Barclays increases the percentage of the Bitcoin ETF by 48%. CITI adds $119 million position.
The major banks are increasing their exposure to Bitcoin ETFs even as short-term ETF flows remain under pressure.
Barclays disclosed that it owned about 3.94 million shares of BlackRocks IBIT at the end of the third quarter.
That was about 48% more than the previous quarter.
The value of the position was about 187 million dollars.
Citigroup also disclosed a new position in Fidelity FBTC worth about $119 million, increasing its IBIT share count by about 50%.
The filings are important because they show another side of institutional demand for Bitcoin.
Daily ETF flows tell us what investors are doing right now.
Quarterly bank filings show how some of the world's largest financial institutions are positioned over a longer time frame.
Important: These positions were reported as of September 30, so they predate the heavy outflows of Bitcoin ETFs seen in November.
They also don't tell us if the banks are making a simple directional bet on Bitcoin because some of the filings include related options positions.
But the broader trend is clear.
Major banks are becoming increasingly involved in Bitcoin ETF markets.
Barclays increased its IBIT exposure.
Citi has added more Bitcoin ETF exposure.
Wall Street is not moving away from the Bitcoin infrastructure.
It goes deeper and deeper into it.