Bitcoin, the frontrunner in the cryptocurrency realm, has been on a downward trajectory since April, a trend that has persisted into May due to various contributing factors.
While the continuous outflows from spot Bitcoin ETFs have undoubtedly played a significant role in this downturn, BNP Paribas, Europe’s second-largest bank, disclosed its exposure to spot BTC ETF in its recent 13F filing.
In its disclosure, BNP Paribas revealed its investment in BlackRock’s iShares Bitcoin Trust (IBIT), with a reported purchase of 1,030 units totaling $41,684.
While the bank’s investment in the Bitcoin ETF may not have been substantial, it signifies a notable step in the institution’s adoption of BTC.
Analysts also note the timing of this move, coinciding with a statement from Bloomberg’s senior ETF analyst, Eric Balchunas. Balchunas remarked that many investment advisors, banks, and institutional investors have invested in BTC ETFs but have yet to disclose these investments.
Balchunas anticipates that over 500 investment advisors will reveal their Bitcoin ETF holdings by May 15, the deadline for 13F filings. This suggests a potential wave of institutional investment disclosure in the near future.
