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Bitcoin is enjoying a major surge in institutional interest just days ahead of the U.S. presidential election, with nearly $1 billion pouring into Bitcoin ETFs last week alone.
What’s the scoop?
- The Pulse: Bitcoin’s price continues to hover around the $69,000 mark, just ~6% of its all-time price high of $73,737.
- The Context: Former President Donald Trump, currently leading in some polls, has vowed support for digital assets if reelected, adding momentum to bullish sentiments around BTC.
- First of a Kind: Also in the news today, Emory University just became the first endowment to publicly disclose a Bitcoin ETF holding, reporting a $15.8 million investment in the
Grayscale Bitcoin Mini Trust. - The Big Picture: Every major institution type—from pension funds to family offices—is now represented among Bitcoin ETF holders. Eric Balchunas, a senior ETF analyst for Bloomberg, compared this achievement to “winning all four tennis grand slams before your 16th birthday.”
Bankless Take:
The rapid rise of Bitcoin ETFs reflects a watershed moment for crypto. Plus, the likes of Emory University diving in marks a cultural shift and signals to other institutions that Bitcoin can be a viable part of long-term portfolios. With political tailwinds and expanding institutional buy-in, Bitcoin’s position as a mainstream asset class looks more solid than ever.
Emory University reported $15.8m worth of $BTC, the first endowment to report a bitcoin ETF position. With that every institution type is now represented in the btc etf 13Fs (endowment, bank, HF, Ins Co, Advisor, Pension, PE, Holding Co, Vc, Trust, Family Office, Brokerage).… pic.twitter.com/eefYpEbXRn
—Eric Balchunas (@EricBalchunas) October 28, 2024
