Bitcoin’s (BTC-USD) astounding rally continues today, with bulls returning Bitcoin to the $65k level and close to the prior all-time high of $69k for the first time since November 2021.
Investors and traders continue to shake off fears of the SEC’s aggressive stance against crypto. From a fundamental perspective, Bitcoin’s bullish case has never been stronger, especially considering the world’s largest asset manager, BlackRock (NYSE:BLK), continues to increase Bitcoin in its spot BTC ETF (IBIT). BlackRock’s BTC stash has exploded from only $10 million worth of BTC on January 6, 2024, to $10 billion.
Institutions Pile In
Along with BlackRock, several major institutional firms had their respective Bitcoin ETFs approved on January 10, 2024: ARK, Bitwise, Fidelity, Franklin Templeton, Grayscale, Hashdex, Invesco Galaxy, VanEck, Valkyrie, and WisdomTree. And just recently, Wells Fargo (NYSE:WFC) and Bank of America’s Merrill Lynch (NYSE:BAC) confirmed they would offer spot Bitcoin ETFs to clients.
Noticeably absent from the group of firms is Vanguard Group, which has decided against offering spot Bitcoin ETFs, citing concerns over the asset’s maturity and inherent economic value. However, the recent retirement announcement of Vanguard CEO Tim Buckley has raised speculation about whether investors were unhappy with Vanguard’s ‘no’ to Bitcoin ETFs and if they’ll begin to offer their own BTC ETF soon.
Bitcoin and Crypto Bulls Charge Ahead
Bitcoin and crypto bulls have not only returned to the highest levels in Bitcoin’s history, but the resiliency of the retail trader is clearly on display. The prior bear market between 2021 and late 2023 involved two of the most devastating events in crypto history and two of the largest frauds in modern financial history: the collapse of Terra’s LUNA and Sam Bankman-Fried’s FTX. Despite regulatory headwinds and past market turmoil, the narrative around Bitcoin has shifted, with its fundamentals stronger than ever and its adoption by heavyweight financial players signaling a new era of recognition and potential.
