Quite a user of the spot Bitcoin ETFs that were approved by the United States Securities and Exchange Commission (SEC) in January have gained additional recognition as wealth management firm Cetera has added support to trade them.
Spot Bitcoin ETF Products Gaining More Mainstream Support
On Thursday, Cetera announced the launch of a new policy that permits the usage of spot Bitcoin ETFs in brokerage accounts. The Bitcoin ETFs that were approved are Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT).
This policy includes the provision of education and resources for affiliated financial professionals. These aids will help these professionals guide their clients who wish to include spot Bitcoin ETFs in their financial portfolios. Moving forward, the training for the financial professionals is scheduled to take place on March 25 on Cetera’s AdviceWorks portal.
The introduction of this policy became necessary with the growing interest of institutional investors in the nascent spot Bitcoin ETF ecosystem. According to the wealth management firm, approximately 50 million people have BTC as of February 2024. This is evident in the volume of flows that the spot Bitcoin ETF market has seen since it went live for trading.
So far, over $6 billion has been recorded in spot Bitcoin ETF daily trading volume. The numbers are still going up as the Bitcoin price is seeing a consistent surge.
Adapting to Investor’s Complex Needs
Cetera noted that the present-day investor has increasingly complex needs and the team behind its investment product is ready to meet these needs. Markedly, Cetera is one of the few wealth management firms that has attempted to roll out policies guiding the spot BTC ETF market.
Matt Fries, the head of investment products and partner solutions at Cetera said “The firm is prudently embracing bitcoin ETFs and we prioritized developing this important guidance to help our financial professionals implement these products in client portfolios.”
Meanwhile, Bitcoin price has seen an outstanding surge in the last few days. The coin has gained over 66% Year-to-Date (YTD) although there have been some fluctuations in recent times. At the time of this writing, BTC is trading at $69,913.92 with a loss of 4.53%, a major cool-off from its previous All-Time High (ATH) above $73,000.
Source:coingape.com
