📊 Major US banks are buying Bitcoin ETFs, is the market trend changing? 🏦
💸 In the second quarter of 2024, a large number of 13F documents submitted showed that some of the top banks in the United States purchased a large number of Bitcoin ETFs in response to customer demand. Among them, Goldman Sachs led the way, holding Bitcoin ETFs worth up to $418 million, including shares of multiple funds including BlackRock iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Fund, and Grayscale's Bitcoin Trust.
👉Morgan Stanley is not far behind. Although it is a little less than the $269 million in the first quarter, the $189.7 million position is not a small amount. Their $188 million investment in IBIT alone directly made them the fifth largest shareholder of this fund. Moreover, Morgan Stanley also encouraged their financial advisors to promote Bitcoin ETFs to clients with a net worth of more than $1.5 million.
🔎 Meanwhile, other Wall Street giants such as Bank of America, HSBC and UBS have also joined the ranks of buying Bitcoin ETFs, although the scale of investment varies. Bank of America holds $5.3 million worth of shares, mainly from IBIT and FBTC, HSBC acquired $3.6 billion worth of ARKB, and UBS invested about $300,000 in IBIT and other ETFs.
🔮 Some analysts believe that with the participation of these financial giants, the holdings of Bitcoin ETFs are expected to surpass those of Bitcoin founder Satoshi Nakamoto in October, which may mark a shift in market dominance.
💬 Do you think the actions of these banks will trigger a new wave in the Bitcoin market? Share your views in the comments section!
