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Editor’s Note: This article has been updated to clarify that the reported holdings represent client investments in Bitcoin ETFs.
Last week, filings revealed that clients of Wells Fargo have amassed substantial exposure to Bitcoin (CRYPTO: BTC) through ETFs. This development has elicited reactions from the cryptocurrency community, including a response from Changpeng Zhao, the founder of Binance.
The disclosure that Wells Fargo clients hold $383 million in Bitcoin ETFs comes at a time of increasing uncertainty in the wider cryptocurrency market.
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In response to this trend, Changpeng Zhao, Binance’s founder, has called on traders to remain resilient.
While you were panic selling, U.S. Banks were loading up on bitcoin. 🤷♂️
Zhao pointed out that while many are panic selling, major U.S. banks like Wells Fargo are seeing client inflows into Bitcoin ETFs. Such accumulation through traditional banking channels is seldom accidental, suggesting a long-term strategy by investors anticipating future Bitcoin growth.
Meanwhile, retail sentiment appears far more cautious. On-chain data shows that 655,498 BTC is currently held on Binance as traders return more tokens to the exchange.
See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Why It Matters: The accumulation of Bitcoin ETFs within Wells Fargo client accounts is a significant development in the cryptocurrency market. This indicates a shift in attitude as traditional financial institutions increasingly facilitate exposure to digital currencies, signaling growing acceptance of Bitcoin in mainstream wealth management.
Furthermore, the call for resilience by Binance’s founder underscores the importance of maintaining a long-term perspective in the face of market volatility.
Photo: Shutterstock
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This article Binance Founder CZ Encourages Crypto Holders As Wells Fargo Reports Bitcoin ETF Holdings (CORRECTED) originally appeared on Benzinga.com
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