As a seasoned crypto investor with a keen interest in following institutional adoption and market trends, I’m thrilled to see Morgan Stanley jump into the Bitcoin ETF bandwagon. The bank’s disclosed investment in Grayscale Bitcoin Trust (GBTC) is a significant development, not only for GBTC but for the entire crypto space.
Morgan Stanley, one of the six largest banks in the US, has disclosed a significant investment in Bitcoin through a newly filed Form 13-F with the SEC. The document reveals that Morgan Stanley holds approximately $243 million worth of Bitcoin assets.
Morgan Stanley and Bitcoin Boost
The banking giant holds 4,269,361 shares of Grayscale Bitcoin Trust (GBTC).
JUST IN: MORGAN STANLEY reveals #Bitcoin ETF exposure in SEC filings
The 6th biggest bank in the country!
— Julian Fahrer (@Julian__Fahrer) May 15, 2024
Despite the uncertainty about when the bank acquired its shares in GBTC, it is evident that the bank is among the largest investors in the Bitcoin ETF firm. Notably, news of Morgan Stanley’s ownership of GBTC emerged as the United States Consumer Price Index (CPI) data was made public.
As a crypto investor, I’ve noticed that a shift in market sentiment could be contributing to Bitcoin’s recent price surge. The digital currency has experienced a significant gain of 6.97% within the last 24 hours, reaching a current price of $65,844.70. This upturn in sentiment allowed Bitcoin to rebound from its 24-hour low of $61,330.41 and reach a high of $66,446.23.
The attitude towards the market is divided: On one hand, soft inflation data suggests the Federal Reserve could lower interest rates imminently. This news is enticing for cryptocurrencies such as Bitcoin due to their potential for substantial returns over the long term. Moreover, recent trends in Bitcoin ETF investments, as observed during the last week, align with Morgan Stanley’s revelations.
Among the major US banks, besides Morgan Stanley, Wells Fargo is another notable investor in BlackRock’s Bitcoin Exchange-Traded Fund (ETF). According to disclosed information, Susquehanna International Group (SIG) holds significant investments in Bitcoin ETFs, with over $1.3 billion allocated across the top 10 products.
Altcoins Joins The Trend
The resurrection of Bitcoin has led to a revival among various other cryptocurrencies in the market as well. For instance, Ethereum (ETH) has experienced a surge of 6.52% and is now trading at $3,025, significantly reducing its weekly losses from over 10% to just 4.42%.
The price of Binance Coin (BNB) has climbed 3.5% to reach $586.9, while Solana (SOL) has experienced a significant increase of 9.46%, putting it at $156.45. XRP has also risen by 2.89% to settle at $0.5187. Shiba Inu is making headlines with its impressive 7.88% gain, bringing the price up to $0.00002489. Recently, the memecoin launched ShibaSwap on Ethereum L2, named Shibarium.
As a researcher studying the cryptocurrency market, I can’t help but be excited about the upcoming ShibaSwap migration. This event holds great significance for the Shiba Inu community as it has the potential to substantially increase transaction volume on the network. By doing so, it will ultimately add value to SHIB holders.
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2024-05-16 00:34