A crypto market analyst at Bloomberg Intelligence thinks the upcoming year could be huge for digital assets.
Jamie Coutts says on the social media platform X that the US currently accounts for 80% of total Bitcoin (BTC) fund assets despite the U.S. Securities and Exchange Commission’s (SEC) stance on crypto.
[adinserter block="1"]He notes that digital asset manager Grayscale represents 55% of the total on its own.
“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.”
Earlier this week, a federal judge ruled that the SEC must reconsider Grayscale’s application to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF), which gave the crypto markets a boost in price.
Coutts also notes that the number of Bitcoin active entities recently spiked to a high of nearly 340,000, which he says “now feels like positioning ahead of the Grayscale ETF ruling.”
The number of active entities has receded since Grayscale’s legal victory and now sits at around 280,000, which Coutts notes is the midpoint of the three-year range.
Bitcoin is trading at $27,310 at time of writing. The top-ranked crypto asset by market cap is down more than 1% in the past 24 hours but up more than 3.3% in the past seven days.
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