According to U.Today, JPMorgan Chase, the largest bank in the US, has revealed its holdings in Bitcoin exchange-traded funds (ETFs) in a recent filing. Despite the bank's total Bitcoin ETF holdings being a modest $1.2 million, this move is seen as another indication of the growing acceptance of Bitcoin. Robert Mitchnick of BlackRock recently stated that major financial institutions, including pension funds, are gearing up to invest in Bitcoin ETFs. Mitchnick downplayed the recent slowdown in inflows, asserting that the financial giant continues to witness robust demand for Bitcoin exposure.
In related news, Edmond de Rothschild (Suisse) S.A. now holds $4.2 million worth of Bitcoin ETF shares. Wells Fargo, another leading US bank, also revealed its Bitcoin ETF holdings in a regulatory filing. Despite these developments, JPMorgan CEO Jamie Dimon remains a vocal critic of Bitcoin. In December, he suggested that the US government should consider shutting down the leading cryptocurrency. He recently referred to the flagship cryptocurrency as a 'Ponzi scheme.' Despite Dimon's criticism, JPMorgan launched a passively managed Bitcoin fund for its wealth clients in 2021. The bank was also listed among the authorized participants for BlackRock's record-breaking Bitcoin ETF last year.
On Thursday, Bitcoin ETFs reported mixed flows. Grayscale's GBTC experienced significant outflows of over $43 million, which were not offset by BlackRock's relatively modest inflows of $14.2 million. Despite the negative ETF data, Bitcoin managed to bounce back to the $63,000 level before falling again.
