Banks Invest in Bitcoin ETFs
Two of the largest banks in the US, JP Morgan and Wells Fargo, have invested in Spot Bitcoin ETFs, indicating their exposure to the cryptocurrency. This move signals a shift in the banks’ stance towards cryptocurrencies.
Wells Fargo’s Holdings
Wells Fargo holds 2,245 shares of Grayscale Bitcoin Trust (GBTC) and 37 shares of ProShares Bitcoin Strategy ETF (BITO).
JP Morgan’s Holdings
JP Morgan holds a variety of Spot BTC ETFs, including shares in BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, and Bitwise Bitcoin ETF. The bank also owns shares in Bitcoin Depot, a cryptocurrency ATM provider.
Institutional Interest in Bitcoin
Despite market volatility and regulatory uncertainty, institutional interest in Bitcoin is growing. Analysts predict that more financial institutions will follow suit.
Bitcoin Price Decline
Despite the banks’ investments, the price of Bitcoin has declined since its halving event in April. It has fallen to around $60,000, a 14.20% drop over the past month.
Market Sentiment
Blockchain analytics suggest that the lack of interest in Bitcoin could indicate that it is nearing its bottom.
