Hargreaves Lansdown Opens Bitcoin (BTC) Trading After 'Not an Asset Class' Reversal

Hargreaves Lansdown Flips on Bitcoin

Bristol-based wealth manager Hargreaves Lansdown has begun letting UK retail investors buy Bitcoin (BTC) through exchange-traded notes — a striking reversal, given the firm warned clients off crypto barely a year ago. According to the company's own investment-services page, bitcoin and other crypto ETNs — stock-exchange-listed funds that track digital-asset prices — are now available to its clients, alongside an explicit notice that “crypto ETNs are considered high-risk and may be volatile.” In 2025, the firm — which manages roughly £173 billion (over $233 billion) — had argued that “Bitcoin is not an asset class” and that cryptocurrency should not be included in client portfolios for growth or income. The about-face mirrors the US trajectory, where the SEC's 2024 approval of spot bitcoin ETFs built a $100 billion-plus complex run by BlackRock, Fidelity and Morgan Stanley. It also lands as the White House vets four CFTC candidates with Bitcoin oversight at stake.

$730M ETF Inflow Day

Institutional demand provided the backdrop to the broker's pivot. US spot Bitcoin ETF products absorbed a net $730.8 million on September 3, with BlackRock's IBIT alone pulling in $454 million — the bulk of the day's flow. Spot Ethereum ETFs added roughly $141.4 million in parallel. On-chain data shows about $644 million in net movement through Bitcoin ETF custody wallets over the trailing 24 hours, a footprint consistent with the funds that now behave like institutional-scale whale wallets accumulating rather than distributing. The combination of record-caliber ETF demand and mainstream retail channels opening in Europe underpins the structure analysts are now watching.

The $76K Monthly Close Test

Analyst Rekt Capital argues the technical picture has flipped constructively: Bitcoin has successfully retested its long-term macro downtrend line and is beginning to confirm that zone as support. The line, he notes, broadly overlaps the April–May 2026 peak area, so holding above it keeps the recent breakout technically valid. The decisive marker is the monthly candle: Bitcoin needs to close the month above roughly $76,000. A failure would render the move a long upper wick and weaken the breakout, while a defended $76,000 zone would strengthen the case that the multi-year downtrend has converted into support. When the analysis was published, BTC traded near $79,509, down 1.59% on the day.

Yen Carry Unwind in the Background

Macro crosscurrents complicate the read. The dollar fell from the early-160s against the yen on September 1 to around 155.30 — more than five yen of appreciation in two sessions — reviving talk of an unwind of the low-yield yen carry trade. Notably, Bitcoin was bought even as the yen surged, touching $82,200, a roughly three-month high, before easing to about $80,800; the altcoin market followed, with Zcash up around 20% and HYPE and XRP near 6%. The real driver was US policy: Governor Waller said he would support holding rates steady in September if inflation pressure keeps cooling, the 10-year yield slid from 4.818% to 4.74%, and odds of a September rate hike retreated from 63% to roughly 50%. The September 4 US jobs report is the next pivot — in August 2024, a comparable carry unwind coincided with BTC and Ethereum falling as much as 20%. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

COINOTAG Signals: $79.5K Line Under Test

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $79,507 support at 91/100 (STRONG), driven by Ichimoku Tenkan, Fibonacci 0.114, S1 and a high-volume node — and spot at $79,601 (-1.89% in 24h) sits directly on it. First resistance, $81,479, scores 74/100 via Fibo 0.000, Donchian Upper and ATR Upper. Derivatives read mildly cautious: funding at -0.0019% shows shorts paying longs, while $15.91 billion in open interest and a 1.13 long/short ratio signal positioning, not panic; the Fear & Greed Index at 73 (Greed) cautions against complacency. A defended $79.5K keeps the path open to $81.5K; a decisive close below it — with the $77,151 level (74/100, Swing Low, EMA 20) next — would invalidate the bullish thesis, echoed by the bearish MACD cross inside a sideways structure also visible on any Bitcoin Rainbow Chart reading.