bitcoin-funds/” rel=”nofollow”>JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments in bitcoin spot ETFs, revealing their exposure to btc, the world's largest cryptocurrency. This important development comes amid the persistent slowdown in the cryptocurrency market, resulting in btc price falls slightly above $60,000.
US Financial Banks Expose Spot bitcoin ETF Holdings
American financial services companies, crypto-bank-of-america-now-offer-bitcoin-etfs/” rel=”nofollow”>Wells Fargo and JP Morgan, have revealed their exposure to btc by revealing their adoption of the Spot bitcoin ETF in a recent presentation. This decision to invest in btc ETFs marks a notable change from banks' previous cautious approach towards cryptocurrencies.
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Wells Fargo revealed in its new presentation to the United States Securities and Exchange Commission (SEC) that he currently owns 2,245 shares of bitcoin-etf/” rel=”nofollow”>Grayscale bitcoin Trust (GBTC)valued at $121,207, which he has since converted into an ETF. Additionally, the US bank owns 37 shares of the ProShares bitcoin Strategy ETF (BITO), valued at $1,195.
On the other hand, J.Morganwhich holds around $2.9 trillion in assets under management (AUM), has disclosed its total btc Spot ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 in shares of bitcoin-etf-inflows/” rel=”nofollow”>iShares bitcoin Trust (IBIT) by BlackRockFidelity's Wise Origin bitcoin Fund (FBTC), Grayscale bitcoin Trust (GBTC), Bitwise bitcoin ETF, and ProShares bitcoin Strategy ETF (BITO).
Furthermore, JP Morgan also owns around 25,021 shares valued at $47,000 in a cryptocurrency ATM provider. crypto-atm-bitcoin-depot-bags-worth-885-million/” rel=”nofollow”>bitcoin Deposit. The investment company also revealed its exposure to Spot btc ETFs within hours of Wells Fargo's announcement.
In spite of the ethereum-spot-etf-proposal/” rel=”nofollow”>regulatory uncertainty And due to continued market volatility, institutional interest in cryptocurrencies, particularly btc, has been growing rapidly. Bloomberg senior analyst Eric Balchunas also x.com/ericbalchunas/status/1789026897852047366?s=46″ rel=”nofollow”>predicted that more financial services companies would likely follow in the footsteps of JP Morgan and Wells Fargo in disclosing stakes in bitcoin-etf/” rel=”nofollow”>bitcoin Spot ETF as market makers or Authorized Participants (AP).
btc price suffers more falls
Despite the growing interest of traditional financial institutions seeking bitcoin-exposure-for-its-clients/” rel=”nofollow”>btc exposure, the cryptocurrency price has shown a surprising lack of bullish momentum. From bitcoin-halving-2024-complete-what-expect/” rel=”nofollow”>halving event On April 20, btc has been trading sideways, witnessing continuous descents which have brought its price down to around $57,000 previously.
The cryptocurrency, which hit an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Furthermore, bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap.
Blockchain analysis platform, Santiment, x.com/santimentfeed/status/1788975787074519310?s=46″ rel=”nofollow”>revealed that the current lack of interest in btc and broader market sentiments could be a strong sign that the cryptocurrency is approaching its bottom.
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btc price falls below $61,000 | Source: BTCUSD on Tradingview.com
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