Why Did These Two Banks Start Offering Spot Bitcoin ETFs?

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These Two Major Banks Are Now Offering Spot Bitcoin ETFs
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Two major banks, Bank of America’s Merrill Lynch and Wells Fargo & Co, are now reportedly offering spot Bitcoin exchange-traded funds (ETF) to their clients.

The banks are reportedly offering the product to wealth management clients as well as clients with brokerage accounts who request the product.

Banks Jumping Into Spot Bitcoin ETFs Amid Price Surge

According to a recent Bloomberg report, the two banks are set to start offering the product amid Bitcoin’s price reaching all-time highs.

This comes after BeInCrypto reported that nine of the recently launched spot Bitcoin ETFs launched reached all-time volume record highs.

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At the time of publication, Bitcoin is priced at $61,259. This shows a 19.37% increase over the last week and approximately 42% growth in the past 30 days.

Bitcoin Price Chart 1 Month. Source: BeInCrypto

ETF analyst Eric Balchunas disclosed that nine of the 11 spot Bitcoin ETFs achieved a record volume this week. He reported $2.4 billion in inflows within a 24-hour period.

Read more: What Is A Bitcoin ETF?

Meanwhile, Ark Invest and 21Shares recently announced the integration of Chainlink. In particular, its Proof of Reserve platform for the ARK 21Shares Bitcoin ETF (ARKB).

Bitcoin Allocation By ETF Providers Is Growing

However, the allocation of Bitcoin held by Bitcoin ETF provider is steadily increasing.

Furthermore, on February 2, BeInCrypto reported that the combined 11 spot Bitcoin ETFs hold approximately 3.3% of current Bitcoin supply.

On the other hand, crypto trader Dave the Wave said that the Moving Average Convergence Divergence (MACD) histogram suggests a previous four-month parabolic surge crypto trading pattern is set to recur.

Read more: Bitcoin Price Prediction 2024/2025/2030

However, industry observers have long speculated on the impact of the Bitcoin ETF on the entire crypto industry. Both within the United States and globally.

Korea Digital Asset (KODA), South Korea’s leading institutional crypto custodian, reported a nearly 250% increase in its crypto assets under custody in the latter half of 2023. 

Disclaimer

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