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26 May 2024
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Did Morgan Stanley’s $243M Bet On GBTC Fuel Bitcoin Rebound?

Morgan Stanley, the 6th largest banking firm in the United States has joined the spot Bitcoin ETF bandwagon. In its recently published Form 13-F lodged with the Securities and Exchange Commission (SEC), the bank revealed that it has over $243 million in the new asset class.

Morgan Stanley and Bitcoin Boost

The banking giant holds 4,269,361 shares of Grayscale Bitcoin Trust (GBTC).

While it remains unclear when the bank took the position in GBTC, the bank is arguably one of the largest holders of the firm’s Bitcoin ETF. The revelation of Morgan Stanley’s stake in GBTC comes at a time when the US inflation data (CPI) was published.

This sentiment might be playing a role in rebooting the price of Bitcoin at the moment. The digital currency is up by 6.97% in the past 24 hours to $65,844.70. With the rebooting in market sentiment, the token has soared from a 24-hour low of $61,330.41 to a high of $66,446.23.

The market sentiment has a split facet as the dovish CPI data shows the Federal Reserve might soon be cutting interest rates. A cut in interest rate is attractive for digital currencies like Bitcoin with provably high yield over time. The spot Bitcoin ETF accumulation trends as recorded over the past week also complements Morgan Stanley’s disclosures.

Besides Morgan Stanley, the US third-largest bank Wells Fargo also boasts of exposure to BlackRock’s spot Bitcoin ETF. With the disclosures thus far, Susquehanna International Group (SIG) is among the highest investors in Bitcoin ETF. Per its disclosures, the trading firm has over $1.3 billion spread across the top 10 spot Bitcoin ETF products.

Altcoins Joins The Trend

The Bitcoin rebirth has also stirred the recovery of many altcoins in the market. Ethereum (ETH) for instance has jumped by 6.52% to $3,025, crunching the weekly losses from double-digit loss to 4.42%.

Binance Coin (BNB) is up 3.5% to $586.9, Solana (SOL) has soared by 9.46% to $156.45 and XRP inked a 2.89% to $0.5187. Shiba Inu also joined the trend with its 7.88% surge to $0.00002489. The dog-themed memecoin is particularly in the spotlight after launching ShibaSwap on its Ethereum L2, Shibarium.

The ShibaSwap migration is significant as it is poised to drive transactions on the network to enhance value for SHIB.

Read More: Coinbase Has Unusually Big Plans For $600B Australian Pension Funds

The post Did Morgan Stanley’s $243M Bet On GBTC Fuel Bitcoin Rebound? appeared first on CoinGape.

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