Claim $500Breaking: Third-Largest US Bank Discloses Spot Bitcoin ETF Exposure
Highlights
- Wells Fargo reveals its spot Bitcoin ETF exposure.
- According to the filing, the firm has positions in more than one issuer.
- Bitcoin bulls continue to tip a new all-time high for the asset.
Wealth manager, Wells Fargo joins the growing list of firms with spot Bitcoin ETF exposure. A new filing with the Securities and Exchange Commission (SEC) shows the bank has acquired Bitcoin exposure sparking debates among crypto users.
The institutional investor follows a growing list of United States wealth managers to gain exposure to the largest cryptocurrency after the approval of spot ETFs on Jan 11. According to the SEC filing, Wells Fargo has positions in Grayscale’s Bitcoin ETF, ProShares Bitcoin Futures ETF, etc. The news comes following previous projections of renewed institutional inflow in the market.
Wells Fargo Drives New Bitcoin ETF Optimism
The news of the third largest bank in the United States gaining Bitcoin exposure through ETFs is huge for the market amid concerns of dwindling inflows to ETFs. Coming out of the 2022 bear market, the anticipation for spot Bitcoin ETFs drove inflows to the assets. As a result to price of Bitcoin soared above $44,000 in December after heightened investments in Q4, 2023.
This year, the approval led to an all-time high for the asset above $72,000 with inflows surging to new highs. However, the Q1 dominance of Bitcoin ETFs has lost a slight stream with recent market liquidations and the price of the asset plunging below $62,000.
The disclosure by Wells Fargo and other firms like Susquehanna International Group on spot Bitcoin ETFs can trigger a new market direction.
A New All-Time High?
Bitcoin bulls continue to tip a new high for the asset swinging out of short-term fluctuations. Positive sentiment can be sparked by Fed rate cuts and the upcoming US elections. A Fed cut will see investors move funds to risky assets which is a strength for the market.
This week, Standard Chartered restated its bullish projection for Bitcoin price. Analysts at the bank tips a possible $150,000 price for BTC. Inflows to spot Bitcoin products remain a bullish factor for every analyst and the Wells Fargo report could be a rallying point for participants.
Also Read: IMF Calls for Nigerian Regulation of Global Cryptocurrency Exchanges
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