Bitcoin prices hit new highs, and a number of banking giants have followed suit.
Bitcoin prices are near all-time highs, and a number of well-known financial institutions such as Wells Fargo and Merrill Lynch have begun to actively explore cryptocurrency-related products.。
Bitcoin prices near all-time highs, a number of well-known financial institutions began to actively explore cryptocurrency-related products。Among them, Wells Fargo (Wells Fargo), Merrill Lynch (Merrill Lynch) and Morgan Stanley (Morgan Stanley) and other companies have taken action in this area.。
The price of Bitcoin broke through $67,000 today, hitting a new high since 2021, a rally fueled in part by recent historic demand for spot Bitcoin exchange-traded funds (ETFs).。The ETFs were launched earlier by Wall Street giants such as BlackRock, Fidelity and Franklin Templeton.。
Wells Fargo and Merrill Lynch's investment arm will reportedly offer a range of spot Bitcoin ETFs for some wealth management clients。Wells Fargo manages about $600 billion in assets, while Merrill Lynch manages more than $1 trillion。
According to Wells Fargo spokesperson Sarah Kerr, "Customers can actively purchase spot Bitcoin ETFs through Wells Fargo Advisors or our online platform, WellsTrade.。"
In addition, Morgan Stanley is also reportedly considering offering clients the option to access Bitcoin ETFs and has launched due diligence.。Companies such as BlackRock and Fidelity had earlier received approval from the US Securities and Exchange Commission (SEC) to allow the issuance of spot Bitcoin ETFs, but some platforms (Vanguard and others) have blocked customers from using these products.。
While some companies are skeptical about the rationale for investing in cryptocurrencies, inflows into cryptocurrency ETFs are still hitting record highs.。
BlackRock's Bitcoin ETF, the world's largest asset manager, has reportedly attracted more than $7 billion in net inflows since its launch on January 11.。Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said: "There are only a handful of ETFs around the world that can match the rate of cash inflows (Bitcoin ETFs).。"
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