|
|
Finance Link reported on March 1st (Editor: Maran) that it took less than two months for Bitcoin ETFs to transition from the fringe to the mainstream, demonstrating how envy-inducing the trading volume and inflow of funds in this field have been in recent times.
According to sources, Bank of America and Fidelity Bank are now beginning to offer Bitcoin ETF products to some wealth management clients. Sarah Kerr, a spokesperson for Fidelity Bank, later confirmed this news.
She pointed out that clients can now purchase Bitcoin ETFs through advisors at Fidelity Bank's advisory company or via the WellsTrade online platform.
In addition, there were rumors on Wednesday that Morgan Stanley is considering offering Bitcoin ETF products. Going further back, reports in January revealed that UBS and Citigroup had already joined the ranks of buying and selling Bitcoin ETFs.
This signifies that mainstream brokerage platforms on Wall Street are extending an olive branch to Bitcoin ETFs, which also implies that Bitcoin ETFs will garner more clients and more financial support.
Be cautious of speculation
In the weeks since the U.S. Securities and Exchange Commission approved the listing of 10 spot Bitcoin ETFs in January, the trading volume of these investment tools has frequently hit record highs. On Wednesday alone, the trading volume of the 10 ETFs reached a record-breaking $7.69 billion.
Meanwhile, the price of Bitcoin spot has been soaring, briefly surpassing $63,000 on Wednesday. As of Thursday, the digital currency has seen a cumulative increase of nearly 40% this year.
Matt Hougan, Chief Investment Officer at Bitwise, stated earlier on Thursday that the addition of clients from Merrill Lynch, Fidelity Bank, and Morgan Stanley may bring about a new wave of demand, further driving up the price of Bitcoin spot.
However, some large institutions are not keen on Bitcoin ETFs. Janel Jackson, Global Head of Capital Markets at Vanguard Navigate ETF, emphasized in a previous statement that cryptocurrencies are more speculative than investment. This is why the company does not intend to offer crypto products.
On the other hand, JPMorgan Chase warned in a report on Wednesday that the Bitcoin halving event in April will impact miners' profitability due to reduced rewards and rising production costs, eventually leading to a decline in the price of Bitcoin.
JPMorgan estimates that the production cost of Bitcoin is typically the lower limit of its price, and after halving, its price may fall to $42,000. |
|
Post time 10-3-2024 14:42:37
