tl;dr
Major banks like Bank of America’s Merrill Lynch and Wells Fargo & Co are now offering spot Bitcoin exchange-traded funds (ETFs) to their clients, responding to Bitcoin reaching all-time high prices. Nine out of 11 recently launched spot Bitcoin ETFs have reached all-time volume record highs, and Bi...
Major banks like Bank of America’s Merrill Lynch and Wells Fargo & Co are now offering spot Bitcoin exchange-traded funds (ETFs) to their clients, responding to Bitcoin reaching all-time high prices. Nine out of 11 recently launched spot Bitcoin ETFs have reached all-time volume record highs, and Bitcoin is currently at around $61,259, showing significant growth over the last week and the past 30 days. The combined 11 spot Bitcoin ETFs hold approximately 3.3% of the current Bitcoin supply, and there has been a nearly 250% increase in crypto assets under custody reported by Korea Digital Asset (KODA) in the latter half of 2023. Two major banks, Bank of America’s Merrill Lynch and Wells Fargo & Co, are offering spot Bitcoin exchange-traded funds (ETFs) to their clients. They are reportedly offering the product to wealth management clients as well as clients with brokerage accounts who request the product.
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 reached all-time volume record highs. Meanwhile, ETF analyst Eric Balchunas disclosed that nine of the 11 spot Bitcoin ETFs achieved a record volume this week, with $2.4 billion in inflows within a 24-hour period. The allocation of Bitcoin held by Bitcoin ETF providers is steadily increasing, with a combined 11 spot Bitcoin ETFs holding approximately 3.3% of the current Bitcoin supply. 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.
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