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PNC Bank’s investment in the Bitwise Bitcoin ETF (BITB) is a significant development in the cryptocurrency market. With their $67 million stake in BITB, they have increased their exposure to digital assets by six times compared to last year. This move signals that institutional investors are becoming more comfortable with investing in cryptocurrencies.
The article highlights that PNC Bank’s decision reflects the growing interest from large financial institutions in Bitcoin ETFs. According to Farside Investors, since its launch, Bitcoin ETFs have garnered $40.5 billion. Similarly, BlackRock has also increased its Bitcoin ETF holdings by 53% within a month. These developments could pave the way for other cryptocurrencies like XRP and Solana to gain institutional backing.
Experts predict that these funds will generate around $14 billion in the first year after their launch. This is a significant milestone as it marks the beginning of institutional investors’ increased interest in digital assets beyond Bitcoin.
Source: http://www.crypto-news-flash.com
