The launch of US Bitcoin spot exchange-traded funds (ETFs) earlier this quarter was a huge success. A whole new group of investors now have access to Bitcoin and more capital is flowing into Bitcoin exchange funds every day. But not all investors have access to the ETFs yet. This is because some American asset managers are not yet offering Bitcoin spot ETF products to their clients. However, this will soon change.
Large asset managers are changing course
An example of an asset manager that has decided not to give its clients access to the brand new ETFs is Vanguard. However, it turned out that this was not the best choice. Since this election, the price of BTC has exploded. As a result of the error, Vanguard’s (former) CEO was forced to resign.
Other asset managers appear to be learning from Vanguard’s gaffe. This week it was announced that two more major asset managers would be taking the plunge and adding Bitcoin spot ETFs to their platforms.
These two asset managers are Merrill Lynch and Wells Fargo from Bank of America. Bloomberg reports that customers of these two financial giants can now also invest in the BTC exchange funds.
According to American crypto news platform Coindesk, Morgan Stanley, another Wall Street giant, could also be in the process of giving customers access to the funds.
Bitcoin ETFs continue to break records
It is clear that Bitcoin ETFs are popular. But the current popularity and capital explosion comes without the customers of a number of very large financial players. If the clients of these asset managers also gain access to the ETFs, this could lead to a new wave of demand for the ETFs.
But the publishers of Bitcoin ETFs have nothing to complain about their popularity. Yesterday, BlackRock’s Bitcoin fund IBIT recorded an inflow of more than $600 million. This was the highest inflow for IBIT since the ETFs launched on January 11th.
The combined trading volume of all Bitcoin ETFs also shot through the roof, reaching $4.7 billion. The IBIT contributed a large share of this with $1.9 billion.