Bitcoin ETFs Soar as Third-Largest US Bank Reveals Ownership in New Filing
Institutional investors with Bitcoin Spot ETF may gain exposure to Bitcoin’s price changes.
Wells Fargo is one of the traditional financial institutions that are becoming increasingly interested in BTC. The third-largest bank in the US has revealed its exposure to Bitcoin Spot ETFs.
In January, the US Securities and Exchange Commission (SEC) approved regulated index funds, which enabled institutions like Wells Fargo to invest in the largest cryptocurrency in history. This change marks a major entry into the Bitcoin market for the bank.
Bank of New York Mellon Corporation has also invested in Bitcoin ETFs managed by Blackrock and Grayscale. Although these are fairly token-sized investments, this is a sign that the bank recognizes the potential of Bitcoin as an asset class.
BlackRock and Fidelity Surpass $10,000 Million in Assets
It is clear that adoption of Bitcoin ETFs has increased. Bloomberg ETF expert Eric Balchunas noted that before the introduction of Bitcoin ETFs, the JPMorgan Nasdaq Equity Premium ETF (JEPQ) held the ETF record for reaching $10 billion in assets, which lasted nearly three years. BlackRock’s IBIT reached this milestone in 49 days, while the Fidelity FBTC ETF did so in 77 days.
These ETFs also experienced high trading volume and income streams, reflecting the growing interest and demand for Bitcoin investment products.
Wells Fargo’s announcement of a Bitcoin spot ETF investment highlights the growing involvement of traditional banks in the cryptocurrency market. As a result, EFT became an attractive option and more institutions began to recognize the potential of Bitcoin as a means of finding regulated investment vehicles.
Bitcoin’s Current Outlook
Currently, Bitcoin is trading near the critical resistance level of $61,000. This is a sign of a possible bullish trend for BTC. However, recent market moves have shown that the Bitcoin price decreased 1.2% over the past seven days. This decline affected the performance of the cryptocurrency in the short term.
According to CryptoPredictions, Bitcoin started at $135,300 in May 2024 and the month-end forecast is $73,714,631. In May, the highest predicted BTC price is $68,302,039 and the minimum price is $135,300.
As of today, the price of BTC is estimated between $56,609,085 and $83,248,655. The closing price of Bitcoin today is predicted to be $66,598,924.
By Leonardo Perez