Published on 13 Jan 2025 on Benzinga
Bitcoin's 2024 Revolution: ETPs Double Crypto Market Cap, Big Winners Emerge
Bitcoin BTC/USD broke new ground in 2024 with the launch of its spot exchange-traded products (ETPs). According to JPMorgan analyst Kenneth B. Worthington, the impact was game-changing. From institutional adoption to market expansion, crypto's TradFi marriage reshaped the financial landscape—and a few key players reaped the rewards.
The total market cap for cryptocurrencies nearly doubled in 2024, driven in part by ETPs boosting accessibility and lending legitimacy to digital assets. Worthington notes that hedge funds, pension managers, and wealth advisors flocked to Bitcoin ETPs, propelling market confidence. With ~$36 billion in net new assets flowing into Bitcoin ETPs in just a year, BlackRock's IBIT led the charge, raking in ~$38 billion in net sales.