VanEck an ETF issuer, reports that interest from major banks and brokers in Bitcoin is rapidly gaining momentum

Crypto News– The interest in Bitcoin among major financial institutions, including banks and brokerages, is rapidly gaining momentum, notes VanEck’s Head of Digital Assets Research, Mathew Sigel. As clients increasingly express interest in Bitcoin ETFs, the opportunity for further adoption of this new asset class expands.

VanEck an ETF issuer, reports that interest from major banks and brokers in Bitcoin is rapidly gaining momentum

In an interview with Decrypt, Sigel expressed optimism, stating, “We don’t see obstacles, we see opportunity.” The relationship between Bitcoin and Wall Street has evolved from indifference to intrigue, especially with the introduction of Bitcoin spot exchange-traded funds such as VanEck’s “HODL.”

The performance of Bitcoin spot ETFs has been exceptional, with $4.5 billion traded on the first day alone. Notably, BlackRock, Fidelity, and Ark Invest’s 21Shares have each accumulated over $1 billion in assets, with BlackRock holding over $5 billion.

VanEck’s spot ETF, approved by the Securities and Exchange Commission in January, currently manages about $175.7 million in assets. Sigel describes its entry into the market as a “smashing success” due to the significant inflows it attracted, although it faced headwinds from outflows in Grayscale following its conversion into a spot ETF.

Sigel suggests that the slowing of outflows from Grayscale opens up the potential for VanEck’s ETF to exceed expectations. While retail investors dominate current trading activity, Sigel notes increasing interest from banks and wirehouses, indicating a broader institutional appetite for spot ETFs.