Crypto exchange Gemini has unveiled its comprehensive 2024 global crypto report, shedding light on the current investor attitudes and ownership trends in the digital asset space. This report is especially significant given the newly introduced Ethereum and Bitcoin ETFs.
Spot Ethereum & Bitcoin ETFs Drive Billions In Institutional Inflows
Released on Tuesday, the report highlights a notable rally in the cryptocurrency market in 2024, following two challenging years. The market has seen long-term holders reaffirming their commitment to accumulating digital assets despite obstacles, particularly after the approval of Ethereum and Bitcoin ETFs.
Gemini’s findings suggest that past investors are poised to re-enter the market, with spot Ethereum and Bitcoin ETFs drawing billions in institutional inflows.
The report indicates that crypto adoption has remained stable in key markets. In the United States, 21% of individuals identify as crypto owners, while in the United Kingdom, the figure stands at 18%. France saw an increase in ownership from 16% to 18%, whereas Singapore experienced a slight decline from 30% to 26%.
Marshall Beard, COO of Gemini, commented on these findings, noting that “Crypto investors have shown their resilience over numerous market cycles throughout the years, and the latest downturn was no exception. The introduction of spot crypto ETFs in the United States and significant progress towards thoughtful regulation in many jurisdictions globally has positioned the industry for strong growth as retail investors rejoin the crypto market or get started for the first time.”
Regulatory Uncertainty Remains Major Barrier For Crypto
The report also delves into various trends and barriers within the crypto landscape. A significant portion of non-crypto owners in the US and UK, nearly two in five, cited regulatory uncertainty as a major deterrent to investing in digital assets. In France, 32% of respondents shared similar concerns, while in Singapore, nearly half (49%) indicated worries about crypto regulations.
When it comes to investment intentions, 57% of crypto owners expressed a willingness to allocate 5% or more of their investment portfolios to digital assets. Additionally, over a quarter (26%) of previous owners showed interest in re-entering the market, suggesting a potential influx of capital.
However, the report points out the persistent gender disparity in crypto ownership. In 2024, 69% of crypto owners identified as male and 31% as female, compared to 58% and 42% in 2022. It’s important to note, though, that women who engage with the crypto market are just as likely as men to adopt a buy-and-hold strategy.
Moreover, ETFs have played a crucial role in the growth of the crypto sector. In the United States, 37% of cryptocurrency owners reported holding some of their assets through Ethereum or Bitcoin ETFs, and 13% stated they own crypto exclusively through these investment vehicles.
The report also highlights the increasing significance of cryptocurrency in the US political landscape. For the first time, cryptocurrency has emerged as a significant issue in US elections. According to the report, 73% of crypto owners said they would consider candidates’ digital asset policies when voting for the next president, underscoring the growing importance of crypto in the political arena.
Current Market Status
The 1-day chart shows Bitcoin’s price volatility over the past few days. At the time of writing, Bitcoin is trading at $56,700, showing almost no change from Tuesday’s price, as the largest cryptocurrency on the market failed to consolidate above $57,000 in the last 24 hours.
