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Market Pulse Q2'24

Primers

Market Pulse | Q2 2024 Key Takeaways

 

Ecosystem developments:

Bitcoin’s halving once again demonstrated BTC's unique monetary properties, allowing it to strengthen as a novel store of value asset going forward. We anticipate its price to benefit in H2’24 from this event as it has in previous post-halving cycles.

 

Institutional adoption:

The State of Wisconsin Investment Board’s $164 million investment in bitcoin ETFs is the clearest signal we have seen that the world’s largest pension funds are evaluating how to get exposure to bitcoin and other crypto assets.

 

Regulatory clarity:

The SEC’s approval of the listing rules for spot ETH ETFs in the US was potentially not priced in and is accelerating the entrance of crypto assets beyond bitcoin into the portfolio’s of mainstream investors. If approved, we anticipate $5B in flows to these ETFs in H2:24.

 

We anticipate more developments in these three areas in the second half of the year, developments that will likely be supported by Fed policy and a more favorable regulatory climate following the US elections. A convergence of these factors and potentially others should help crypto’s transition from a recovery phase to bull market.

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