BNY Mellon Reports Exposure to BTC ETFs

The world’s largest custodian bank, BNY Mellon, has revealed that it has invested in Bitcoin (BTC) ETFs (Exchange Traded Funds). BNY Mellon, the oldest bank in the US, reported via an SEC (Securities and Exchange Commission) filing that the firm has exposure to BTC ETFs from BlackRock and Grayscale.

Also Read: Grayscale Bitcoin ETF Breaks Record With 72-Day Outflow Streak

The US SEC made a historic decision in January of this year to approve 11 spot Bitcoin ETFs. American crypto investors had long asked for a spot BTC ETF, and their prayers were answered earlier this year. The approval of the BTC ETFs took the crypto market by storm, leading to BTC hitting a new all-time high of $73,737 in March.

The growing demand for BTC ETF exposure shows the rising interest in the emerging asset class among institutional investors.

Hong Kong’s Bitcoin ETF to send BTC to a new high?

While the US BTC ETFs are making a lot of waves, the Hong Kong financial authorities have also approved spot Bitcoin and Ethereum ETFs. According to the authorities, the BTC and ETH ETFs will be available for trading on Apr. 30, 2024. While an ETH ETF has been approved in Hong Kong, the US is still struggling for a similar financial vehicle.

Also Read: Hong Kong Bitcoin & Ethereum ETFs to Begin Trading April 30th

The Hong Kong BTC and ETH ETFs may lead to another market-wide rally. According to CoinCodex, Bitcoin (BTC) will hit a new all-time high in May, going as high as $85,195 on May 23, 2024. Reaching $85,195 from current levels would translate to a growth of about 32.6%.

Furthermore, if the US approves a spot ETH ETF, we may witness another massive rally in the crypto market, especially for Ethereum. ETH is currently down by nearly 36% from its all-time high of $4,878.26, which it attained in November 2021.