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These Two Major Banks Are Now Offering Spot Bitcoin ETFs

2 mins
Updated by Kyle Baird
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In Brief

  • Bank of America's Merrill and Wells Fargo reportedly offer spot Bitcoin ETFs to clients.
  • These banks extend the product to wealth management and brokerage account holders.
  • Amid Bitcoin's price surge, Bloomberg reports banks embracing spot Bitcoin ETFs.
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Two major banks, Bank of America’s Merrill Lynch and Wells Fargo & Co, are now reportedly offering spot Bitcoin exchange-traded funds (ETF) to their clients.

The banks are reportedly offering the product to wealth management clients as well as clients with brokerage accounts who request the product.

Banks Jumping Into Spot Bitcoin ETFs Amid Price Surge

According to a recent Bloomberg report, the two banks are set to start offering the product amid Bitcoin’s price reaching all-time highs.

This comes after BeInCrypto reported that nine of the recently launched spot Bitcoin ETFs reached all-time volume record highs.

At the time of publication, Bitcoin is hovering around $61,259. This shows a 19.37% increase over the last week and approximately 42% growth in the past 30 days.

Read more: What Is A Bitcoin ETF?

Bitcoin Price Chart 1 Month. Source: BeInCrypto
Bitcoin Price Chart 1 Month. Source: BeInCrypto

ETF analyst Eric Balchunas disclosed that nine of the 11 spot Bitcoin ETFs achieved a record volume this week. He reported $2.4 billion in inflows within a 24-hour period.

Meanwhile, Ark Invest and 21Shares recently announced the integration of Chainlink. In particular, it will use Chainlink’s Proof of Reserve platform for the ARK 21Shares Bitcoin ETF (ARKB).

Bitcoin Allocation By ETF Providers Is Growing

The allocation of Bitcoin held by Bitcoin ETF providers is steadily increasing. Furthermore, on February 2, BeInCrypto reported that the combined 11 spot Bitcoin ETFs hold approximately 3.3% of the current Bitcoin supply.

On the other hand, crypto trader Dave the Wave said that the Moving Average Convergence Divergence (MACD) histogram suggests a four-month parabolic surge trading pattern is set to recur.

Read more: Bitcoin Price Prediction 2024/2025/2030

Industry observers have long speculated on the impact of the Bitcoin ETF on the entire crypto sector.

Korea Digital Asset (KODA), South Korea’s leading institutional crypto custodian, reported a nearly 250% increase in its crypto assets under custody in the latter half of 2023. 

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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