Global banks' spot crypto holdings decline

With the launch of cryptocurrency exchange-traded funds (ETFs), the spot cryptocurrency holdings of banks around the world are on the decline, CoinDesk reported, citing data from the Basel Committee on Banking Supervision (BCBS). In the second quarter of 2024, 29 banks around the world were estimated to hold $368.3 billion in cryptocurrencies. Currently, the proportion of spot cryptocurrencies in bank holdings is less than 3%. This is a significant decrease from a few years ago. In December 2022, BCBS recommended that banks' spot cryptocurrency holdings should not exceed 2%.