Bitcoin
Bitcoin
The bitcoin price, currently bouncing around $64,000 per bitcoin, has dropped back from its all-time high of almost $74,000 reached last month (though some think it’s headed for a $35 trillion game-changer).
Now, after top Federal Reserve official issued an “incredible” response when asked when will the Fed put bitcoin on its balance sheet, a major Wall Street bank leak has fed speculation bitcoin could be hit by another spot exchange-traded fund (ETF) earthquake.
Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run
BlackRock’s spot bitcoin ETF has taken the lead as the largest of a fleet of new bitcoin funds on … [+]
Morgan Stanley could give the green light to its 15,000 brokers to recommend a fleet of newly approved spot bitcoin ETFs, it was reported by AdvisorHub, citing anonymous sources.
“We’re going to make sure that we’re very careful about it,” one Morgan Stanley executive told AdvisorHub without giving a timeframe for the decision. “We are going to make sure everybody has access to it. We just want to do it in a controlled way.”
Currently, the bank’s customers have to initiate discussions about spot bitcoin ETFs with their advisors.
Morgan Stanley is reportedly looking to establish risk managing requirements for solicited purchases of spot bitcoin ETFs, including risk tolerance and limits on allocation and trading frequency.
“Our clients aren’t betting the ranch on bitcoin,” another Morgan Stanley executive reportedly told AdvisorHub. “For most of those people, it’s quite interesting, so they put in a little bit of money.”
The long-awaited arrival of spot bitcoin ETFs on Wall Street has unleashed a flood of spent up demand. The largest of the new funds, BlackRock’s
BlackRock
BlackRock
Earlier this month, an influential, anonymous bitcoin commentator claimed on X without evidence that Morgan Stanley wants “to be the first wirehouse to fully approve the bitcoin ETFs,” citing “several” executives at the bank.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has topped its previous all-time high this year, climbing to over $70,000 per … [+]
Last month, the chief investment officer at bitcoin ETF issuer Bitwise, Matt Hougan, predicted wirehouses opening up bitcoin ETFs to retail investors, hedge funds and independent financial advisors would trigger an “even bigger” wave to hit the bitcoin price than the ETF approvals in January.
The fleet of new Wall Street bitcoin ETFs came just before bitcoin’s fourth halving supply cut last week.
“Bitcoin’s supply is being cut at a time when institutions are buying the asset by the bucket load. The halving’s impact isn’t instant, but it does, in the short term, provide the catalyst to reignite retail interest, which we’ve yet to really see in 2024 compared to previous cycles,” Josh Gilbert, market analyst at trading platform eToro, said in emailed comments.
“Following the halving, only 450 bitcoin are being mined each day, while institutions have accumulated 835,000 bitcoin since their inception. If we continue to see the interest in the bitcoin ETFs we have since the start of the year, there is an evident supply/demand imbalance.”
