BlackRock, the largest asset manager in the world, has incorporated major U.S. banks into its spot Bitcoin ETF, according to a recent filing. The institutions involved include Goldman Sachs, Citadel, UBS, and Citigroup.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, highlighted this development on X, noting that these prominent firms are now either eager to join the Bitcoin venture or are comfortable being associated with it publicly. He attributes this shift to the substantial success and influx of capital into the ETFs.

As of April 4, the new batch of ETF products has collectively amassed over 500,000 BTC, excluding the holdings of the Grayscale Bitcoin Trust, which recently transitioned into an ETF. Despite the Coinglass liquidation heatmap indicating a significant supply overhead at the $69k price level, the potential for price movement beyond this threshold remains open.

The recent involvement of BlackRock and major banks is also seen as a buffer for Bitcoin’s price against the backdrop of U.S. economic indicators, particularly concerning inflation. Recent employment data exceeded expectations, suggesting that the Federal Reserve might maintain higher interest rates for an extended period. Upcoming reports on the Consumer Price Index and Producer Price Index are anticipated to shed more light on the inflationary pressures facing global economies. In this context, the stability offered by a fixed-supply asset like Bitcoin becomes increasingly attractive, potentially benefiting the broader cryptocurrency market as traditional financial models face challenges.