BNY Mellon has disclosed that it invested in Bitcoin ETFs. BNY Mellon – the oldest US bank – reported through the SEC. filing The firm is exposed to BTC ETFs offered by BlackRock and Grayscale.
Also Read: Grayscale Bitcoin ETF Breaks Record With 72-Day Outflow Streak
In January this year, the US SEC took a landmark decision by approving 11 Bitcoin spot ETFs. American crypto investors have been asking for an ETF that tracks BTC since the beginning of 2018. Their prayers were finally answered in early this year. BTC hit a record high in March of $73,737 after the BTC ETFs were approved.
Institutional investors’ growing interest in BTC ETFs is reflected by the increasing demand for BTC ETFs.
Hong Kong’s Bitcoin ETF will send BTC up to new heights?
The US BTC ETFs have been making waves. However, Hong Kong’s BTC ETFs also are making waves. financial Also, the authorities approved Bitcoin and Ethereum spot ETFs. Authorities have confirmed that BTC and ETH exchange-traded funds will begin trading in April. 30, 2024. Hong Kong’s ETH ETF is now available, however the US has yet to approve a comparable ETF. financial vehicle.
Also Read: Hong Kong Bitcoin & Ethereum ETFs to Begin Trading April 30th
Hong Kong BTC ETFs and ETH ETFs could lead to a new market rally. CoinCodex predicts that Bitcoin (BTC), will reach a new high of $85,195 in 2024. From current levels, $85,195 would represent a gain of approximately 32.6%.
If the US approves an ETH spot ETF we could see another huge rally on the crypto markets, and especially Ethereum. ETH’s current value is down nearly 36% compared to its record high, $4,878.26. This was reached in November of 2021.
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Source: watcher.guru