Hunter Horsley, CEO of Bitwise Invest, has announced that a major U.S. bank is making a substantial commitment to Bitwise's spot Bitcoin ETF, along with other crypto-focused ETFs.
According to Horsley, 20% of the bank’s wealth management branches are now invested in these ETFs, signaling growing mainstream acceptance of cryptocurrencies.
Horsley shared on social media that a significant segment of the bank’s wealth management divisions is backing Bitwise ETFs, reflecting a shift towards wider institutional adoption of digital assets. The Bitwise ETF (BITB) now holds around 40,500 BTC, valued at approximately $2.71 billion.
The BITB ETF has recently attracted over $2.2 billion in inflows, with a $44.6 million addition just last Friday. The enthusiasm for crypto assets is expected to intensify with the upcoming launch of spot Ethereum ETFs.
Bitwise’s CIO, Matt Hougan, predicts Ethereum could see a price surge to $5,000, mirroring Bitcoin’s earlier performance.
At the time of writing Bitcoin’s price has increased by over 3.7% recently, trading at $66,600.
After the long-awaited rate cut by the Federal Reserve, the crypto market started showing signs of recovery.
Raoul Pal, CEO of Real Vision and a prominent macro analyst, believes Bitcoin (BTC) is poised for significant breakout rallies, driven primarily by rising global liquidity.
As Bitcoin continues to strengthen its position in the market, BlackRock, a major financial institution, has released an updated report titled “Bitcoin: A Unique Diversifier.”
Federal Reserve meetings usually follow a predictable pattern, but this week’s Federal Open Market Committee (FOMC) gathering was shrouded in uncertainty.