iShares Bitcoin Trust ETF (NASDAQ:IBIT) and Fidelity Wise Origin Bitcoin Fund (NYSEMKT:FBTC) both deliver pure-play bitcoin exposure with identical expense ratios, but differ in assets under management, trading statistics, and subtle variations in historical performance and risk. Both iShares Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund are designed for investors seeking straightforward access to bitcoin price performance through traditional brokerage accounts, avoiding the technical and custody ...

Core Viewpoint - Nasdaq is seeking SEC approval to remove restrictions on options trading for crypto ETFs, which could enhance market accessibility and trading fairness for investors [1][3]. Group 1: Nasdaq's Proposal - Nasdaq filed a form with the SEC to amend options position and exercise limit rules for certain crypto assets [1]. - The proposed rule change aims to eliminate the previous 25,000 position and exercise limit restrictions for options on crypto ETFs [3]. - Nasdaq is requesting immediate effectiveness of the proposal, asking the SEC to waive the standard 30-day delay [4]. Group 2: Impact on Crypto ETFs - If approved, the rule change will affect various crypto funds, including those linked to Bitcoin and Ethereum launched by major asset managers like BlackRock and Fidelity [2]. - As of January 22, spot Bitcoin ETFs have total net inflows of $56.6 billion, while spot Ether ETFs have $12.34 billion in inflows [4]. Group 3: Market Implications - Nasdaq believes the change will promote "just" and "equitable" trading principles, eliminate discrimination, and foster a free and open market [3]. - The exchange asserts that the proposal does not impose significant burdens on competition and aims to protect investors [4].

Core Insights - Bitcoin ETFs in the U.S. experienced significant inflows, totaling $697.2 million, marking the best day since early October [1] - BlackRock's iShares Bitcoin Trust led the inflows with $372.5 million, contributing more than half of the total daily inflows [1] - Fidelity Wise Origin Bitcoin Fund followed with $191.2 million in shares created on the same day [2] Market Performance - Bitcoin's price retraced to $92,080, reflecting a 2.3% drop from the previous day but still 4.4% higher than the same time last week [2] - Bitcoin ETFs now hold $122.86 billion worth of BTC, indicating a strong market presence [4] Predictions and Future Outlook - Users on the Myriad prediction market estimate a 74% chance that Bitcoin will reach $100,000 before dropping back to $69,000, showing increased confidence compared to previous months [3] - Morgan Stanley has filed for the Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust, indicating competition in the Bitcoin ETF space [4][5]

Core Viewpoint - Bank of America is set to allow over 15,000 advisers to recommend four spot Bitcoin ETFs starting January 5, marking a significant shift in its approach to cryptocurrency investment [1]. Group 1: Institutional Access to Bitcoin - Bank of America joins the ranks of JPMorgan, Citigroup, and Morgan Stanley in providing institutional Bitcoin access to wealth clients, completing the transition of the Big Four U.S. banks into the cryptocurrency space [2]. - JPMorgan has expanded its blockchain-linked products, while Citigroup is developing a crypto custody service expected to launch by 2026 [3]. Group 2: Policy Shift and Recommendations - The new policy reverses Bank of America's previous stance from March 2021, which deemed Bitcoin ownership unjustified unless prices were rising. The current recommendation is for a 1% to 4% allocation to digital assets for suitable clients [5]. - Chris Hyzy, the Chief Investment Officer at Bank of America Private Bank, indicated that the lower allocation may suit conservative investors, while higher allocations are appropriate for those with greater risk tolerance [6]. Group 3: ETF Coverage and Adviser Recommendations - Bank of America has approved four U.S.-listed spot Bitcoin ETFs for coverage starting January 5, which are among the largest and most liquid products in the market [7][8]. - Advisers can now proactively recommend these Bitcoin ETFs, a shift from the previous policy where discussions could only occur at a client's request [9]. Group 4: Future Expansion Considerations - Any potential expansion beyond Bitcoin will depend on factors such as available liquidity, market structure maturity, and institutional-grade execution capabilities [11].

