JP Morgan and Wells Fargo, two major US banks announced investments in a Spot Bitcoin ETF, revealing their exposure to BTC, the world's largest cryptocurrency. This important development comes amid a sustained downturn in the cryptocurrency market, resulting in BTC price decline Just over $60,000.
US financial bank discloses spot Bitcoin ETF holdings
American financial services company wells fargo and JP Morgan revealed their exposure to BTC by disclosing the adoption of a Spot Bitcoin ETF in a recent report. filing. This decision to invest in a BTC ETF marks a notable shift from the bank's previously cautious approach to cryptocurrencies.
Wells Fargo revealed that New application Reported to the U.S. Securities and Exchange Commission (SEC) that it currently owns 2,245 shares. Grayscale Bitcoin Trust (GBTC)was valued at $121,207 and was subsequently converted into an ETF. Additionally, the American bank owns 37 shares of the ProShares Bitcoin Strategy ETF (BITO) worth $1,195.
on the other hand, JP MorganWhich hold The company, which has approximately $2.9 trillion in assets under management (AUM), disclosed its total holdings in the Spot BTC ETF in an SEC filing. The bank reported purchasing approximately $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).
Additionally, JPMorgan also owns approximately 25,021 shares of the cryptocurrency ATM provider, valued at $47,000. bitcoin depot. The investment firm also revealed its exposure to the Spot BTC ETF just hours after Wells Fargo's announcement.
regardless of Regulatory uncertainty Due to continued market volatility, institutional interest in cryptocurrencies, especially BTC, is rapidly increasing.Eric Balchunas, senior analyst at Bloomberg predicted More financial services companies are expected to follow JPMorgan and Wells Fargo in making their holdings public. Spot Bitcoin ETF As a Market Maker or Authorized Participant (AP).
BTC price suffers further decline
Despite increasing interest from traditional financial institutions; Exposure to BTC, crypto prices showed a surprising lack of bullish momentum.since then halving event On April 20th, BTC was trading sideways, continued decline Previously, we had lowered the price to about $57,000.
The cryptocurrency, which hit an all-time high of over $73,000 in March, has fallen 14.20% in the past month. Additionally, Bitcoin gave up most of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap.
Blockchain analysis platform, Santiment, revealed A continued lack of interest in BTC and broad market sentiment could be strong signs that the cryptocurrency is in crisis. approach the bottom.
BTC price falls below $61,000 | Source: BTCUSD on Tradingview.com
Featured image from PlasBit, chart from Tradingview.com
