Two major banks, Bank of America’s Merrill and Wells Fargo & Co, are reportedly currently offering physical Bitcoin exchange-traded funds (ETFs) to their customers.
Banks are known to be offering this product not only to wealth management customers who request it, but also to customers with brokerage accounts.
Banks jump into Bitcoin ETF amid price surge
With the price of Bitcoin reaching record highs, two banks are planning to start offering the product, according to a recent Bloomberg report.
This comes after BeInCrypto reported that nine of the recently launched spot Bitcoin ETFs have hit all-time highs.
At the time of publication, the price of Bitcoin is $61,259. This represents an increase of 19.37% compared to last week and an increase of approximately 42% over the past 30 days.
ETF analyst Eric Balchunas said nine of the 11 spot Bitcoin ETFs achieved record trading volume this week. He reported inflows of $2.4 billion in 24 hours.
Read more: What is a Bitcoin ETF?
Meanwhile, Ark Invest and 21Shares recently announced the integration of Chainlink. It is a proof-of-holdings platform specifically for the ARK 21Shares Bitcoin ETF (ARKB).
Merrill & Wells Fargo
Meanwhile, the allocation of Bitcoin held by Bitcoin ETF providers is steadily increasing.
Additionally, on February 2, BeInCrypto reported that a total of 11 spot Bitcoin ETFs currently hold approximately 3.3% of the Bitcoin supply.
On the other hand, cryptocurrency trader Dave the Wave said that the Moving Average Convergence Divergence (MACD) histogram suggests a repeat of the parabolic surge cryptocurrency trading pattern of the previous four months.
Read more: Bitcoin price prediction for 2024/2025/2030
However, industry observers have long speculated about the impact Bitcoin ETFs will have on the overall cryptocurrency industry. This is true both within the United States and around the world.
Korea Digital Assets (KODA), Korea’s leading institutional cryptocurrency custodian, reported a nearly 250% increase in cryptocurrency assets under custody in the second half of 2023.
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