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Bank of America Merrill Lynch and Wells Fargo Subsidiaries to Offer Bitcoin Spot ETFs to Clients

The US Securities and Exchange Commission (SEC) has approved 11 Bitcoin spot ETF products to trade on US stock exchanges this year in January. The current market performance and inflows indicate that the demand for Bitcoin is very high, exceeding the daily new Bitcoin production in the Bitcoin network.

The latest report confirms that Bank of America’s Merrill Lynch and Wells Fargo are ready to offer Bitcoin investment services to all wealthy clients through Bitcoin spot ETF products.

The latest decision by Bank of America’s subsidiaries shows that the global demand for Bitcoin investment is growing.

Popular cryptocurrency influencer Anthony Pompliano also shared data facts about the growing demand for the top cryptocurrency asset Bitcoin. He reported that the current daily net increase in Bitcoin holdings is 11,211, but the new Bitcoin produced daily by Bitcoin mining operations is only 900 Bitcoins. This means that the daily demand for Bitcoin is 12 times the output.

The demand for Bitcoin is 12 times more than what the network produced yesterday. In fact, there is not enough Bitcoin to meet everyone’s needs.

– Pomp (@APompliano) February 29, 2024

Recently, Galaxy Digital founder Michael Novogratz predicted that Bitcoin will hit a new high, but it will face some major adjustments before that.

Novogratz said that as retail Bitcoin investors over-leverage before reaching new highs, Bitcoin could plummet to $55,000.

In addition, he also said that he believes that Ethereum spot ETFs are likely to get the approval of the US Securities and Exchange Commission (SEC) this year.

Galaxy Digital founder Michael Novogratz said that Bitcoin may see some corrections before touching new highs. Novogratz predicted that as retail traders over-leverage before reaching new highs, Bitcoin could bounce back to around $55,000. In addition, he expects Ethereum spot ETFs to…

— Wu Blockchain (@WuBlockchain) March 1, 2024

Bitcoin price trend Bitcoin (BTC) is currently trading at $62,395, which is 60% higher than the trading price in the past three months.

The sudden rise in the trading price in the past seven days indicates that some adjustments are imminent.

Sentiment: Neutral

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