Bitcoin
Bank of Montreal reveals spot Bitcoin ETF holdings
Bank of Montreal disclosed its exposure to spot Bitcoin ETFs in a recent Securities and Exchange Commission (SEC) filing. In a recent document, the bank disclosed its holdings in spot ETFs with several issuers. This comes on the heels of Bitcoin ETF acquisitions by traditional financial firms.
Bank of Montreal, which is Canada’s fourth largest bank, has an ETF position in about four issuers, including Fidelity (FBTC), Franklin Templeton (EZBC), BlackRock (IBIT) and Shades of gray (GBTC). This move is significant for the crypto community because the bank controls more than $1 trillion in assets.
Bank of Montreal joins the movement
The SEC’s approval of Bitcoin ETFs on January 11 has seen traditional institutions increase their exposure to the asset as anticipated. This is because an ETF is a new investment window in the underlying asset. Last week, Wells FargoThe third-largest bank in the United States revealed its exposure to spot Bitcoin ETFs in an SEC filing.
Similarly, JP Morgan Chase revealed its holdings in ETFs as accumulation appeared to increase among traditional institutions. These revelations led to bullish momentum across communities across social media spaces, with many users projecting more inflows into the asset.
At press time, the price of Bitcoin is at $63,147, up 3% in the last 24 hours with an increase in daily trading volumes. Although it is still low compared to its all-time high, analysts at Chartered Standard it has dropped a price above $150,000 this year.
Spot Bitcoin ETF changed the narrative
Last year, the crypto market looked to recover from low prices in 2022. The new upward trans trajectory was triggered by BlackRock’s ETF application, which encouraged other companies in the same vein.
In December, the increase in institutional flows caused the asset price to exceed $44,000, a value that exceeded $72,000 after approval in January. Spot Bitcoin ETF flows surged in Q1 2024, dominating market spaces, with billions entering the scene.
Read too: LUNC News: Terra Classic Community Makes Crucial Move with Allnodes
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Keeping up to date with trends, David has reported across multiple niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.