, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world’s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTC’s price dipping slightly above $60,000.
US Financial Banks Expose Spot Bitcoin ETF Holdings
American financial services companies, and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent . This decision to invest in BTC ETFs marks a notable change from the banks’ previous cautious approach to cryptocurrencies.
Wells Fargo revealed in its to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of , valued at $121,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195.
On the other hand, JP Morgan, which about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of , Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO).
Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, . The investment company also unveiled its exposure to Spot BTC ETFs just hours after Wells Fargo’s announcement.
Despite the and the market’s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also that more financial services companies would likely follow JP Morgan and Wells Fargo’s footsteps to unveil holdings in as market makers or Authorized Participants (APs).
BTC Price sUFFERS More Declines
Despite the increasing interest from traditional financial institutions seeking , the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its on April 20, BTC has been trading sideways, witnessing continuous declines that have pushed its price down to around $57,000 previously.
The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap.
Blockchain analytics platform, Santiment, that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is getting close to its bottom.
BTC price falls below $61,000 | Source: