Bitcoin ETF

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James

<p class="is-style-lead">Financial institutions like Vanguard have no plans to allow spot Bitcoin ETF trading despite approval from the U.S. SEC.&nbsp;</p> 
<p>While trading for spot Bitcoin ETFs opened on Jan. 11 across major U.S. exchanges like the Nasdaq and platforms such as <a href="https://crypto.news/robinhood-to-add-support-for-spot-bitcoin-etfs-as-soon-as-possible/" target="_blank" rel="noreferrer noopener">Robinhood</a> plan to swiftly add support for these products, some firms have reportedly blocked users from trading them.&nbsp;</p> 
<p>Vanguard, the second-largest asset manager after <a href="https://crypto.news/jpmorgan-ceo-criticizes-btc-despite-backing-blackrock-bitcoin-etf/" target="_blank" rel="noreferrer noopener">BlackRock</a>,&nbsp;reportedly said spot Bitcoin ETFs do not align with the company’s investment philosophy. </p> 
<p>In addition to not enabling trading for the newly approved products, Vanguard <a href="https://x.com/NewWageCrypto/status/1745496001660461173?s=20" target="_blank" rel="noreferrer noopener">disabled</a> the buying of Grayscale’s GBTC shares on its platform, according to several users on X.</p> 
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   <p lang="en" dir="ltr">I can confirm, I'm still holding my GBTC from 3+ years ago and I can only sell. I cannot add to my position or exchange my GBTC for one of the newer lower cost ETFs.<br><br>BUT DON'T WORRY, I CAN STILL BUY THE PAPER FUTURES ETFS LIKE <a href="https://twitter.com/search?q=%24BITO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BITO</a>. WTF?<br><br>DO BETTER <a href="https://twitter.com/Vanguard_Group?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Vanguard_Group</a></p>— NewWage Crypto (@NewWageCrypto) <a href="https://twitter.com/NewWageCrypto/status/1745496001660461173?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 11, 2024</a>
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<p> You might also like: <a href="https://crypto.news/us-cpi-data-adds-bullish-pressure-to-bitcoin-price-action/"> US CPI data adds bullish pressure to Bitcoin price action </a> </p> 
<p>A spokesperson for the firm said Vanguard also has zero plans to offer a Vanguard Bitcoin ETF or other crypto-based products. The Tradfi heavyweight views crypto volatility as a risk to its long-term positive return strategy for customers, per comments from the representative.</p> 
<p>Vanguard is notably one of the largest owners of <a href="https://crypto.news/microstrategy-adds-620m-bitcoin-to-massive-btc-stash/" target="_blank" rel="noreferrer noopener">MicroStrategy</a> shares, the Michael Saylor company, which holds over $8 billion in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>).</p> 
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  Top 10 MicroStrategy stockholders | Source: <a href="https://www.marketscreener.com/quote/stock/MICROSTRATEGY-INCORPORATE-10105/company/" target="_blank" rel="noreferrer noopener">Market Screener</a>
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<p>Furthermore, there are reports that other legacy institutions like Merrill Lynch, Citi Bank, UBS, Wells Fargo Advisors, and Raymond James will also boycott spot BTC ETFs — Merrill Lynch, in particular, plans to <a href="https://x.com/EleanorTerrett/status/1745505459958673739?s=20" target="_blank" rel="noreferrer noopener">assess</a> how the ETFs perform and possibly reevaluate its decision.</p> 
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<p>Meanwhile, Bloomberg’s James Seyffart confirmed over $1.2 billion in volume for spot Bitcoin ETFs in the first 30 minutes of trading. BTC itself briefly <a href="https://crypto.news/bitcoin-breaks-49k-as-spot-btc-etf-trading-volume-surges/" target="_blank" rel="noreferrer noopener">touched</a> $49,000 shortly after trading opened but has since declined slightly in price to around $46,300, per CoinMarketCap.</p> 
<p>Despite <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noreferrer noopener">confirmation</a> from the Securities and Exchange Commission for BTC ETFs, long-standing Bitcoin skeptic Peter Schiff continued championing anti-crypto rhetoric. Schiff scrutinized mainstream media channels for their coverage of these products and questioned the liquidity following spot BTC ETFs.</p> 
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  Peter Schiff | Source: X
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<p> Read more: <a href="https://crypto.news/cathie-wood-has-1-5-bull-case-for-bitcoin-price-by-2030/"> Cathie Wood has $1.5m bull case for Bitcoin price by 2030 </a> </p>

Vanguard, other tradfi giants boycott spot Bitcoin ETFs

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