Vanguard Chief Executive Officer Tim Buckley has once again reiterated the investment giant’s stance against the adoption of spot Bitcoin ETF. In a video release also featuring the company’s Chief Investment Officer Greg Davis, Buckley highlighted reasons backing Vanguard’s decision to be a non-partaker in the bubbling Bitcoin ETF market.
Bitcoin ETF Demand Surges On
Amidst Vanguard’s conservative stance, some other asset managers have embraced spot Bitcoin ETFs, recognizing as they look to offer diverse investments catering to all their client’s unique needs. Most recently, San Diego based financial firm Cetera announced the adoption of four BTC ETFs as part of investment options.
Furthermore, Patient Capital, a $1.8 Billion asset manager, has petitioned the SEC for approval to convert up to 15% of its holdings to Bitcoin ETFs. These developments are highly exciting for the crypto community as the launch of spot Bitcoin ETFs was expected to drive up institutional demand for the crypto’s largest asset.
So far, the spot Bitcoin ETFs have put on a stunning performance gaining a total net flow of $11.95 billion over the last two months of trading. Meanwhile, Bitcoin is currently trading at $69,260.35 as the crypto market leader attempts a market rebound following a price correction in the last two days.
BTC trading at $69,185 on the weekly chart| Source: BTCUSDT on Tradingview.com
Featured image from The Economic Times, chart from Tradingview.com
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Author: Semilore Faleti
