Merrill Lynch and Wells Fargo became the latest players in the traditional financial sector to provide Bitcoin spot ETF products to customers.
Currently, 11 Bitcoin spot ETF products are trading on the stock exchanges in the US, as the country’s securities regulatory body SEC approved these applications in Jan of this year. The current trading performance & money inflow in the market show that demand for Bitcoin is very high over the production of new Bitcoin in the Bitcoin network per day.
The latest reports confirmed that Bank of America Corp’s Merrill Lynch and Wells Fargo & Co. are ready to serve Bitcoin investment service to all the wealthy clients via Bitcoin spot ETF products.
NEW: Bank of America and Wells Fargo, 2 of the largest U.S. banks, are now offering #Bitcoin ETFs to clients
pic.twitter.com/MCWy1xvklU
— Bitcoin Magazine (@BitcoinMagazine) March 1, 2024
This latest decision by the Bank of America’s affiliates shows the increasing demand for Bitcoin investment across the world.
Popular crypto influencer Anthony Pompliano also shared a data fact on the increasing demand for the top crypto asset Bitcoin. He reported that nowadays net Bitcoin accumulation per day is 11,211 but production of new Bitcoin per day via Bitcoin mining operations is only 900 BTC. This means Bitcoin demand is12x over production per day.
There was 12x more demand for bitcoin than what the network produced yesterday.
Literally not enough bitcoin for everyone.
(H/t @Matt_Hougan) pic.twitter.com/ExQcdf5HIT
— Pomp
(@APompliano)
Recently Michael Novogratz, the founder of Galaxy Digital, predicted that Bitcoin will tough new highs but before that it will face some significant corrections.
According to Novogratz, Bitcoin may crash to $55k as retail Bitcoin investors become over-leveraged before reaching new highs.
Furthermore, he also said that he believes approval of Ethereum spot ETF by the United States Securities and Exchange Commission (SEC) is possible this year.
Bitcoin Price Action
The current trade price of Bitcoin (BTC) is $62,395 & this trade price is 60% higher over the last 3 months of trade price.
The sudden increment in the trade price in the last 7 days is a hint that some correction will soon take place.
Read also: BlackRock launches Bitcoin spot ETF in Brazil
Bank of America’s Merrill Lynch and Wells Fargo Affiliates to Provide Bitcoin Spot ETF to Customers
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