- Wells Fargo is holding shares in both Grayscale’s GBTC and ProShares Bitcoin Futures ETF.
- A decrease by the Fed will cause investors to rebalance their portfolios toward riskier assets.
The number of companies having exposure to spot Bitcoin ETFs is increasing, and Wells Fargo is the latest addition to that list. The bank has gained exposure to Bitcoin, according to a recent filing with the SEC, which has sparked discussions among crypto enthusiasts.
Gaining exposure to the biggest cryptocurrency after the adoption of spot ETFs on Jan 11, the institutional investor joins a growing number of wealth managers in the U.S.
Rising Institutional Interest
Wells Fargo is a Bitcoin ETF investor, holding shares in both Grayscale’s Bitcoin ETF and ProShares Bitcoin Futures ETF, among others, as revealed in an SEC filing. Predictions of a resurgence of institutional investment in the market preceded this announcement.
Amidst worries about declining inflows to ETFs, the market reacts strongly to news that the third-largest bank in the US is obtaining Bitcoin exposure via ETFs. Investors flocked to assets backed by spot Bitcoin ETFs as the market recovered from the 2022 bear market. Because of this, the price of Bitcoin surged beyond $44,000 in December after increased investments in the fourth quarter of 2023.
This year, the asset hit a new record high of around $73,000 as inflows reached all-time highs thanks to the approval. Nevertheless, due to recent market liquidations and the asset’s price falling below $62,000, the Q1 domination of Bitcoin ETFs has lost a little flow.
A shift in market sentiment might occur as a result of information disclosed by financial institutions like Wells Fargo and Susquehanna International Group on spot Bitcoin ETFs.
The Fed rate decreases and the approaching US elections have the potential to inspire optimism. A decrease by the Fed will cause investors to rebalance their portfolios toward riskier assets, which is good news for the crypto market.
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Source: https://thenewscrypto.com/wells-fargo-latest-addition-to-list-with-spot-bitcoin-etf-exposure/