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Banks' Spot Crypto Holdings Continue to Collapse as Firms Move to ETPs
Global banks held $367 billion in crypto assets under custody in Q2 last year, data from the Basel Committee on Banking Supervision showed.
26 mars 2025, 5:33 p.m. Traduit par IA
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What to know:
- 29 banks held a total of 341.5 billion euros ($368.3 billion) in crypto assets under custody in Q2 last year.
- As of the June 2024 survey, banks held almost no spot crypto, at 2.46%, instead preferring exchange-traded products.
- Global watchdogs have been keeping a close eye on how interlinked the financial sector is with crypto.
Banks across the globe held a total of 341.5 billion euros ($368.3 billion) in crypto assets under custody in the second quarter of 2024 but spot crypto assets now make up less than 3% of banks' holdings — down significantly from a few years ago, data by standard setter Basel Committee on Banking Supervision (BCBS) showed on Wednesday.
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BCBS, which focuses on setting measures to ensure the stability of banks, gathered voluntary and confidential submissions from 176 banks — of which 115 are internationally active — in June 2024. The data showed that just 29 banks contributed to the 341.5 billion euro figure, and the vast majority hold exchange-traded products tracking crypto over cryptocurrencies.
Global watchdogs have been keeping a close eye on how interlinked the financial sector is with crypto following the collapse of crypto-friendly banks like Signature Bank and Silicon Valley Banks in 2023. The BCBS also recommended that banks' spot crypto exposure should not exceed 2% in December 2022.
Banks appear to be following through on this; their exposure to spot crypto holdings fell 44% between 2021 to 2022. As of the June 2024 survey, banks held almost no spot crypto, at 2.46%, instead preferring exchange-traded products. About 92.5% of banks' holdings are now in these more regulated products tracking crypto prices, rather than crypto assets themselves, the BCBS survey showed.
Read more: Blackrock to List Bitcoin ETP in First Crypto Foray Outside of U.S.
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