Bitcoin

Institutional interest in Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has been on the rise after a wave of applications by prominent Wall Street firms seeking to launch a spot <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin exchange-traded fund</a> (<a href="https://finbold.com/etfs/" rel="noopener noreferrer nofollow">ETF</a>).This development indicates a growing acceptance of <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a> among traditional financial (TradFi) institutions, potentially paving the way for increased mainstream adoption of Bitcoin and injecting further legitimacy into the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a>.As of July 7, the number of BTC held by funds <a href="https://terminal.bytetree.com/bitcoin/flows" rel="noopener noreferrer nofollow">increased</a> substantially since the first spot Bitcoin ETF <a href="https://finbold.com/massive-adoption-alert-blackrocks-ceo-once-said-zero-clients-interested-in-crypto/" rel="noopener noreferrer nofollow">filing</a> by BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>) on June 15, according to data by finance research platform ByteTree.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/04fd0a9736e14160a27f731689eeeb93.jpg" />Bitcoin held by funds. Source: ByteTreeIn particular, Bitcoin fund holdings have skyrocketed to nearly 850,000 BTC, from a 3-month low of around 830,000 on June 14 – a day before BlackRock unveiled its application – marking a noteworthy increase of 2.5%.The latest spike propels the number of BTC held by funds to the highest point in 6 months, exceeding the previous peak of more than 846,000 reached in February 2023.<h2 id="header-0">Spot bitcoin ETF “could be the largest, if not one of the largest, launches in history.”</h2>Weighing on the prospects of the potential impact of a spot Bitcoin ETF rollout, Bloomberg Intelligence analyst James Seyffart believes that if approved, the launch of such a product “could be the largest, if not one of the largest, launches in history,” he said during an <a href="https://etfprime.com/" rel="noopener noreferrer nofollow">ETF Prime</a> podcast on July 5.The expert’s comments come as he believes that an approved BTC ETF could urge investors to reallocate billions of dollars worth of the leading cryptocurrency from Grayscale Investments’ Bitcoin Trust (GBTC), Canadian Bitcoin ETFs, and other funds.Seyffart said there are currently eight pending spot Bitcoin ETF filings, launched by well-known TradFi institutions such as Wisdomtree, Invesco, VanEck, and Valkyrie, among others.Last week, the US Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) <a href="https://www.wsj.com/articles/sec-says-spot-bitcoin-etf-filings-are-inadequate-390336e8?mod&#61;latest_headlines" rel="noopener noreferrer nofollow">said</a> the recently filed Bitcoin ETF applications were ‘inadequate,’ and not sufficiently clear and comprehensive.The world’s largest asset manager was quick to respond to SEC’s remarks and has <a href="https://www.reuters.com/technology/nasdaq-refiles-blackrocks-bitcoin-etf-application-with-sec-2023-07-03/" rel="noopener noreferrer nofollow">refiled</a> an application with the regulator after including additional details.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin fund holdings explode amid institutional crypto hype

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