Jamie Coutts, a cryptocurrency analyst at Bloomberg, recently predicted that next year will be an impressive year for the industry.
his august 30th Twitter, Jamie Coutts reveals that despite the fact that cryptocurrencies have been ‘brought to its knees’ by the SEC over the past decade, the United States still holds a whopping 80% of Bitcoin. Only the giant cryptocurrency asset management company Grayscale boasts a 55% share.
Despite being overwhelmed by the SEC for a decade while other jurisdictions made the leap to spot ETP solutions, the United States still accounts for 80% of all ETP solutions. #Bitcoin fund assets #grayscale This is 55% of the total. Now we are looking to unlock billions of dollars in retail/RIA/institutional capital. pic.twitter.com/2recEfzhTr
— Jamie Coutts CMT (@Jamie1Coutts) August 30, 2023
He added that 2024 will see significant flows of funds into the market from retail and institutional investors via US-based Bitcoin ETFs. Jamie Coutts concluded his tweet with the prediction that ‘2024 is going to be quite the year.’
In his other tweet, the analyst said highlighted The number of addresses holding Bitcoin has now fallen after a surge last week as investors prepare ahead of the ETF ruling.
those spikes #Bitcoin The active companies we mentioned last week now feel like they’re ahead of the Grayscale ETF ruling. The entity has now pulled back to the midpoint of its three-year range of ~280,000. https://t.co/oD08GUK48J pic.twitter.com/vaZVBrDfca
— Jamie Coutts CMT (@Jamie1Coutts) August 29, 2023
Jamie Coutts’ tweet came after the court granted Grayscale’s request and asked the SEC to reconsider its Bitcoin ETF rejection.
This news caused great excitement throughout the industry and caused the price of Bitcoin to skyrocket. Within hours of the decision, the leading cryptocurrency crossed the $28,000 price level from the low of $26,000. On August 29, when the decision was announced, Bitcoin rose more than 6%. Bitcoin is currently trading at $27.2,000 and is up 3.7% for the week. However, the price of the coin has not changed in the last 24 hours.
Bitcoin ETFs are essential to the future of cryptocurrency if the industry is to attract significant retail and institutional investment. Bitcoin ETFs will make cryptocurrency investing mainstream and relatively safer.
It should be mentioned that the SEC rejected Grayscale’s application to convert the spot Grayscale Bitcoin Trust (GBTC.PK) into an ETF listed on the Arca market of the New York Stock Exchange.