Meltem Demirors, chief strategy officer of CoinShares, highlighted at least eight major financial institutions that have signalled moves in the digital assets space, including BlackRock’s spot Bitcoin ETF filing and Fidelity’s crypto wealth management solutions. There are at least $27 trillion of assets managed by major U.S. financial institutions that are also “actively” seeking to provide clients with exposure to Bitcoin.
Big banks, including BlackRock, are getting in on Bitcoin
JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are some of the others. She made the observation that “many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more,” adding that they manage a staggering $27 trillion in assets together. The application for a spot Bitcoin exchange-traded fund made by BlackRock sparked a flurry of filings for products similar to it, bolstering the narrative that “institutions are coming” to Bitcoin.
Bitcoin soars to $31,185 as financial institutions finally get on board
Bitcoin-related funds see strong inflows in recent months
Will Clemente, co-founder of Reflexivity Research, nevertheless concurred with Demiror, pointing out that Bitcoin’s market capitalization is less than $600 billion. Bitcoin-related funds are already getting more attention from institutional investors. The ProShares Bitcoin Strategy ETF (BITO) saw its largest weekly inflow in a year, bringing its total assets under management (AUM) above $1 billion. Michelle Bowman, a member of the Federal Reserve Board of Governors, criticised the absence of a crypto regulatory framework, claiming that the asset class’s uncertainty ensnares institutions in a “supervisory void.”
Source: https://www.cryptoknowmics.com/news/coinshares-cso-bitcoin-and-crypto-attract-27-trillion-in-aum