Vanguard, Merrill Lynch reject Bitcoin spot ETF! There is a wave of divestment in the community

The official open trading of the U.S. Bitcoin Spot ETF kicked off on the evening of the 11th. Despite this, Vanguard, one of the largest index funds in the United States, has decided not to offer Bitcoin spot ETF trading services to its clients. Vanguard Group is second only to BlackRock in terms of assets under management, and this decision has triggered attention and speculation from the outside world. They may believe the Bitcoin market remains high risk, or they may want to wait for clear guidance from more regulation. Whatever the reason, the decision shows the divergence of institutions’ stance on Bitcoin ETFs.

Vanguard Group’s customer service department explained that they do not support the decision to make a Bitcoin spot ETF because the product is highly speculative and regulatory uncertain. This is inconsistent with the company's core philosophy of long-term investment.

The community called for a collective transfer of funds

This move triggered a strong response within the community. Many community KOLs who supported Bitcoin spot ETF decided to close the Vanguard Group account and switch to other companies that provide the Competitors of Transaction Services.

FOMO21Shop co-founder Neil Jacobs is disappointed with Vanguard’s decision and believes it is an unwise business choice.

Apollo’s CEO also decided to move his retirement account from Vanguard to Fidelity and encouraged others to do the same: “If your broker restricts trading in Bitcoin ETFs, close the account And get out.”

CNBC’s crypto trader Ran Neuner also pointed out this trend, saying that when investors can’t buy Bitcoin, they start turning to Fidelity.

Polygon CEO: Start withdrawing all funds from Vanguard

Polygon CEO Marc Boiron also joined the community’s appeal this morning. He said: I have a retirement account with Vanguard and am now Start transferring funds out.

In addition to Vanguard Group, others also oppose Bitcoin spot ETFs

In fact, in addition to Vanguard Group banning Bitcoin spot ETF trading, Merrill Lynch has also taken the same position. It also triggered a boycott of Merrill Lynch by the cryptocurrency community.

Rip Van Winkle, director of Swan Media who once worked at Merrill Lynch, shared his experience and pointed out that he and his colleagues at Merrill Lynch often referred to the compliance department as the "obstructing business department" because it Departments often restrict the advancement of new businesses, such as now banning the trading of Bitcoin spot ETFs.

Van Winkle expressed criticism of these companies’ strategies and wondered how long they would wait before opening Bitcoin spot ETFs for trading. He believes: Eventually these companies will give in, but the question is how much will they lose in the process?

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