Wall Street won’t stop buying spot Bitcoin ETFs. And it’s pushing the price of Bitcoin closer to new all time highs.
What’s happening:
- The price of Bitcoin is approaching a new all time high amidst a surge in capital flowing in from spot Bitcoin ETFs in the United States
Why it matters:
- The Bitcoin network recently surpassed one billion successful transactions and has continued to cross over into traditional public markets with spot Bitcoin ETFs recently launching in Hong Kong for the first time ever
By the numbers:
- BlackRock’s spot Bitcoin ETF (NASDAQ: IBIT) broke a new record for trading volume in a single day of $1.2B USD
- Recent 13-F filings from major funds and asset management companies showed that there are now more than 900+ institutions and hedge funds who have a significant ownership stake in spot Bitcoin ETFs in the United States
Going deeper:
- Point72, Millennium Management, the Bank of Montreal, Wells Fargo, Hightower and the State of Wisconsin Investment Board were amongst some of the notable investors to be revealed to have exposure to spot Bitcoin ETFs
The intrigue:
- Publicly traded companies are also continuing to buy Bitcoin, with Jack Dorsey led Block (NASDAQ: SQ) recently announcing they would begin buying Bitcoin with a portion of the total profits from their Bitcoin related operations
