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?
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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