CoinGecko: 2024 Q1 Crypto Industry Report
The first quarter of 2024 saw the total crypto market cap gain over $1.1 trillion fueled by the historical approval of spot Bitcoin ETFs in the United States.
The first quarter of 2024 saw the total crypto market cap gain over $1.1 trillion fueled by the historical approval of spot Bitcoin ETFs in the United States.
BlackRock has started heavy advertising for its IBIT Bitcoin ETF on Bloomberg’s home page to leverage its position in the current market momentum.
While outflows have decreased from the substantial $600 million observed in March, GBTC continues to face net redemptions.
On April 8, US spot Bitcoin ETFs suffered their worst day for net outflows since March 20, with funds experiencing a $223.8 million outflow.
Despite the uncertainty regarding Ethereum ETFs, the overall projection for Bitcoin is favorable.
Hougan’s bullish prediction is based on Bitcoin’s impressive growth of nearly 300% over the past 15 months.
The Bitcoin ETF market continues to see new competitors. Hashdex, a crypto asset management firm, announced its futures fund’s transformation into a spot product.
The Bitcoin market is expected to continue to grow and mature as more investors look for exposure to BTC through spot ETFs and other investment vehicles.
Grayscale’s Sonnenshein justified high fees due to GBTC’s liquidity and track record. He explained that other ETFs may offer lower fees because they lack a proven track record, and issuers are enticing investors with fee incentives.
Fortunately for VanEck, its decision to crash management fees to 0% until next year attracted record inflow for the company.