Bitcoin ETF investor base is expanding

ETFs, which played a major role in this year’s Bitcoin rally, are also starting to be accepted by high-income investors. According to sources familiar with the matter, the brokerage unit of Bank of America’s Merrill and Wells Fargo offered some of their wealthy clients the opportunity to invest in approved ETFs that invest directly in Bitcoin. After the first Bitcoin ETF was granted trading license in the US in January, many institutions and investment platforms such as UBS, Charles Scwab and Robinhood Markets made it possible to invest in these ETFs. According to CoinDesk, Morgan Stanley is also considering adding spot Bitcoin ETFs to its platform. Some funds, such as Vanguard, are skeptical of ETFs. Vanguard commented in a blog post published in January that “crypto is more of a speculative tool than an investment.” Bitcoin, which tested $64,000 at one point this week, was traded at $61,174 this morning, down 0.4% on the day.