As the world's leading custodial bank and a long-established financial institution in the United States, Bank of New York Mellon recently disclosed its investment in a Bitcoin ETF.
According to SEC filings, the bank has participated in Bitcoin ETF products offered by well-known asset management company BlackRock and Grayscale, which focuses on cryptocurrency investments. This action reflects the growing interest of institutional investors in the cryptocurrency asset class.
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 marks the global acceptance of the cryptocurrency asset class and heralds the wider integration of cryptocurrencies into traditional financial markets in the future.
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.
Currently, Ethereum (ETH) is trading at a large discount to its all-time high in November 2021, which may mean that 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. #纽约梅隆银行 #比特币ETF