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News

BlackRock Spot Bitcoin ETF Is Now Bullish By Many Large Institutions

April 10, 2024 - Around 3 mins mins to read

Key Points:

  • Major financial firms reveal ownership of Fidelity and BlackRock spot Bitcoin ETF shares, signaling growing institutional confidence in Bitcoin.
  • U.S. spot Bitcoin ETFs surpass $200 billion in trading volume within three months, driven by record-breaking activity and rising Bitcoin prices.
  • Global expansion looms as Hong Kong regulators consider approving Asia’s first spot Bitcoin ETFs, while total crypto product inflows for the year soar past previous records by over 30%.
Signal Advisors, an independent financial advisor platform, has disclosed to the Securities and Exchange Commission (SEC) its ownership of 20,571 shares of the BlackRock spot Bitcoin ETF.
BlackRock Spot Bitcoin ETF Is Now Bullish By Many Large Institutions

Read more: Bitcoin Spot ETF vs Futures ETF: Differences To Make The Right Investment Choice

Major Firms Embrace BlackRock Spot Bitcoin ETF

The revelation follows a trend of major financial institutions, including Citadel, UBS, and Goldman Sachs, being listed as participants in the BlackRock spot Bitcoin ETF prospectus.

BlackRock’s strategic moves to integrate Bitcoin into its investment offerings have gained momentum, reflecting the broader acceptance of Bitcoin within traditional finance. Robert Mitchnick, Head of Digital Assets at BlackRock, revealed in a recent conversation with Anthony Pompliano at the Bitcoin Investor Day in New York that the asset management firm has been planning for a Bitcoin ETF for the past seven years.

Wedmont Private Capital, a wealth manager, also disclosed its ownership of 3,471 shares of the Fidelity spot Bitcoin ETF to the SEC.

Since their debut on January 11th, U.S. spot Bitcoin ETFs have experienced remarkable success, surpassing $200 billion in cumulative trading volume within three months. March alone witnessed a record monthly volume of $111 billion, triple that of February.

Hong Kong Eyes Approval for Asia’s First Bitcoin ETFs

The success of these ETFs is reflected in the soaring interest and trading activity surrounding Bitcoin, which has reached an all-time high above $73,000. BlackRock spot Bitcoin ETF leads in volumes, holding over 265,000 bitcoins worth more than $18 billion, comprising nearly 50% of the total spot ETF volume.

The surge in U.S. spot Bitcoin ETFs has spurred applications in other markets, with Hong Kong regulators expected to approve the first spot Bitcoin ETFs in Asia this month. CoinShares reported $643 million in inflows into Bitcoin ETFs last week, contributing to total crypto instrument product inflows of $13.8 billion since the beginning of the year — a record-breaking figure exceeding 2021’s total by over 30%.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin

Blackrock

BlackRock Spot Bitcoin ETF

Fidelity

IBIT

SEC

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.