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Bitcoin: Taking over 2024 by storm
With less than 24h left until 2025, it’s time for a trip down memory lane. Of all the developments in 2024, the adoption of Bitcoin by the world’s largest asset managers and the subsequent approval of Bitcoin Spot ETFs was hands down the most impactful one. The move was not only a symbol of Bitcoin’s penetration into mainstream finance but also transformed accessibility to Bitcoin and catapulted its popularity and price to new heights.BlackRock’s IBIT was a landmark success: it became the world’s fastest-growing ETF, reaching $50 billion in record time and surpassing the holding of gold ETFs, underscoring the seismic shift in investor sentiment.Following the initial hype around Spot Bitcoin ETFs in late 2023, 2024 saw a sustained upward momentum. Bitcoin broke through resistance levels to establish new trading ranges, buoyed by ETF flows and macroeconomic tailwinds, more than doubling in price over the year. By the end of 2024, Bitcoin achieved a stunning 120% YoY return – see the chart below for the biggest profit-taking moments.
The 2024 halving
While the 2024 halving was somewhat overshadowed by the ETF phenomenon, it played a crucial role in reinforcing Bitcoin’s economic model. The halving was seamless, reducing Bitcoin’s block reward to 3.125 BTC and its designed inflation below 1%.
U.S. elections and Bitcoin advocacy
The U.S. presidential election added a new layer of excitement to Bitcoin’s narrative. With Bitcoin-friendly candidates shaping policy discussions, the election ignited unprecedented levels of anticipation for a crypto-welcoming regulatory framework. The groundwork laid in 2024 is expected to pave the way for significant regulatory clarity in 2025, bolstering confidence across the digital asset space.The most interesting data storyWhen banks fell in love with BTCSpot Bitcoin ETFs reached over $129 billion in assets under management (AUM) by mid-December, surpassing gold ETFs for the first time. Launched in January after a lengthy SEC review, these funds, led by BlackRock’s iShares Bitcoin Trust (IBIT), have seen significant inflows, driven by institutional confidence in Bitcoin. The dynamics and size of these inflows and outflows have highlighted shifting investor sentiment, underscoring the growing influence of Bitcoin ETFs in the market.The Numbers$3.71 trillion - Crypto’s record market cap in 202410,309 - Cryptocurrencies in circulation, reflecting a 25% growth this year195 - Stablecoins in circulation, enhancing liquidity across the market3,826 - Meme coins, contributing to a surge in market activity108.52 trillion - Bitcoin's mining difficulty, up 40% in 2024, setting a new recordLast words...Invity.io -
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