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Who can still sit still when it rises like this? Mainstream institutions such as Bank of America and Fuguo are embracing Bitcoin ETFs

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From non mainstream to mainstream, Bitcoin ETFs only took less than two months, fully proving how enviable the trading volume and inflow of funds in this field have been in the past period of time.
According to insiders, Bank of America and Wells Fargo are starting to offer Bitcoin ETF products to some wealth management clients. Rich Country Bank spokesperson Sarah Kerr subsequently confirmed this news.
She pointed out that clients can now purchase Bitcoin ETFs through advisors at Wells Fargo Bank or the WellsTrade online platform.
In addition, there were rumors on Wednesday that Morgan Stanley was considering offering Bitcoin ETF products. Going further, there were reports in January that UBS and Citigroup had joined the buying and selling of Bitcoin ETFs.
This means that mainstream brokerage platforms on Wall Street are offering olive branches to Bitcoin ETFs, which also represents that Bitcoin ETFs will receive more customer sources and more financial support.
Be wary of speculation
In the weeks since the US Securities and Exchange Commission approved the listing of 10 spot Bitcoin ETFs in January, the trading volume of these investment vehicles has repeatedly reached historic highs. On Wednesday, the trading volume of 10 ETFs reached a record high of $7.69 billion.
At the same time, the spot price of Bitcoin has been soaring all the way, rising above $63000 on Wednesday, and as of Thursday, the digital currency has accumulated a growth rate of nearly 40% this year.
Bitwise Chief Investment Officer Matt Hougan stated earlier on Thursday that the addition of clients from Merrill Lynch, Wells Fargo, and Morgan Stanley may bring a new wave of demand, which will continue to drive the rise of Bitcoin spot prices.
However, there are also large institutions that do not buy into Bitcoin ETFs. Janel Jackson, Global Head of ETF Capital Markets at Pioneer Navigation, emphasized in a previous statement that cryptocurrencies are more like speculation than investment. This is why the company does not intend to provide encryption products.
On the other hand, JPMorgan Chase warned in a report on Wednesday that the halving of Bitcoin in April, due to reduced rewards and rising production costs, will hit the profitability of miners and ultimately lead to a decline in Bitcoin prices.
Xiaomo estimates that the production cost of Bitcoin is generally the lower limit of its price, and after halving, its price may drop to $42000.
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