According to @LexSokolin, London IPO proceeds have lagged New York and he asked whether Frankfurt is actually ahead, prompting a look at verified issuance data for trading context, source: Lex Sokolin post on X. EY reported London recorded 23 IPOs raising 953 million pounds in 2023, the lowest since 2009, underscoring limited primary market depth for UK equities, source: EY UK IPO Eye Q4 2023. Deutsche Börse and issuer disclosures show Frankfurt hosted several of Europe’s largest 2023 listings including Schott Pharma at about 935 million euros, Thyssenkrupp Nucera at about 605 million euros, and IONOS at about 447 million euros, together exceeding the UK’s 2023 proceeds, source: Deutsche Börse and company press releases for Schott Pharma, Thyssenkrupp Nucera, and IONOS in 2023. PwC reported Germany led Europe by IPO proceeds in H1 2024 driven by Renk AG at about 1.8 billion euros and Douglas at about 850 million euros, while London’s standout was Raspberry Pi at about 166 million pounds, source: PwC IPO Watch Europe H1 2024 and Deutsche Börse and Douglas issuer announcements and Raspberry Pi company RNS on London Stock Exchange. CoinShares recorded net inflows into European digital asset investment products in H1 2024, indicating improving regional risk appetite that can spill over into BTC and ETH ETP demand, source: CoinShares Digital Asset Fund Flows reports H1 2024. UK rules continue to restrict exchange-traded crypto ETNs for retail, limiting direct BTC and ETH ETP participation in London relative to Germany’s Xetra venue, source: UK Financial Conduct Authority policy statement on the ban of crypto derivatives and ETNs for retail effective 2021.

According to André Dragosch, weekly global crypto ETP flows show a record divergence, with Bitcoin (BTC) experiencing outflows of -1,403.3 million USD while Ethereum (ETH) saw inflows of +1,557.5 million USD and other altcoins excluding ETH gained +155.6 million USD. This marks the first time such a significant divergence between BTC and altcoin ETP flows has been observed, particularly for ETH. Traders should closely monitor this rotation as it may signal a shift in institutional sentiment and could impact short-term price action and liquidity for BTC, ETH, and major altcoins (source: André Dragosch).