Wall Street Giants Are Launching Bitcoin ETFs And It’s Just Getting Started
In recent days, you can tell something is changing in crypto, not just from price action, but from who is showing up and how they’re choosing to invest.
Not long ago, the big question was whether Wall Street would even touch Bitcoin (CRYPTO: BTC). Now, the question is how quickly they will develop products around it and how much of the market they can capture.
Yesterday, Goldman Sachs (NYSE:GS) filed for its first Bitcoin ETF. This comes shortly after Morgan Stanley (NYSE:MS) started offering similar investments. And behind them, a list of major banks is moving in the same direction.
Big Banks Are No Longer Sitting on the Sidelines
On Tuesday, Goldman Sachs applied to the Securities and Exchange Commission (SEC) in the United States to introduce a Bitcoin Premium Income ETF. Meanwhile, Morgan Stanley introduced its spot Bitcoin ETF, describing it as the most affordable Bitcoin ETF.
Why are banks moving fast?
The phase in which crypto was being adopted has passed, and what is happening now is institutional in nature, whereby product growth drives growth.
And the numbers back that up.
According to data shared in January by River, around 60% of the leading U.S. banks are already working with Bitcoin in one way or another, whether trading, storing, or offering investment products. Organizations like JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), and Citigroup
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