Wall Street interest in Bitcoin is fading
The guest argued that Wall Street's enthusiasm for Bitcoin is rapidly declining now that the initial wave of ETF launches has passed, with major financial firms reducing their promotion and holdings.
The argument
The guest noted that BlackRock has been a seller and most large financial institutions have stopped actively discussing or advertising crypto investments, signaling a typical Wall Street cycle of moving on to other assets like gold and silver.
The thesis, stress-tested
✓ What validates it
- ✓Continued decline in spot Bitcoin ETF net inflows
- ✓Further reduction in crypto-related product offerings or mentions in bank earnings calls
▸ Risks discussed
- ▸Renewed retail or institutional inflows into crypto ETFs
- ▸A resurgence in crypto marketing by major asset managers
Hear it yourself
"everyone. Welcome back to this week's episode of the wrap with Chris Whalen, where we break down what's happening on Wall Street, Washington, DC, and everywhere in between. In this episode, we do another dive into what's happening with private credit after we got another slew of redemptions in the month of June and the concerns there, especially in a higher rate environment."
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