Major U.S. financial institutions with $27 trillion in assets under management are “aggressively” seeking to offer clients investment opportunities in Bitcoin (BTC) and cryptocurrencies.
On June 26, CoinShares chief strategy officer Meltem Demirors highlighted that at least eight major financial institutions have signaled their forays into the digital asset space, including BlackRock’s spot bitcoin ETF filing and Fidelity’s crypto wealth management solution.
Others include JPMorgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco and Bank of America.
“Many of the largest financial institutions in the U.S. are actively working to offer services like bitcoin,” she noted, adding that they manage $27 trillion in assets.
1/ last week @黑石 Spot Bitcoin ETF filing is big news!
However, this is not the only story. Many of the largest financial institutions in the United States are actively working to offer services such as Bitcoin.
Take a quick look – $27 Trillion in Customer Assets! pic.twitter.com/azmHZmUL2a
— Meltum DeMiro (@Melt_Dem) June 26, 2023
Earlier this month, BlackRock filed for a June 16 spot bitcoin exchange-traded fund That sparked a flurry of filings for similar products, fueling the narrative that “institutions are coming” to bitcoin.
Bitcoin prices hit a 2023 high of $31,185 on June 24 amid buoyant confidence, according to CoinGecko.
However, Demiros noted that while “the institutions are coming,” it’s still more of a trickle than a wave. “We saw the bridge being built in real time,” she added.
It’s worth noting that the $27 trillion figure is an estimate of the total assets managed by the eight institutions, only a fraction of which may be allocated to cryptocurrency investments.
Nonetheless, Reflexivity Research co-founder Will Clemente echo Demiror’s view is that Bitcoin’s market cap is less than $600 billion.
“Between HSBC, BlackRock, Fidelity, and Charles Schwab, we’re talking $25 trillion in assets under management that will soon be available to buy bitcoin.”
Institutional investors have shown greater interest in bitcoin-related funds. The ProShares Bitcoin Strategy ETF (BITO) saw its biggest weekly inflow in a year, bringing its assets under management to more than $1 billion, Cointelegraph reported.
related: BlackRock’s Bitcoin ETF Is The ‘Best Thing’ For BTC, Really?
Earlier this week, Federal Reserve Board member Michelle Bowman criticized the absence of a regulatory framework for cryptocurrencies, claiming that uncertainty about the asset class has left the agency in a “regulatory void.”
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?
Svlook
