Bitcoin’s first 2024 months have been nothing short of extraordinary, and counterparts like Ethereum, which had to gain a lot from the leader’s achievements, act as testaments to the success. Keeping an eye on the ethereum price cad can help investors and enthusiasts stay informed about market trends and opportunities Bitcoin, boasting a market cap of about $1.26 trillion and a market dominance standing at around 53.90%, has reached several milestones to remain the front and center of crypto. Ethereum and other top cryptocurrencies have consequently surged in price, demonstrating once again that Bitcoin drags its counterparts up with it every rally, as one can see from the current Ethereum price prediction 2025 that discloses a lot.
In recent months, the largest crypto globally has skyrocketed to over $73K and set new precedents. New Bitcoin-based products are now being offered by investment firms, namely spot Bitcoin exchange-traded funds (ETFs), by big-name entities like Valkyrie, Grayscale, Bitwise, and Invesco Galaxy, etc., while the likes of Morgan Stanley consider jumping in. With a crypto market cap that values over $2.48TN, according to the leading crypto data provider CoinGecko, it appears that Bitcoin and the rest of the cohort are seeing good days ahead. Despite a disheartening, yet habitual, downtrend in Bitcoin’s price, the leading crypto is expected to get through the rain before the rainbow. So, what are the current blessings in disguise that give investors a glimpse of hope?
Hong Kong Launches BTC and ETH Spot ETFs
Hong Kong’s jurisdiction surrounding Bitcoin, Ethereum, and the whole crypto ecosystem is yet to stop flabbergasting investors worldwide. First, there’s a lot of unclarity and complexity concerning the assets’ legal position. Despite the latest progress, the assets remain off the table for investors interested in them. After months of heated discussions, Hong Kong’s regulators have announced that spot Bitcoin and Ethereum ETFs have been greenlighted, similar to how they did in the U.S. earlier this year. Yet, the positive news and the hype created weren’t reflected in the ETFs’ activity during those times. The actual performance of the new listings fell short of expectations. To say it frankly, this should not come as a shock, considering the challenges surrounding these assets.
A significant limitation emerges due to the law prohibiting Ethereum and Bitcoin trading on the mainland, representing a reality that couldn’t leave ETFs unimpacted. Six months ago, the Hong Kong Monetary Authority and the Hong Kong Securities and Futures Commission communicated through a collective letter that the ETH and BTC futures ETFs and other similar to-be-issued projects can’t be offered to retail investors in regions where crypto-based products are prohibited, including mainland China.
However, the exciting part is that exceptions exist. Mainland investors possessing Hong Kong identity cards may break into ETF trading. As such, the comforting news means that peers with dual identity cards and mainland financial institutions can partake in crypto spot ETF activity in Hong Kong, with the pressing questions remaining to target the grey areas left that raise obstacles.
Bitcoin is Often Touted as the Safest Bet Amidst Increasing Fear Levels
Bitcoin’s dominance has been taking a hit lately, seeing the price chop bit by bit and making room for altcoins like Ethereum, Pepe, and Solana to shine. The market share drop occurs as the weightiest cryptocurrency’s value has sluggishly declined. Nevertheless, market sentiment questions the verdict on which primary crypto has reached its highest point.
The currently hiking fear levels exhibit market incertitude. They may encourage traders to re-shift their focus to Bitcoin, sending money into the leading crypto for its established position on the market instead of more volatile cryptocurrencies.
As per The Crypto Fear and Greed Index, the fifth month of the year displays the peak of fear among investors since January. The chances for the scenario to favor Bitcoin holders in the foreseeable future are considerable.
Morgan Stanley Could Offer Spot BTC ETFs Soon
Morgan Stanley, America’s oldest bank, just reported exposure to spot Bitcoin exchange-traded funds (ETFs). It is looking to allow its 15,000 brokers to pitch these services to their clients. The most current undertaking is a testament to the rising demand for these investment ventures and their potential to create new inflow sources to boost the bank’s capital.
The Securities and Exchange Commission (SEC) greenlighted the long-postponed ETFs earlier in January of this year, allowing big-name investment firms like VanEck and Grayscale to sell BTC ETFs to solicit customers and explore new money-making niches. The behemoth in question is working through the ranks to become the first central bank in the U.S. to greenlight such sales.
These investment tools may have leveled off after the super-frenzied start, but additional legs to prompt and speed up the adoption of digital assets exist.
Aggressive Inflows into the Largest BTC ETF Were Recorded
One of the most terrific pieces of news emerged from Grayscale’s exchange-traded fund after the pool registered capital injections worth 63 million dollars within a single day.
A Bloomberg Intelligence analyst, Eric Balchunas, expressed his astonishment concerning the massive inflows counted, giving investors a new reason to rejoice.
The latest news has more implications than meets the eye, though. The investment firm has indexed long, successive outflow series since its ETF debut in January, which were big enough to have the giant liquidate over 2,300 BTC a day after the big launch. However, following some withdrawals that began to decline progressively, the company announced a trend reversal. Investors started to jump on the offerings once again, which came as an indisputable bolt from the blue.
Unsurprisingly, the crypto markets are enthusiastic about the news from the ETF offerors.
Summing it up
Following a period of downturns, there’s light at the end of the tunnel, mainly from the heightened expectations regarding Bitcoin’s future and developing price. With the rising demand in ETFs registered by Grayscale and other investment firms and the new type of exposure that the first massive U.S. bank enjoys, Bitcoin is hands-down at the beginning of a new era.
Both newbies and experienced investors should treat the news precautionarily to ensure they’re making the most of their presumed Bitcoin investments. The best ally you can rely on is your knowledge, so let us keep you posted on whatever else Bitcoin may be cooking in the oven!