Morgan Stanley and UBS are said to be preparing to add BTC ETFs to their platforms.
BTC ETFs on Morgan Stanley and UBS platforms
Nothing has been officially confirmed yet. However, this information was obtained from several sources in banks. The introduction of ETF trading is expected to take place within two weeks.
Sources claim that there is even competition as to which company will introduce BTC ETF trading first. Morgan's management is allegedly “impatient” and annoyed that UBS has similar plans to their bank.
Morgan Stanley's hopes of becoming the first large entity of this type to offer BTC ETF funds are not surprising. The American financial institution has customer assets worth over USD 1.5 trillion. Therefore, it can offer a lot of capital to the market.
In addition, the introduction of ETFs would be part of the bank's policy for several years. In 2021, Morgan Stanley became the first large American bank to offer its clients exposure to BTC. Now, the success of Bitcoin ETFs has attracted the attention of various financial institutions, including large players such as banks and digital asset companies around the world, to these products. Smaller investors who have previously been afraid of cryptocurrencies due to the need to set up their own wallet and other technological obstacles are also showing interest.
Will the boom be driven by institutions?
Currently, the cryptocurrency market is stagnant again. One bitcoin costs USD 66,680, which translates into a decrease of 4% for 7 days and an increase of 0.5% per day.
Ether is trading at $3,266, down 2% over 24 hours and 7% over the course of a week.
If the above reports regarding banks' plans are confirmed, it will provide a new dose of fuel for growth. In addition, in two weeks there will be a halving on the network, which should increase the price of bitcoin.