Group 1 - The Amplify Transformational Data Sharing ETF (BLOK) has gained 32% year-to-date, outperforming the S&P 500's 17% return and Bitcoin's 7% decline, demonstrating that exposure to crypto infrastructure is more beneficial than direct Bitcoin ownership during price fluctuations [2][7]. - Only about 5% of BLOK's portfolio is allocated to spot Bitcoin ETFs, with the majority invested in Bitcoin miners, crypto exchanges, fintech platforms, and chip makers, which can profit regardless of Bitcoin's price [2][7]. - The primary macro factor driving BLOK's performance is the accelerating institutional adoption of blockchain infrastructure, which is expected to create sustainable revenue streams for the companies within the fund [3]. Group 2 - Bipartisan crypto legislation is projected to become U.S. law in 2026, which could enhance the integration of public blockchains with traditional finance, benefiting companies that build crypto infrastructure [3]. - Updates from the SEC and Treasury Department regarding stablecoin frameworks and digital asset custody rules are anticipated, as clearer regulations could facilitate increased institutional investment in blockchain services [4]. - HUT 8 Corp, BLOK's largest holding, has seen a 140% gain in 2025, showcasing how Bitcoin miners can outperform Bitcoin itself due to operational leverage and cost optimization, even when Bitcoin prices are declining [6][7].

Core Insights - The Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Ethereum Trust ETF (ETHA) provide investors with access to Bitcoin and Ether, respectively, through traditional brokerage accounts, catering to high-risk tolerance investors [2][3] Fund Overview - Both FBTC and ETHA have an expense ratio of 0.25% and do not distribute dividends, making cost and yield non-factors in differentiating the two ETFs [4][5] - FBTC has $18.2 billion in assets under management (AUM), while ETHA has $10.0 billion [4] Performance Metrics - Over the past year, FBTC has returned -16.1%, while ETHA has returned -24.9% [4] - FBTC has a maximum drawdown of -32.64% over five years, compared to ETHA's -64.02% [6] - A $1,000 investment in FBTC would have grown to $1,804 over five years, while the same investment in ETHA would have decreased to $800 [6] Asset Composition - ETHA is fully invested in Ether, with 100% of its portfolio in Ether and negligible cash [7] - FBTC primarily holds Bitcoin, with 99.98% of its assets in Bitcoin [8] Investment Implications - ETHA has experienced greater losses and higher drawdowns compared to FBTC over the past year [10] - Both ETFs offer a way for investors to gain exposure to specific cryptocurrencies without the risks associated with cryptocurrency exchanges [11]

Core Viewpoint - Bank of America is shifting its approach to cryptocurrencies by recommending several cryptocurrency exchange-traded funds (ETFs) to wealth clients starting January 5, moving away from its previous policy of only offering digital asset investments upon request [1][2]. Group 1: Client Demand and Strategy - The decision to recommend cryptocurrency ETFs is in response to increasing client demand, as stated by Nancy Fahmy, Head of Investment Solutions Group at Bank of America [2]. - The bank's guidance will primarily focus on Bitcoin and Ethereum, with four specific Bitcoin ETFs available from the outset [3]. Group 2: Investment Recommendations - Chris Hyzy, the investment chief at Bank of America Private Bank, suggests that a modest allocation of 1% to 4% in digital assets could be suitable for investors, depending on their risk tolerance [4]. - The lower end of the allocation range is recommended for conservative investors, while the higher end is for those with a greater risk appetite [4]. Group 3: Industry Context - Bank of America joins other financial institutions like Charles Schwab, Fidelity Investments, JPMorgan Chase, and Morgan Stanley in offering clients access to select cryptocurrency ETFs [5]. - The broader Wall Street trend towards embracing cryptocurrencies has been influenced by supportive regulatory changes from the Trump administration, including a stablecoin bill [6]. Group 4: Market Potential - The growing adoption of cryptocurrencies is expected to drive significant inflows into digital assets, potentially boosting valuations [7]. - Data from Tephra Digital indicates that $31 trillion in capital on wealth management platforms has been restricted from accessing Bitcoin ETFs due to exposure limitations [7].

