Institutional interest in Bitcoin (BTC) has been on the rise after a wave of applications by prominent Wall Street firms seeking to launch a spot Bitcoin exchange-traded fund (ETF).
This development indicates a growing acceptance of cryptocurrencies among traditional financial (TradFi) institutions, potentially paving the way for increased mainstream adoption of Bitcoin and injecting further legitimacy into the crypto market.
As of July 7, the number of BTC held by funds increased substantially since the first spot Bitcoin ETF filing by BlackRock (NYSE: BLK) on June 15, according to data by finance research platform ByteTree.
Bitcoin held by funds. Source: ByteTree
In particular, Bitcoin fund holdings have skyrocketed to nearly 850,000 BTC, from a 3-month low of around 830,000 on June 14 – a day before BlackRock unveiled its application – marking a noteworthy increase of 2.5%.
The latest spike propels the number of BTC held by funds to the highest point in 6 months, exceeding t
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