Cryptocurrency exchange Gemini has released its 2024 Global Cryptocurrency Report, which provides valuable insights into current investor sentiment and Property Trends In the digital assets space, looking at the newly launched Ethereum and Bitcoin ETFs.
Ethereum, Bitcoin ETFs Drive Billions in Institutional Flows
the a reportAfter two turbulent years, the cryptocurrency market is set to see a major rally in 2024, with long-term holders of digital assets showing a willingness to accumulate digital assets despite some challenges following the approval of Ethereum and Bitcoin exchange-traded funds, a new study released Tuesday showed.
Notably, Gemini claims that previous investors appear ready to re-enter the market as Ethereum and Bitcoin ETFs attract billions of dollars in institutional inflows.
The report reveals that crypto adoption has remained stable across major markets, with 21% of individuals in the US and 18% in the UK identifying themselves as crypto holders.
In France, ownership rose from 16% to 18%, while Singapore saw a slight decline, with ownership falling dropping From 30% to 26%. Marshall Bird, COO of Gemini, commented on the results:
Cryptocurrency investors have proven their resilience through numerous market cycles over the years, and the recent downturn was no exception. The introduction of spot cryptocurrency ETFs in the United States and significant progress toward thoughtful regulation in many jurisdictions around the world have positioned the industry for strong growth as individual investors return to the crypto market or enter the market for the first time.
Regulatory uncertainty remains a major barrier to cryptocurrencies.
The report highlights several trends and barriers in the crypto landscape. Notably, nearly two in five non-crypto owners in the US and UK reported Regulatory uncertainty As a major deterrent to investing in digital assets.
In France, 32% of respondents expressed similar concerns, while nearly half (49%) of respondents in Singapore cited concerns about encryption regulations.
In terms of investment intentions, a majority (57%) of cryptocurrency owners expressed a willingness to allocate 5% or more of their portfolio to digital assets. Additionally, more than a quarter (26%) of former owners expressed an interest in returning to the market, indicating a potential influx of capital.
However, Gemini notes that the “gender disparity” in Cryptocurrency Ownership This phenomenon remains evident, with 69% of crypto owners identifying as male and 31% as female in 2024, compared to 58% and 42% in 2022. However, women who engage with the crypto market are just as likely to adopt a buy-and-hold strategy as men.
Furthermore, the report emphasizes the role of ETFs in driving growth within the cryptocurrency sector. In the United States, 37% of cryptocurrency owners reported holding some of their assets through Ethereum or Bitcoin ETFs, and 13% indicated that they hold cryptocurrencies exclusively through these investment vehicles.
Finally, cryptocurrencies have emerged as a major issue in the US election for the first time. According to the report, 73% of US voters Cryptocurrency owners They stated that they will take candidates’ digital asset policies into account when voting for the next president, reflecting the growing importance of cryptocurrencies in the political landscape.
At the time of writing, Bitcoin is trading at $56,700, almost unchanged from Tuesday’s price, as the largest cryptocurrency in the market has failed to settle above $57,000 in the last 24 hours.
Featured image by DALL-E, chart by TradingView.com