Bank Clients Just Dipped Their Toes Into Bitcoin ETFs, but Q4 Could See a FOMO Spike
Wealth management clients of major Wall Street banks, including Goldman Sachs, Bank of America, and Morgan Stanley, increased their bitcoin (BTC) holdings through spot bitcoin exchange-traded funds (ETFs) in Q3. Goldman Sachs reported $710 million in spot bitcoin ETF shares, nearly doubling from $418 million in the previous quarter, primarily in BlackRock's iShares Bitcoin Trust. Other banks like Morgan Stanley and Bank of America maintained their positions, while Macquarie Group entered the market with a $4.8 million stake in IBIT. The period saw bitcoin prices range from $53,000 to $66,000, reflecting subdued institutional interest. Following the U.S. presidential election of crypto-friendly Donald Trump, bitcoin prices surged past previous records, potentially increasing institutional demand and interest in future 13F filings. Analysts anticipate a scramble among institutions to secure crypto allocations in response to the changing market dynamics.
