Bitcoin climbed further on Wednesday, December 3, 2025, gaining 2% to reach $93,524, building on a 6% rally from the previous session that helped the digital asset break free from a bearish trend. Notably, Tuesday’s close above its 21-day moving average, set at $90,582, has signaled improved technical support for the asset.
In a significant development for the digital asset space, Bank of America has recommended that its wealth management clients allocate between 1% and 4% of their portfolios to cryptocurrencies, according to an official announcement. This move marks a pivotal acknowledgement of crypto assets by Wall Street, reflecting a shift in traditional finance attitudes. However, the endorsement comes at a difficult moment for retail participants, who currently hold the majority of Bitcoin ETF shares and are facing considerable losses in the market as Bitcoin has fallen from its peak of $125,251 in early October.
Citing Yahoo Finance, it was reported on Tuesday that Bank of America will initiate CIO coverage on four Bitcoin exchange-traded funds—Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Mini Trust, and Blackrock’s iShares Bitcoin Trust ETF (IBIT)—starting January 5, 2026. The new mandate will allow more than 15,000 advisers at Merrill, the Private Bank, and Merrill Edge to proactively recommend regulated cryptocurrency investment products to clients for the first time.
Previously, clients could only access crypto ETFs upon request, a system that pushed many individual investors to seek exposure through other means.
BofA’s policy comes amid a broader embrace of cryptocurrencies across the wealth management sector. Morgan Stanley now advises its clients to consider 2%–4% allocations, BlackRock suggests 1%–2%, while Fidelity recommends between 2%–5%.
