This article briefly:
• Bank of America Merrill Lynch and Wells Fargo are reportedly launching spot Bitcoin ETFs to clients.
• The banks extended the product to wealth management clients and those holding brokerage accounts.
• Banks are embracing spot Bitcoin ETFs as Bitcoin prices surge, Bloomberg reported.
Two major U.S. banks, Merrill Lynch and Wells Fargo, are now reportedly offering spot Bitcoin exchange-traded funds (ETFs) to their clients.
The two banks will reportedly offer the product to wealth management clients who request it, as well as those who hold brokerage accounts.
As Bitcoin prices soar, banks rush into spot Bitcoin ETFs
According to a recent report by Bloomberg, the two banks plan to launch the product as the price of Bitcoin reaches an all-time high.
Earlier, media reported that the trading volume of the nine recently launched spot Bitcoin ETFs hit a record high.
At press time, the price of Bitcoin is $61,259. This shows a 19.37% increase in price over the past week and a roughly 42% increase in price over the past 30 days.
ETF analyst Eric Balchunas revealed that nine of the 11 spot Bitcoin ETFs hit record high volumes this week, reporting $2.4 billion in inflows in 24 hours.
Meanwhile, Ark Invest and 21Shares recently announced the integration of Chainlink. Specifically, the Proof of Reserves platform for the ARK 21Shares Bitcoin ETF (ARKB).
Bitcoin ETF providers’ Bitcoin allocations are growing
However, the Bitcoin held by spot Bitcoin ETFs is steadily increasing.
In addition, media reported on February 2 that these 11 spot Bitcoin ETFs hold a total of approximately 3.3% of the current Bitcoin supply.
On the other hand, cryptocurrency trader Dave the Wave said that the moving average convergence divergence (MACD) histogram suggests that the previous four-month parabolic surge in cryptocurrency trading pattern is about to happen again.
However, industry observers have long speculated on the impact a Bitcoin ETF would have on the cryptocurrency industry as a whole, both in the United States and globally.
Korea Digital Assets (KODA), South Korea’s leading institutional-grade cryptocurrency custodian, reported a nearly 250% increase in crypto assets under custody in the second half of 2023. #比特币ETF #美国银行
