Banks shrink crypto custody by 66% in 2022, BIS study shows



Banks around the world have reduced their cryptocurrency assets under custody to EUR 1.0B (US$1.06B) in 2022 from EUR 3.0B in 2021, according to a recent study by the Bank for International Settlements.

The roughly 66% drop in banks’ crypto custody over the past year coincided with a market crash stemming from a slew of high-profile failures, ranging from the collapse of the Terra blockchain () () in May to crypto exchange FTX’s () implosion in November. Bitcoin (), the largest token by market cap, sank about 65% during the year, marking the worst Y/Y slump since plunging ~75% in 2018.



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