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.
Digital asset investment products recorded $1.04 billion in inflows last week, pushing total assets under management (AuM) to a record high of $188 billion, according to the latest report from CoinShares.
Strategy, the Bitcoin-centric firm formerly known as MicroStrategy, has temporarily paused its regular Bitcoin purchases.
Spanish banking giant BBVA has expanded its digital services by introducing in-app Bitcoin and Ethereum trading and custody for retail clients.
According to a new chart analysis from Alphractal, the number of active cryptocurrencies has declined significantly even as Bitcoin’s price continues to climb.