having to deal with the technical and security challenges of holding the cryptocurrency themselves. The ETF holds Bitcoin “physically” through Fidelity Digital Assets, a reputable custodian service, and charges a 1.5 per cent annual management fee.

The launch of BCOIN is a significant milestone for the European crypto market, as it provides a regulated and convenient way for institutional and retail investors to access Bitcoin. The ETF also has the potential to boost the liquidity and adoption of Bitcoin in the region, as well as to attract more innovation and competition in the crypto space.

Meanwhile, the US is still lagging behind in approving a spot Bitcoin ETF, despite having several applications pending at the Securities and Exchange Commission (SEC). Some of the prominent firms that are seeking approval include BlackRock, the world’s largest asset manager, and ARK Invest, led by the influential crypto advocate Cathie Wood. However, the SEC has been delaying its decisions and requesting public comments on the proposals, citing concerns over market manipulation, investor protection, and regulatory compliance.

The US crypto community is eagerly awaiting the SEC’s verdict on a spot Bitcoin ETF, as it could have a huge impact on the growth and maturity of the crypto market. However, until then, Europe seems to have taken the lead in offering a spot Bitcoin ETF to its investors.