World's largest Asset Custodian Bank, BNY Mellon Holds Bitcoin ETFs: Report

BNY Mellon, the world's largest custodian bank, has revealed its holdings in spot Bitcoin ETFs. In a recent SEC filing, BNY Mellon disclosed its holdings in BlackRock's and Grayscale's spot Bitcoin ETFs, namely IBIT and GBTC. 

Although the specifics of the exposure remain undisclosed, this move is a clear indicator of BNY Mellon's proactive approach to integrating with the evolving digital asset space.

This disclosure aligns BNY Mellon with other top-tier financial institutions that are embracing the burgeoning cryptocurrency market.

Financial giants like Morgan Stanley are reportedly exploring the cryptocurrency space, offering these modern investment vehicles to their clients. 

Performance and Impact of Leading Spot Bitcoin ETFs

The U.S. SEC's decision earlier this year to approve 11 spot Bitcoin ETFs marked a significant regulatory milestone. This approval has been a boon for the market, propelling Bitcoin to a new all-time high of $73,737 in March. 

BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Bitcoin ETF (FBTC) are leading the charge in the spot Bitcoin ETF market. After an impressive 71-day streak of inflows, IBIT saw its daily inflows halt but continues to break market records, amassing over $17.5 billion in assets. 

Despite this, Bitcoin spot ETFs have recently performed poorly as we saw $217 million in outflows on April 25. Bitcoin is trading at $64,450, with not much difference over the last 24 hours.