Bloomberg Analyst: 2024 Will Be a Big Year, With One Catalyst Sparking Billions in Crypto Inflows

The approaching year, according to a crypto market expert at Bloomberg Intelligence, might be quite significant for digital assets.

Despite the U.S. Securities and Exchange Commission's (SEC) stance on cryptocurrencies, Jamie Coutts claims on the social networking platform X that the US currently accounts for 80% of all Bitcoin (BTC) fund assets.

He points out that Grayscale, a digital asset management, accounts for 55% of the total by itself.

We are now hoping to release billions in retail, institutional, and RIA (registered investment adviser) funds that will flow into US-based ETFs. The year 2024 will be extraordinary.

image source: Jamie Coutts/X

The price of cryptocurrencies increased this week when a federal judge ordered the SEC to reevaluate Grayscale's request to turn the Grayscale Bitcoin Trust into an exchange-traded fund (ETF).

Almost 340,000 Bitcoin-related businesses are currently active, according to Coutts, who adds that this "now feels like positioning ahead of the Grayscale ETF ruling."

Since Grayscale's court triumph, the number of active organizations has decreased and is currently at about 280,000, which Coutts observes is the midpoint of the three-year range.

At the time of writing, the price of one bitcoin is $27,310. The top-ranked cryptocurrency asset by market capitalization is down over 1% over the last day but up over 3.3% over the last week.