Bitcoin ETF Boom: Morgan Stanley and Giants Bet Big Amid Market Surge
May 17, 2024Bitcoin's surge leads to $135 million liquidation in crypto derivatives, signaling market volatility.
Morgan Stanley reveals holding $269.8 million in Bitcoin ETFs, with other major banks like BNB Paribas and JPMorgan also investing.
CME Group's potential entry into spot Bitcoin trading could challenge Coinbase's dominance in the US market.
Spot Bitcoin ETFs gain traction, attracting over $10 billion from 500 institutions in three months, reflecting safer investment avenues for traders.
QCP Capital predicts Bitcoin price could exceed its previous $74,000 peak, with a two-week high of $303 million inflows into US spot Bitcoin ETFs indicating renewed institutional confidence.
Analysts like Rekt Capital, Peter Brandt, and Michael van de Poppe offer optimistic views on Bitcoin's trajectory and stability.
Over 900 firms report owning spot Bitcoin ETFs, with professional investors holding 7-10% of total investments, countering the notion of ETFs being predominantly retail-driven.
UBS's acquisition of Bitcoin ETFs highlights the growing acceptance of cryptocurrency in traditional finance and may inspire further institutional crypto adoption.
Summary based on 175 sources
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Sources
Forbes • May 16, 2024
Bitcoin Prices Rally Over 8% To Reach Their Highest Since Late AprilThe Telegraph • May 16, 2024
What is Bitcoin halving – and how does it affect the price?Yahoo Finance • May 16, 2024
As a Pension Embraces Bitcoin, Hope Grows for Cryptocurrency's Long-Term Prospects Even Among Conservative Pros