Crypto Custody Expands in UAE as Bitcoin ETFs See Strong Inflows Despite Miner's Loss
Crypto Custody Expands in UAE as Bitcoin ETFs See Strong Inflows Despite Miner's Loss
BNY Mellon is expanding its crypto custody services to Abu Dhabi, signaling growing institutional adoption in the region. Meanwhile, the Bitcoin market presents a mixed picture: a major miner, Core Scientific, reported a net loss for Q1, but spot Bitcoin ETFs have recorded a strong five-day inflow streak totaling nearly $1.7 billion, indicating robust investor interest.
BNY Mellon Expands Crypto Custody to UAE
BNY Mellon announced its expansion into the UAE's crypto custody market through partnerships with Finstreet and ADI Foundation. This move highlights the increasing institutional interest and demand for secure digital asset services in key global financial hubs like Abu Dhabi, reinforcing the global push for institutional-grade crypto services.
Bitcoin Miner Faces Q1 Loss Amidst Positive ETF Inflows
In the Bitcoin ecosystem, Core Scientific, a prominent Bitcoin miner, reported a net loss in its first quarter despite higher revenue. The loss was primarily driven by impairment charges, indicating challenges faced by some mining operations amidst evolving market conditions.
However, the broader Bitcoin investment landscape shows strong positive momentum, with spot Bitcoin ETFs achieving a five-day consecutive inflow streak, accumulating nearly $1.7 billion. This extended period of net inflows suggests strong and sustained investor confidence in Bitcoin as an asset class, marking what could be the longest weekly streak since July 2025 for these investment vehicles.