Cryptocurrency Market Overview - Bitcoin has entered a bear market, down over 20% from its all-time high of $126,272 reached in October, and has fallen below $100,000 [1] - Major Bitcoin ETFs, including iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, and Grayscale Bitcoin Trust ETF, have each dropped more than 8% this week [2] - Ethereum has decreased by 35.82% from its all-time intraday high of $4,955.23 in August 2025, with related ETFs dropping nearly 10% this week [4] ETF Performance - iShares Bitcoin Trust ETF (IBIT) last traded at $53.48, down 3.80% [3] - Fidelity Wise Origin Bitcoin Fund (FBTC) last traded at $82.18, down 3.80% [3] - Grayscale Bitcoin Trust ETF (GBTC) last traded at $73.78, down 3.78% [3] - iShares Ethereum Trust (ETHA) last traded at $23.69, down 1.04% [5] - Grayscale Ethereum Mini Trust (ETHE) last traded at $25.75, down 0.92% [5] - Fidelity Ethereum Fund (FETH) last traded at $31.30, down 0.95% [5] Market Sentiment - Negative sentiment towards cryptocurrencies has persisted, with significant outflows from Bitcoin and Ethereum ETFs, totaling $932 million and $438 million respectively [3] - The probability of a Federal Reserve rate cut next month has decreased to 45%, with 54% of market watchers expecting no change [5]

Core Insights - Billionaire investors are significantly increasing their Bitcoin holdings, indicating a strong belief in its long-term price potential and diversification benefits [7][9][11] Group 1: Institutional Investment in Bitcoin - Goldman Sachs holds $1.57 billion worth of Bitcoin, while Morgan Stanley has $489 million [2] - Alan Howard's Brevan Howard Capital Management owns $2.3 billion in Bitcoin, representing 25% of his fund's total portfolio [5] - Izzy Englander of Millennium Management has a position of $1.31 billion in Bitcoin, making it his second-largest position [4] Group 2: Investment Vehicles - Many billionaires are investing in Bitcoin through the iShares Bitcoin Trust ETF, which provides direct exposure to Bitcoin's price [6][8] - Millennium Capital Management also holds $660 million in the Fidelity Wise Origin Bitcoin Fund, showcasing a diversified approach to Bitcoin exposure [3] Group 3: Price Predictions and Market Sentiment - Wall Street experts predict Bitcoin could reach $1 million within five years, representing an 825% increase from its current price of $108,000 [7][9] - The growing consensus among investors is that Bitcoin is becoming a modern store of value, akin to gold, and is seen as a hedge against inflation [11][12] Group 4: Market Dynamics - Bitcoin's historical lack of correlation with major asset classes has made it attractive for institutional investors seeking diversification [13] - The current trend of moving investments from fiat currencies to Bitcoin and precious metals is driving both Bitcoin and gold prices to all-time highs [12]

Core Insights - Cryptocurrency markets are experiencing renewed speculation, with major tokens like Bitcoin, Ethereum, and Solana nearing all-time highs [1] - Traditional investors can now access cryptocurrency markets through ETFs, which simplify the investment process by eliminating the need for crypto exchanges or digital wallets [2] Group 1: Advantages of Bitcoin ETFs - Bitcoin ETFs provide a secure alternative to self-storage, reducing the risks associated with hacks and scams prevalent in the cryptocurrency space [3][5] - ETFs offer straightforward regulation, making it easier for both institutional and retail investors to buy and sell, with compliance to SEC standards [8] - Tax planning is simplified as profits and losses from Bitcoin ETFs are tracked by brokerage accounts, providing a 1099 for tax obligations [8] Group 2: Specific Bitcoin ETFs - iShares Bitcoin Trust ETF (IBIT) has nearly $100 billion in assets under management (AUM) and a low expense ratio of 0.25%, making it one of the largest and most liquid crypto ETFs [9][10] - Fidelity Wise Origin Bitcoin Fund (FBTC) also has a 0.25% expense ratio but a smaller AUM of just under $26 billion, offering in-house custody through Fidelity's services [11][12] - Bitwise Crypto Industry Innovators ETF (BITQ) provides diversified exposure to 38 crypto-related companies, with a higher expense ratio of 0.85% and an AUM of $503.37 million [13][14]