'Rest Of The World Is Buying Bitcoin ETFs': Is 2024 The Year Of Institutional Adoption?

ByteTree founder Charlie Morris in his weekly roundup noted that while Bitcoin ETFs are banned in some countries — North Korea, China, and the U.K. — the rest of the world is buying.

The firm's own data shows that token holdings surged to 863,434 this week — the highest level peaked since April 2022.

In the past month, the funds added around 22,100 Bitcoins. The gain comes amid BTC’s rally, led by the optimism around spot bitcoin ETF approval.

Price Action: At the time of writing, BTC prices are changing hands at $37.156 reporting a gain of 1.2% in today’s trade until now. The past week reported a 6% increase.

Also Read: Sixth Week Of Cryto Inflows Total Over $261M, 2023 Officially Eclipses All Of 2022

Digital asset management firm CoinShares reported $767 million in net inflows over the past six weeks, the highest since the 2021 bull market, CoinDesk reported.

James Butterfill, head of research at CoinShares, noted inflows into digital asset funds to date have exceeded $1 billion.  

The report indicates annual outflows associated with Ethereum narrowed by $30 million, as reported by Decrypt. "Investors will slowly realize Ethereum is the only asset which is deflationary and offers a yield. It’s actually quite different than Bitcoin—more like a high-yield tech stock," Butterfill added.

Meanwhile, Galaxy Digital BRPHF founder Mike Novogratz told investors that 2024 will be the year of institutional adoption of cryptocurrencies led by the pending approval of Bitcoin spot ETFs, stated in a third-quarter earnings call.

With inflows at their highest levels, broader discussions on the future of digital assets will explore this topic at the upcoming Benzinga's Future of Digital Assets conference, scheduled for Nov. 14. The conference is set to bring industry leaders and investors together, providing a fertile ground for discussions that reflect the current positive investment trends.

“2024 is going to be a year of institutional adoption, primarily first through the Bitcoin ETF, which will be followed by an Ethereum ETF,” Novogratz said during the Q3 earnings call.

For 2025, institutional investment is expected to rise significantly, with investments in tokenization and wallets ramping up.

Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov. 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them.

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