BNY Mellon Reveals Holdings in BlackRock, Grayscale Bitcoin ETFs

BNY Mellon: Blockchain to Soak $120T From Capital Markets
  • BNY Mellon’s investment in Bitcoin ETFs signals traditional finance’s increasing acceptance of cryptocurrency.
  • US SEC approval of 11 spot Bitcoin ETFs sparked market growth, with Bitcoin hitting $73,737.
  • Hong Kong’s approval of Bitcoin and Ethereum ETFs indicates a global trend toward integrating crypto into traditional finance.

BNY Mellon, the oldest and largest custodian bank in the United States, has announced its investments in Bitcoin ETFs, a major endorsement of cryptocurrency from a traditional financial institution. In a recent SEC filing, the bank disclosed its holdings in ETFs offered by BlackRock and Grayscale. This development reflects BNY Mellon’s strategic approach to integrating digital assets into its portfolio, recognizing the growing institutional interest in this emerging asset class.

Read CRYPTONEWSLAND on Google News google news

Global Momentum in Bitcoin ETFs

The approval of 11 spot Bitcoin ETFs by the US Securities and Exchange Commission in January marked a milestone, catalyzing a new all-time high for Bitcoin at $73,737 in March. This regulatory advancement has fulfilled a long-standing demand from American investors and intensified the global focus on similar financial products. 

Additionally, Hong Kong has stepped into the spotlight with its recent approval of Bitcoin and Ethereum ETFs, setting the stage for these products to begin trading on April 30, 2024. These developments suggest a strengthening bridge between traditional finance and cryptocurrency markets, potentially paving the way for further escalations in market activity.

The anticipation surrounding the new ETFs in Hong Kong and the potential approval of a spot ETH ETF in the US could trigger another surge in market dynamics. Ethereum remains below its peak, but introducing an approved ETF could revitalize investor interest. 

According to projections by CoinCodex, Bitcoin could reach as high as $85,195 by late May, representing a 32.6% increase from its current levels. This forecast underscores the bullish sentiment saturating the market, uplifted by recent approvals and expanded accessibility through trusted financial platforms like BNY Mellon.

Read Also:

Crypto News Land (cryptonewsland.com)

related posts