The price of Bitcoin (BTC) continues to fluctuate around the $60,000 level, with some analysts expecting it to soon rise above this level. Within the past 24 hours, Bitcoin has tried to break through this crucial level but has not been able to maintain it. Bitcoin recorded a rise to around $60,200 before falling to $59,828 at the time of writing.
Bitcoin has managed to gain 1.14% in the past 24 hours, but is still down 2.4% over the past week. Analysts noticed a decrease in overall trading volume during the day, which was expected given that it was Sunday. This also led to a decrease in the number of liquidations in the derivatives market, where $50 million positions were cleared, with traders who sold incurred larger losses.
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Banks buy bitcoin non-stop
By the end of the second quarter of 2024, major US banks began offering institutional investment opportunities in Bitcoin ETFs linked to the spot market. Financial disclosure reports showed that these banks acquired a significant share of bitcoin ETFs for the benefit of their customers.
At the top of the list was Goldman Sachs, the world’s second-largest investment bank by revenue, which announced its holdings of Bitcoin ETFs worth $418 million. This includes shares in funds such as BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC) and the Greyscale Bitcoin Trust (GBTC). Goldman Sachs (NYSE:GS) has also invested in other funds issued by Arc Investment/21Shares, Invesco/Galaxy, Bitwise and WisdomTree.
Among other major players, Morgan Stanley (NYSE:MS) had significant holdings in Bitcoin ETFs, with its investments in GBTC falling from $269 million in the first quarter to about $189.7 million by the end of June. The bank also called on its financial advisors to offer bitcoin ETFs to clients whose net worth exceeds $1.5 million.
Entities such as Bank of America (NYSE:BAC), HSBC and UBS have reportedly made smaller investments in Bitcoin ETFs, with Bank of America holdings of around $5.3 million, HSBC about $3.6 billion in ARKB, and UBS reporting holdings of around $300,000.
With banks and hedge funds increasingly investing in Bitcoin ETFs, analysts predict that these funds may surpass the holdings of Bitcoin innovator, Satoshi Nakamoto, by October.
Disclaimer of Risk CAUTION: This article is written for informational purposes only. It is not intended to encourage the purchase of any asset, nor is it considered a solicitation, offer, recommendation or proposal for investment. We would like to remind you that each asset is evaluated from multiple perspectives and its risks are high, so any investment decision and the risks associated with it belong to the investor. also We do not provide any investment advisory services.
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