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Home BREAKING NEWS

Worlds Biggest Custodial Bank Now Reports it Holds Spot Bitcoin ETFs

by Matoy
April 26, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 3 mins read
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  • BNY Mellon reports investments in Bitcoin ETFs, leveraging offerings from BlackRock and Grayscale, as disclosed in SEC filings.
  • Recent US SEC approval of 11 spot Bitcoin ETFs has catalyzed market enthusiasm, driving Bitcoin to a record high.
  • Bitcoin’s trajectory is promising, with predictions of reaching over $85,000 by May 2024, amidst expanding global ETF options.

BNY Mellon, the oldest bank in the United States and the world’s largest custodian bank, has expanded its investment strategy to include Bitcoin ETFs. This development, confirmed through a recent SEC filing, indicates a significant shift towards embracing cryptocurrencies among traditional financial institutions. BNY Mellon has chosen to invest in Bitcoin ETFs managed by BlackRock and Grayscale, reflecting confidence in these products’ potential.

ICYMI: BNY Mellon, the worlds largest custodial bank, now holds #Bitcoin ETFs

— BlockNews.com (@blocknewsdotcom) April 26, 2024

Approval of Bitcoin ETFs Fuels Market Optimism

The approval of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January marked a milestone in the integration of cryptocurrencies into mainstream finance. This decision was met with enthusiasm from American crypto investors who had been advocating for a spot BTC ETF, a product that directly reflects the price of Bitcoin rather than derivatives. The introduction of these ETFs contributed to Bitcoin achieving an all-time high price of $73,737 in March.

The movement in the market following the approval of these ETFs underscores the growing appetite for cryptocurrency investments among institutional players. Such investments are seen not only as a diversification strategy but also as a response to the increasing demand for digital assets.

Global Expansion and Future Predictions

While the U.S. has made significant strides in endorsing Bitcoin ETFs, other regions are also advancing in this domain. Hong Kong, for instance, has approved its own Bitcoin and Ethereum ETFs, with trading set to commence on April 30, 2024. This approval could potentially instigate another rally in the cryptocurrency market, extending beyond Bitcoin to Ethereum and other digital assets.

Moreover, forecasts from CoinCodex suggest an optimistic future for Bitcoin, projecting a price of up to $85,195 by May 23, 2024. This would represent a substantial increase from current levels. The potential approval of a spot ETH ETF in the U.S. could further amplify this trend, particularly as Ethereum remains significantly below its peak price from November 2021.

This strategic move by BNY Mellon into Bitcoin ETFs reflects a broader recognition of cryptocurrency’s potential within the traditional financial sector. As institutions continue to navigate the complexities of digital assets, the landscape of investment opportunities is likely to evolve, potentially offering higher returns and reshaping investment portfolios across the globe.

Tags: Bitcoinetfs
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