Banks across the globe had a total of 341.5 billion euros ($ 368.3 billion) in crypto assets that are under detention in the second quarter of 2024, but Spot Crypto assets now make up less than 3% of banks’ inventory -down significantly from a few years ago, Data from Standard Setter Basel Committee showed on Banking over -BCBS (BCBS) on Wednesday.

BCBS, which focuses on setting measures to secure the stability of the banks, collected voluntary and confidential submissions from 176 banks and 115 is internationally active-in June 2024.

Global watchdogs have been watching where the financial sector is with crypto after the collapse of crypto-friendly banks such as Signature Bank and Silicon Valley Banks in 2023. BCBS also recommended that banks’ spot-crrypto exposure should not exceed 2% in December 2022.

Banks seem to follow this; Their exposure to Spot Crypto holdings fell 44% between 2021 to 2022. From the June 2024 survey, Banks had almost no spot-crypto of 2.46%, rather than preferring exchange-traded products. About 92.5% of Banks’ holdings are now in these more regulated products that track crypto prices, rather than crypto assets themselves, the BCBS survey showed.

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