In a recent survey conducted by Binance across various European nations, including France, Italy, Spain, and Sweden, the findings revealed that an impressive 73% of European citizens harbor a positive outlook on the future of digital assets. The Binance survey highlighted that a majority of respondents, constituting 55%, exclusively engage with digital assets, while 24% disclosed that over half of their overall trading activities involve cryptocurrencies.
🎉Great news for BTC enthusiasts! A recent Binance survey reveals that a whopping 73% of European residents are optimistic about the future of cryptocurrencies! 🚀
The survey not only delivers encouraging news for Bitcoin [BTC] enthusiasts but also provides insightful details. Notably, the primary drivers for the mainstream adoption of cryptocurrencies in Europe, as identified by 20%, 18%, and 17% of respondents, are high returns, decentralization, and innovation, respectively.
Additionally, more than half of the surveyed participants, precisely 55%, utilize cryptocurrencies for everyday purchases, with 10% making weekly crypto-related transactions. Despite the absence of exchange-traded funds [ETFs], the region’s existing exchange-traded products [ETPs] reflect Europe’s progressive stance on crypto products.
The approval of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission [SEC] triggered a Fear of Missing Out [FOMO] wave in the European crypto community. While excitement surges in the U.S. market, European investors are reassessing their positions in response to the growing prominence of U.S. ETFs.
Binance Exec Credit Europe’s Regulatory Framework
Rachel Conlan, Chief Marketing Officer [CMO] at Binance, attributes the secure and harmonized regulatory framework in Europe as a catalyst for the mainstream adoption of digital assets.
Europe’s crypto landscape already boasts various crypto ETPs, providing retail investors exposure to digital assets. However, the recent SEC approval has induced a significant shift. BitMEX Research reported a remarkable single-day outflow of $30 million from the four largest European Bitcoin ETPs just four days after the approval of the U.S. Bitcoin spot ETF.
This trend persisted, resulting in a total outflow of approximately $106 million over five days. The evolving sentiment among investors is evident in the data presented by Cointucky Derby on day four of the ETF flow update.