BNY Mellon embraces Bitcoin ETF, highlighting institutional interest in cryptocurrencies

As the world's leading custodian bank and a long-established financial institution in the United States, Bank of New York Mellon recently disclosed its investment in Bitcoin ETFs.

According to SEC filings, the bank has participated in Bitcoin ETF products offered by well-known asset management firm BlackRock and cryptocurrency investment-focused Grayscale, a move that reflects institutional investors’ interest in the cryptocurrency asset class. Growing interest.

At the beginning of 2023, the U.S. Securities and Exchange Commission (SEC) approved multiple spot Bitcoin ETFs, which was seen as a major benefit to U.S. cryptocurrency investors. The SEC’s decision was made against the backdrop of continued and strong market demand for such financial products. With the approval of ETFs, the cryptocurrency market has experienced significant growth, with Bitcoin prices hitting an all-time high of $73,737 in March, demonstrating strong interest from institutional investors in the emerging asset class.

In the Asian market, Hong Kong’s financial regulator has also approved spot ETFs for Bitcoin and Ethereum, which are expected to start trading at the end of April. This approval signals global acceptance of the cryptocurrency asset class and heralds a future in which cryptocurrencies will be more widely integrated into traditional financial markets.

Market analysis agency CoinCodex predicts that Bitcoin may reach a new high of $84,412 on May 25. This prediction may be affected by the news of the launch of the Hong Kong Bitcoin ETF. If the US SEC also approves a spot Ethereum ETF, it is expected to trigger another wave of significant growth in the global cryptocurrency market, especially for Ethereum, the second largest cryptocurrency by market capitalization.

Bitcoin Price Prediction | Source: CoinCodex

Ethereum (ETH) is currently trading at a significant discount to its all-time high in November 2021, which could mean it will benefit from greater participation from institutional investors in the future. As institutional investors further explore and invest in the cryptocurrency market, Ethereum and other cryptocurrencies may usher in new development opportunities.

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