BNY Mellon Invests in Bitcoin ETFs as Crypto Market Grows

BNY Mellon, the world's largest custodian bank, disclosed its investment in Bitcoin (BTC) ETFs through an SEC filing.

The bank has exposure to BTC ETFs from BlackRock and Grayscale, as reported.

In January of this year, the US SEC made a significant decision to approve 11 spot Bitcoin ETFs, meeting the long-standing demand of American crypto investors. This move spurred a surge in the crypto market, propelling BTC to a new all-time high of $73,737 in March.

The increasing interest in BTC ETF exposure reflects growing institutional interest in the crypto asset class.

In addition to developments in the US, financial authorities in Hong Kong have approved spot Bitcoin and Ethereum ETFs, set to begin trading on April 30, 2024. While Hong Kong has moved forward with ETH ETF approval, the US is yet to establish a similar vehicle.

The approval of BTC and ETH ETFs in Hong Kong could potentially spark another market-wide rally. CoinCodex predicts that Bitcoin (BTC) could reach a new all-time high of $85,195 by May 23, 2024, representing a growth of approximately 32.6% from current levels.

Moreover, if the US greenlights a spot ETH ETF, it could lead to another significant rally in the crypto market, particularly for Ethereum. ETH is currently down nearly 36% from its peak of $4,878.26 in November 2021.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.