Traditional financial firms in the US are joining the trend of providing their clients with access to the crypto sector. This is seen in the increase in portfolio allocation to crypto investment products. 📈

Legacy Wealth Asset Management and United Capital Management, two US investment advisors from Minnesota and Kansas, have allocated 6% and 5% of their portfolios to Fidelity Wise Origin Bitcoin Fund (FBTC), a tweet from Bloomberg ETF analyst Eric Balchunas said. revealed.

These asset management firms invested more than $20 million each in FBTC in their portfolio allocations, exceeding the $17 million a rival injected into BlackRock's ETF. 💰

Balchunas labeled his investments in Bitcoin ETFs a “new high-water mark,” adding that such a development is a nightmare for the “RIA Skeptics Branch of the Underwhelmers Club.” On the other hand, “fairly high” allocations are a great look for market participants hoping for long-term adoption.

On the other hand, a $40.8 million investment in FBTC increased spot Bitcoin ETF inflows and offset last week's outflows. According to data from CoinGlass, the funds experienced outflows for four consecutive trading days last week and only recorded inflows on Friday.