Wealth managers have received access to Bitcoin ETFs from reputable financial institutions, Bank of America and Wells Fargo.
The ETF funds have already been available to clients for several weeks, a source familiar with Bank of America’s plans told Reuters .
The move follows the Securities and Exchange Commission ‘s (SEC) approval of these investment vehicles in January; it marked a landmark move toward the acceptance of cryptocurrencies in the traditional financial system.
Investors get exposure to the world’s largest cryptocurrency through Bitcoin ETFs, without having to own the token directly.
Bitcoin ETFs are eclipsing gold ETFs.
Some investors have moved their money from gold-based ETFs to Bitcoin as Bitcoin ETFs have become more popular. Bitcoin is often referred to as “digital gold” because of its ability to store value.
Recent market results show positive sentiment; the leading cryptocurrency surpassed $64,000 for the first time in more than two years.
Bloomberg Law was the first portal to reveal reports that Bank of America and Wells Fargo have begun offering Bitcoin ETFs to their clients.
Bitcoin ETF is experiencing increased trading volume.
Bitcoin ETFs continue to attract institutional investors.
Recently, U.S. funds recorded their highest daily trading volume at $7.7 billion.
The performance of BlackRock ‘s iShares Bitcoin Trust (IBIT) is particularly noteworthy, as it outperformed nine other bitcoin ETFs and ETFs for other asset classes.
BlackRock’s IBIT reached a new personal record for the third day in a row, with trading volume of $3.3 billion.
On X, Bloomberg analyst James Seyffart described that on the same day the Fidelity Bitcoin ETF doubled its previous record, reaching $1.4 billion in trading volume.
The group earned $673 million on a net basis. This breaks the record set on the first day of trading of $655 million.
