The world’s largest custodian bank, BNY Mellon, has revealed that it has invested in Bitcoin (BTC) exchange-traded funds (ETFs). BNY Mellon, the oldest bank in the United States, reported in a Securities and Exchange Commission (SEC) filing that it gained exposure to BTC ETFs from BlackRock and Grayscale.
The US SEC made history in January this year when it approved the first 11 spot Bitcoin ETFs. US crypto investors have long pleaded for a spot BTC ETF, and their prayers were answered earlier this year. The approval of Bitcoin ETFs sent shockwaves through the crypto market, leading to BTC hitting a new all-time high of $73,737 in March.
The growing demand for exposure to Bitcoin ETFs shows the increasing interest in the nascent asset class by institutional investors.
Will Hong Kong Bitcoin ETFs Take BTC to New Heights?
While US crypto ETFs are making waves, 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 April 30, 2024. While an ETH ETF has been approved in Hong Kong, the United States is still struggling to get a similar financial vehicle approved.
The Hong Kong BTC and ETH ETFs could lead to another bullish rally across the broader market. According to CoinCodex, Bitcoin (BTC) is predicted to reach a new all-time high in May, hitting $85,195 by May 23, 2024. Reaching $85,195 from its current level would represent an increase of approximately 32.6%.
Furthermore, if the US approves a spot ETH ETF, we could see another major rally in the crypto market, particularly for Ethereum. ETH is currently down almost 36% from its all-time high of $4,878.26, which it hit in November 2021.
