It has been just revealed the fact that a Bloomberg analyst said that 2024 will be an extremely important year, as billions will flow into crypto. Check out the latest reports about this below.
Bloomberg Intelligence addresses 2024
According to a crypto market analyst at Bloomberg Intelligence, Jamie Coutts, the upcoming year could be a massive one for digital assets.
Coutts shared on X, a social media platform, that despite the U.S. Securities and Exchange Commission’s (SEC) stance on crypto, the United States currently accounts for 80% of total Bitcoin (BTC) fund assets.
More than that, Coutts highlighted that digital asset manager Grayscale alone represents 55% of the total.
“Now, we are looking at unlocking billions in Retail/RIA(registered investment advisor)/institutional capital that will flow into US-based ETFs. 2024 will be quite the year.”
According to an expert, Grayscale, a digital asset manager, makes up 55% of the total on its own.
The expert believes that unlocking billions in Retail/RIA/institutional capital will flow into US-based ETFs in 2024.
A federal judge recently ruled that the SEC must reconsider Grayscale’s application to convert the Grayscale Bitcoin Trust into an ETF, which gave the crypto markets a boost in price.
The expert also notes that the number of active Bitcoin entities recently spiked to nearly 340,000, which may be positioning ahead of the Grayscale ETF ruling.
Since Grayscale’s legal victory, the number of active entities has receded to around 280,000, which is the midpoint of the three-year range.
At the time of writing, Bitcoin is trading at $27,310, down more than 1% in the past 24 hours but up more than 3.3% in the past seven days.
Bloomberg analysts assert that a Bitcoin (BTC) exchange-traded fund (ETF) will undoubtedly launch by the year’s end and certainly by 2024.
ETF experts James Seyffart and Eric Balchunas estimate a 75% probability of a spot market BTC ETF launching by the end of 2023 and a 95% probability by next year’s end.
