As a seasoned analyst with a decade of experience in the financial markets, I have witnessed the evolution of digital assets from mere curiosities to mainstream investment options. The latest report by Gemini, shedding light on current investor attitudes and ownership trends, is an intriguing testament to this transformation.
Gemini, a cryptocurrency exchange, recently unveiled their 2024 Global Crypto Report, which provides essential information about the sentiments and investment patterns of current crypto investors regarding the digital assets market. This report is particularly relevant in light of the recent introduction of Ethereum and Bitcoin ETFs.
Spot Ethereum & Bitcoin ETFs Drive Billions In Institutional Inflows
In simple terms, published on Tuesday, the report reveals that after two years marked by upheaval, the cryptocurrency market witnessed a substantial surge in 2024. Notably, long-term investors proved their confidence in digital assets by amassing them, even in the face of obstacles stemming from the endorsement of Ethereum and Bitcoin ETFs.
Significantly, it’s being suggested that previous investors are preparing to return to the market, driven by the surge of institutional investment into Spot Ethereum and Bitcoin ETFs, which have attracted billions.
The report reveals that crypto adoption has remained stable in key markets, with 21% of individuals in the United States and 18% in the United Kingdom identifying as crypto owners.
In France, the percentage of ownership rose from 16% to 18%, whereas in Singapore, there was a minor decrease, as ownership dipped from 30% to 26%. Marshall Beard, Gemini’s COO, offered his thoughts on these results:
Investors in cryptocurrency have demonstrated their ability to bounce back from various market fluctuations over the years, and the recent dip was no different. The launch of spot Bitcoin ETFs in the U.S. and advancements toward sensible regulation across multiple global regions are setting the stage for robust growth as more retail investors re-enter or even venture into crypto markets for the first time.
Regulatory Uncertainty Remains Major Barrier For Crypto
The report highlights several trends and barriers in the crypto landscape. Notably, nearly two in five non-crypto owners in the US and UK cited regulatory uncertainty as a significant deterrent to investing in digital assets.
In France, around a third (32%) of the people surveyed shared similar apprehensions, whereas almost half (49%) of those questioned in Singapore expressed concerns related to cryptocurrency regulations.
Approximately 57% of crypto holders plan to invest at least 5% of their total investment portfolio into digital currencies. Furthermore, about a fourth (26%) of past owners are considering returning to the market, indicating a possible surge in funds coming back in.
It’s worth mentioning that according to Gemini’s findings, the gap between male and female participation in cryptocurrency ownership persists, with approximately 69% of owners being males and 31% females in the year 2024. This is a significant increase compared to the 58% male and 42% female ownership rate seen in 2022. Yet, it’s important to highlight that women who participate in the crypto market are equally prone as men to employ a buy-and-hold investment strategy.
To add to this, the report underscores the impact that Exchange-Traded Funds (ETFs) have on fostering expansion in the cryptocurrency sector. In America alone, it’s been found that approximately 37% of cryptocurrency owners possess some of their assets using Ethereum or Bitcoin ETFs, while a further 13% exclusively own crypto via these investment channels.
For the initial time in U.S. elections, cryptocurrency has become a substantial topic. According to the data, about 73% of crypto holders revealed their intention to evaluate candidates’ digital asset policies while choosing the next president, demonstrating the increasing relevance of cryptocurrency within the political sphere.
Currently, as I’m typing this, one Bitcoin is being exchanged for approximately $56,700. There was barely any fluctuation compared to its price on Tuesday, as the leading cryptocurrency on the market struggled to maintain a position above $57,000 over the past day.
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2024-09-12 11:12