JP Morgan and Wells FargoTwo of the largest banks in the United States announced their investments in spot bitcoin ETFs, revealing their exposure to BTC, the world's largest cryptocurrency. This important development comes amid the ongoing decline in the cryptocurrency market, which has led to… BTC price drop Just over $60,000.
US Financial Banks Disclose Bitcoin ETF Holdings
American financial services companies, Wells Fargo JPMorgan and JPMorgan Bank revealed their exposure to Bitcoin by revealing their adoption of spot Bitcoin ETFs recently. Deposit. This decision to invest in BTC ETFs represents a marked change from the previous cautious approach taken by banks towards cryptocurrencies.
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Wells Fargo revealed in its report New deposit to the US Securities and Exchange Commission (SEC) of which it currently owns 2,245 shares Bitcoin Gray Box (GBTC)$121,207, which has since been transferred to an ETF. In addition, the US bank owns 37 shares of the ProShares Bitcoin Strategy ETF (BITO), worth $1,195.
On the other side, JP Morganany He carries About $2.9 trillion in assets under management (AUM), it disclosed its total holdings of Spot BTC ETFs in a Securities and Exchange Commission (SEC) filing. The bank reported that it had purchased about $760,000 worth of stock BlackRock's iShares Bitcoin Trust (IBIT)Fidelity's Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO).
Furthermore, JPMorgan also owns about 25,021 shares worth US$47,000 in the cryptocurrency ATM provider, Bitcoin Depository. The investment firm also revealed its exposure to the Spot BTC ETF just hours after Wells Fargo's announcement.
despite of Regulatory uncertainty With constant market volatility, institutional interest in cryptocurrencies, especially Bitcoin, is rapidly increasing. Bloomberg Senior Analyst Eric Balchunas also is expected More financial services companies are likely to follow the lead of JPMorgan and Wells Fargo to disclose their holdings Bitcoin ETFs As market makers or authorized participants (APs).
BTC price suffers further declines
Despite the growing interest from traditional financial institutions seeking… Exposure to BTC, the cryptocurrency price showed a surprising lack of upward momentum. since l Half happened On April 20, Bitcoin traded sideways, and saw Continuous declines Which led to its price falling to about $57,000 previously.
The cryptocurrency, which hit an all-time high above $73,000 in March, has seen a 14.20% decline over the past month. Additionally, Bitcoin has given up a significant portion of its pre-halving gains and is currently trading at $60,494, according to CoinMarketCap.
Blockchain analytics platform, Santiment, open The continued lack of interest in BTC and broader market sentiment could be a strong sign that the cryptocurrency He approaches his bottom.
BTC price falls below $61,000 | Source: BTCUSD on Tradingview.com
Featured image from PlasBit, chart from Tradingview.com
