US Banks Ditch Bitcoin for Ethereum, Solana, and XRP Amid Market Shift
The latest data from the Basel Committee on Banking Supervision (BCBS) reveals that US banks have reduced their exposure to Bitcoin in favor of other cryptocurrencies. According to the data, Bitcoin's share of cryptocurrency exposure among US banks has decreased from 75.8% to 44.2%. This significant decline means that BTC now accounts for less than half of the cryptocurrency risk portfolios of banks in the United States.
Ethereum's share has increased to 38.5%, making it a more prominent player in the cryptocurrency market among US banks. Solana and XRP also saw an increase, with SOL's share recorded at 7.8% and XRP's at 5.6%. The total crypto asset risk of banks remains unchanged, indicating that the decrease in Bitcoin's weighting was offset by an increase in other cryptocurrencies.
The data also shows a significant shift in cryptocurrency transactions conducted by banks on behalf of their clients. In the Americas, the volume of such transactions increased by 93% compared to the previous period, reaching €6.4 billion. However, in Europe, similar client transactions decreased by 25%, falling to €1.9 billion.