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As the world witnesses an increased interest in Bitcoin (BTC) and other cryptocurrencies, major US financial juggernauts, collectively managing assets north of $27 trillion, are working diligently to satisfy their clients' hunger for this digital gold rush.
Meltem Demirors, Chief Strategy Officer at CoinShares, pointed out on June 26 that several heavyweights in the finance arena, including BlackRock, Fidelity, and six others, are making significant strides into digital currencies. The buzz in the market began with BlackRock's application for a Bitcoin ETF on June 16, quickly followed by a flurry of similar filings that seemed to validate the growing institutional interest in Bitcoin.
Further amplifying the Bitcoin frenzy, the cryptocurrency's price soared to a 2023 record of $31,190 on June 24, a testament to the rising confidence among investors, as reported by CoinGecko.
However, Demirors astutely notes that the institutional journey into cryptocurrencies has started at a measured pace, more of a slow yet steady march rather than a sudden plunge. The $27 trillion valuation does not suggest the entirety would be funneled into digital assets. It merely highlights the total assets these eight financial institutions control, and a small fraction of this might ultimately find its way into crypto investments.
The institutional fondness for Bitcoin-related funds was corroborated by Will Clemente, co-founder of Reflexivity Research, who highlighted the surge in Bitcoin's market capitalization, presently below $600 billion. ProShares Bitcoin Strategy ETF recently experienced its most significant weekly inflow in a year, catapulting its assets to over $1 billion.
On the flip side, Michelle Bowman from the Federal Reserve Board of Governors expressed concerns earlier this week over the lack of a comprehensive regulatory framework for cryptocurrencies. Bowman believes this uncertainty puts institutions in a precarious "supervisory void."
