OKX Hit by Crypto Theft Due to SMS Notification Security Fail

$600B Euro Bank Buys BlackRock’s Bitcoin ETF

$600B Euro Bank Buys BlackRock’s Bitcoin ETF

The U.S. Spot Bitcoin ETFs have been reporting massive outflows lately. Institutional investors, however, are starting to accept these vehicles. The most recent one is BNP Paribas, the second-largest European bank. BNP Paribas is a shareholder in the iShares Bitcoin Trust (IBIT) offered by BlackRock.

Bitcoin Is Made Visible To BNP Paribas Through BlackRock’s IBIT

According to the latest 13F filing, filed on Wednesday, May 1, BNP Paribas revealed investing $41,684 in the BlackRock Bitcoin ETF by purchasing 1,030 units. Though the investment is not significant, it serves as a stepping stone for the bank to embrace Bitcoin. The development is further highlighted by the European bank’s impressive assets under management (AUM) of $600 billion.

Related articles

Furthermore, this move aligns with Bloomberg Senior ETF analyst Eric Balchunas’ prediction. Balchunas refuted Jim Bianco’s assertions earlier this week on X that there is little institutional adoption of Bitcoin ETFs. The analyst pointed out that several institutional investors and investment advisors still needed to file their 13F forms for the first quarter of 2024.

Furthermore, Balchunas said that by May 15, when 13F filings are due, he anticipates that more than 500 financial advisors will reveal their holdings. Hence, BNP Paribas’s current announcement underlines that institutional adoption of Bitcoin ETFs is expected to skyrocket.

It’s also important to remember that in April, City Holding Co., a $6 billion AUM subsidiary of Royal Bank of Canada, invested in the Grayscale Bitcoin Trust (GBTC), as per the April 11, 2024, 13F filing, the subsidiary acquired one hundred units of the Grayscale Bitcoin ETF.

Spot Bitcoin ETFs See A Record $563 Million Withdrawal

After Jerome Powell led the FOMC meeting last week, which saw no adjustment in interest rates, U.S. Spot Bitcoin ETFs saw a sharp increase in withdrawals on May 1 that exceeded $560 million. Additionally, the news caused the price of Bitcoin to fall by an additional 5% to below $57,500.

Data from Farside investors indicates a significant net withdrawal of $563.7 million from Spot Bitcoin ETFs on Wednesday. Surprisingly, the first withdrawal from BlackRock’s IBIT ETF was $37 million since its launch.

In addition, Fidelity’s FBTC led the outflow charge with a remarkable $191 million, topping Grayscale’s GBTC, which recorded $167 million in outflows. For the first time, all Spot Bitcoin ETFs in the United States reported net outflows on the same day, highlighting the intensified selling pressure within the market.  

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

Sign Up for Our Newsletter!

Hidden

Next Steps: Sync an Email Add-On

To get the most out of your form, we suggest that you sync this form with an email add-on. To learn more about your email add-on options, visit the following page (https://www.gravityforms.com/the-8-best-email-plugins-for-wordpress-in-2020/). Important: Delete this tip before you publish the form.
(Required)

Related Posts

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice

mBit

Inmerion

Marsbet

Press Releases

Related Posts