2024 Predicted as Major Year for Crypto: Bloomberg Analyst Highlights Key Catalyst for Billions in Inflows
A Bloomberg Intelligence crypto analyst predicts that the next year will be significant for digital currencies.
On X social media, Jamie Coutts reveals that the US holds 80% of Bitcoin (BTC) fund assets, even with the SEC's crypto position. He highlights that Grayscale alone accounts for 55% of this. Coutts predicts a surge in Retail/RIA/institutional capital towards US ETFs in 2024, indicating a pivotal year for crypto investments.
This week, a US federal judge ordered the SEC to review Grayscale's proposal to transform the Grayscale Bitcoin Trust into an ETF, resulting in a positive price surge in the crypto markets.
Jamie Coutts pointed out that Bitcoin's active entities soared to nearly 340,000 recently, hinting at anticipation before the Grayscale ETF decision. Post Grayscale's legal success, this number declined to about 280,000 – a midpoint in its three-year span.
At the time of this report, Bitcoin's price stands at $27,310. The leading crypto by market capitalization has decreased by over 1% in the last day but witnessed a 3.3% growth over the week.
Aug 31, 2023
