Financial Institutions Like Vanguard Boycott Spot Bitcoin ETFs
Despite the approval of spot Bitcoin ETF trading by the U.S. SEC, financial institutions like Vanguard have no plans to allow trading for these products. While major U.S. exchanges and platforms are adding support for spot Bitcoin ETFs, some firms have blocked users from trading them. Vanguard, the second-largest asset manager, stated that spot Bitcoin ETFs do not align with their investment philosophy. Additionally, Vanguard has disabled the buying of Grayscale’s GBTC shares on its platform. The firm has zero plans to offer a Vanguard Bitcoin ETF or other crypto-based products due to concerns about crypto volatility.
Merrill Lynch and Other Legacy Institutions Also Boycott Spot BTC ETFs
Reports suggest that Merrill Lynch, Citi Bank, UBS, Wells Fargo Advisors, and Raymond James will also boycott spot BTC ETFs. Merrill Lynch plans to assess the performance of these ETFs before potentially reconsidering its decision. Bloomberg’s James Seyffart confirmed over $1.2 billion in volume for spot Bitcoin ETFs within the first 30 minutes of trading. However, long-standing Bitcoin skeptic Peter Schiff continues to criticize these products and question their liquidity.
Hot Take: Crypto Skeptic Peter Schiff Continues to Question Spot BTC ETFs
Peter Schiff, known for his skepticism towards cryptocurrencies, is still questioning the viability of spot BTC ETFs despite their approval and initial trading volume. Schiff has scrutinized mainstream media coverage of these products and raised concerns about their liquidity. While spot Bitcoin ETFs have seen significant trading volume in their early hours, it remains to be seen how they will perform in the long term and whether more financial institutions will decide to offer them to their customers.
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