Morning Minute: Wall Street Loads Up on Bitcoin
Institutional investors are significantly increasing their Bitcoin exposure, with billions flowing into spot ETFs like BlackRock’s IBIT. Notable firms including Brevan Howard, Goldman Sachs, and Harvard have significantly boosted their holdings. Brevan Howard alone increased its IBIT stake to nearly $2.6 billion. Conversely, a survey by Bank of America revealed that the average fund manager only allocates 0.3% of their assets to crypto, with 75% having no exposure whatsoever. Despite the bullish sentiment among major institutions, retail investors appear unaware or disinterested. The growing interest from notable financial players is seen as a step towards normalizing Bitcoin and making it more palatable for traditional fund managers, potentially leading to a broader acceptance of cryptocurrencies as a legitimate investment asset.
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