Vanguard, the largest index fund in the United States, has chosen not to offer Bitcoin spot ETF trading, which has sparked strong backlash in the community. Many key opinion leaders (KOLs) have closed their accounts with Vanguard and transferred their funds elsewhere.
The official opening of Bitcoin spot ETF trading in the United States took place on the evening of the 11th. However, Vanguard, the largest index fund in the United States with assets under management second only to BlackRock, chose not to provide Bitcoin spot ETF trading services to its clients.
The client services department of Vanguard explained this decision as follows:
This move has sparked strong reactions in the community, with many KOLs who support Bitcoin spot ETF choosing to close their accounts with Vanguard and turning to other competitors that offer this trading service.
Neil Jacobs, co-founder of FOMO21Shop, took this action and expressed disappointment in Vanguard’s decision. Similarly, the CEO of Apollo also stated that he transferred his retirement account from Vanguard to Fidelity and urged others to “close the account and withdraw” if their broker prevents Bitcoin ETF trading.
CNBC’s cryptocurrency trader Ran Neuner also pointed out this trend, saying, “When investors realize they can’t buy Bitcoin, they turn from Vanguard to Fidelity.”
In response to this, Polygon CEO Marc Boiron joined the community’s call this morning and stated:
In addition to Vanguard prohibiting Bitcoin spot ETF trading, Merrill Lynch has also taken the same stance, which has also sparked resistance from the cryptocurrency community against Merrill Lynch.
Rip VanWinkle, director of Swan Media and former employee of Merrill Lynch, shared his experience and pointed out that he and his Merrill colleagues often referred to the compliance department as the “business obstruction department” because it frequently restricts the advancement of new business, just like now with the ban on Bitcoin spot ETF trading.
VanWinkle criticized the strategies of these companies and wondered how long they would persist before opening up Bitcoin spot ETF trading. He believes:
[Image]
Related Reports:
Wall Street Bull Tom Lee: Bitcoin to reach $150,000 by the end of the year, tenfold increase in the next five years!
Trading Strategy After ETF Approval: Analyst: Funds taking profits, BTC showing signs of a top.
Female Stock Guru with 25% of her wealth “betting on BTC”: Bitcoin to reach $1.5 million by 2030 driven by spot ETF.