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The post <a href="https://coinpedia.org/news/top-banks-embrace-bitcoin-etfs-driving-trading-volume-to-new-heights/">Top Banks Embrace Bitcoin ETFs, Driving Trading Volume to New Heights</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Trading activity in Bitcoin ETFs just hit a new peak. According to <a href="https://queries.santiment.net/dashboard/etf-volumes-728?utm_source=twitter&amp;utm_medium=post&amp;utm_campaign=twitter_etf_volume_shifts_b_051524/&amp;fpr=twitter">Santiment</a>, the seven largest ETFs collectively reached $5.65 billion in volume, the most active day since late March. This surge suggests a change away from the usual large-scale on-chain accumulations by whales. 
<h2 class="wp-block-heading" id="h-major-banks-enter-the-bitcoin-etf-market">Major Banks Enter the Bitcoin ETF Market</h2> 
Three days ago, American banking giants JP Morgan and Wells Fargo stepped into the Bitcoin spotlight. These banks disclosed their engagement with spot Bitcoin ETFs through recent filings, a dramatic policy change since previously, these banks had approached cryptocurrency with great caution, often debating the notion of involving their clients in such investments. 
Wells Fargo’s <a href="https://www.sec.gov/Archives/edgar/data/72971/000007297124000139/0000072971-24-000139.txt">filing</a> with the United States Securities and Exchange Commission (SEC) revealed it holds 2,245 shares of the Grayscale Bitcoin Trust (GBTC), with a market value of $121,207. These shares have since been converted into an ETF.&nbsp; 
Furthermore, the bank owns 37 ProShares Bitcoin Strategy ETF (BITO) shares, amounting to $1,195. This move underscores a new, proactive approach towards cryptocurrency by one of America’s leading banks. 
Not to be outdone, JP Morgan also stepped up its crypto game. The bank’s SEC <a href="https://www.sec.gov/Archives/edgar/data/19617/000001961724000369/0000019617-24-000369.txt">filing</a> highlighted massive investments across multiple Bitcoin-related funds, including BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), the Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and the ProShares Bitcoin Strategy ETF (BITO).&nbsp; 
In total, JP Morgan has invested about $760,000 in these funds. The timing of these investments coincides with a notable rally in Bitcoin’s price, which increased nearly 7% in the last 24 hours alone, surpassing the $66,000 mark. 
Bitcoin Price Rally and Economic Context 
This rally aligns with recent economic data from the U.S. The Consumer Price Index (CPI) report indicated that core inflation has hit a three-year low of 3.4%. This decrease in inflation is a green light for many investors, including some of the world’s largest banks, to increase their stakes in Bitcoin, viewing it as a hedge against inflation.

Top Banks Embrace Bitcoin ETFs, Driving Trading Volume to New Heights

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