Key Points:
The Bitcoin ETFs holding is constituting 4.5% of the total Bitcoin supply. U.S.-based spot Bitcoin ETFs acquired 1,318 Bitcoins throughout the week, with GBTC experiencing outflows.
Glassnode highlighted that Bitcoin reached a pivotal phase three months ahead of Ethereum, with the news surrounding ETFs significantly impacting this acceleration. Recent inflows into leading Bitcoin ETF holdings have spurred a surge.
The approval of Bitcoin ETFs in Hong Kong has further bolstered this momentum, with prominent platforms striving to bolster the adoption of spot Bitcoin ETFs.
BlackRock, a global investment management firm, emerged as a major player in the Bitcoin market. Its iShares Bitcoin Trust amassed over 274,000 Bitcoins, valued at approximately $16 billion as of May 2024. The trust’s popularity attracted interest from various organizations, including BNP Paribas, the second-largest bank in Europe, which disclosed a $41,684 investment in the BlackRock Bitcoin ETF.
JPMorgan Chase, another American banking giant, acknowledged their Bitcoin ETFs holding in several funds, including offerings from Grayscale, ProShares, Bitwise, BlackRock, and Fidelity, amounting to approximately $760,000. Wells Fargo, a major U.S. bank, also divulged Bitcoin ETF holdings in a recent regulatory filing.
The growing adoption of Bitcoin ETFs, coupled with significant investments from institutional players, underscores the increasing mainstream acceptance of cryptocurrency as a legitimate asset class.
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. |
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