"The 13F filings for Q4 show that process is underway," Kendrick said in an email to The Block on Tuesday. "It is happening."
The initiative comes as Hong Kong moves toward a regulated stablecoin framework as part of its broader digital asset strategy.
Negative headlines have caused bitcoin to lose value over the past 5 weekends in a row, but that trend may soon reverse.
Barclays has emerged as one of the top holders of BlackRock’s Bitcoin ETF as of Dec 31, according to a Thursday 13F filing with the SEC.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
JPMorgan analysts estimate that only 66%–83% of Tether's reserves comply with proposed U.S. stablecoin regulations, potentially requiring asset restructuring.
Analysts attribute ether's underperformance to growing competition from Solana and Layer 2s, and its lack of bitcoin's store-of-value appeal.
"Although the near-term remains choppy for Bitcoin the long-term is becoming clearer by the day," Kendrick said in an email to The Block.
CME Group, the world's largest operator of financial derivatives exchanges, announced it will introduce options on Bitcoin Friday Futures.
The correlation tends to peak during periods of strong tech market performance or sell-offs, JPMorgan analysts said.
"BTC remains strongly correlated to Nasdaq, much more so than it does to gold," said Standard Chartered's Geoffrey Kendrick.
Donald Trump's executive order on crypto signals support for the industry, but it was "easy stuff," according to TD Cowen.
Hester Peirce has been tasked with leading the SEC's crypto task force, but her term expiring in June is a key concern noted by TD Cowen.
Crypto VC funding is expected to rise in 2025 but likely won't reach the highs of 2021-2022, according to JPMorgan analysts.