Summary
TLDR: Bank of America’s Merrill Lynch and Wells Fargo are offering spot Bitcoin ETFs to clients amidst Bitcoin’s price surge. Nine out of eleven spot Bitcoin ETFs have seen record volume, with $2.4 billion in inflows in 24 hours. Bitcoin allocation by ETF providers is growing, holding approximately 3.3% of current Bitcoin supply. Industry observers speculate on the impact of Bitcoin ETFs on the crypto industry.
Key Points
1. Two major banks, Bank of America’s Merrill Lynch and Wells Fargo & Co, are now reportedly offering spot Bitcoin exchange-traded funds (ETF) to their clients.
2. According to a recent Bloomberg report, the two banks are set to start offering the product amid Bitcoin’s price reaching all-time highs. This comes after BeInCrypto reported that nine of the recently launched spot Bitcoin ETFs reached all-time volume record highs.
3. ETF analyst Eric Balchunas disclosed that nine of the 11 spot Bitcoin ETFs achieved a record volume this week, with $2.4 billion in inflows within a 24-hour period.