Against the backdrop of Asia dominating the cryptocurrency market in 2023, the United States has regained its dominance in the cryptocurrency field with the launch of Bitcoin ETFs and Trump's victory. This change not only reflects the restoration of the importance of the United States in the cryptocurrency market, but also shows the return of institutional investors and the reconstruction of market depth.
Trump's victory propels the US into the crypto capital
According to Bloomberg, the US cryptocurrency market has ushered in a new era, partly due to the successful election of Donald Trump, who plans to bring more supportive policies to the cryptocurrency industry. Trump's policy shift has injected optimism into the market, and many people predict that under the promotion of the Trump administration, the United States will gradually become the world's "cryptocurrency capital." This optimism has also stimulated demand for cryptocurrency ETFs and derivatives markets, further driving the recovery of the US market.
Successful Launch of Bitcoin ETFs
At the beginning of 2024, the U.S. successfully launched a Bitcoin ETF, becoming an important factor in driving the market's recovery. The launch of the ETF not only provided investors with a more convenient investment channel but also increased institutional demand for cryptocurrencies. Analysts point out that BlackRock's iShares Bitcoin Trust (IBIT) has become one of the most successful ETFs in history, with daily trading volumes of over $500 billion and net inflows reaching $36 billion, indicating strong market interest in crypto assets.
Return of Institutional Investors
Compared to 2021, the U.S. share of Bitcoin/USD trading has increased from 40% to 53%. This change reflects the growing participation of institutional investors in the cryptocurrency market, especially driven by the ETF and derivatives markets. The influx of institutional investors has enhanced market liquidity and supported the recovery of depth in the cryptocurrency market. The number of open contracts for Bitcoin and Ethereum futures on CME has reached a historical high, further proving the market's recovery.
Future Outlook: The Arrival of More Cryptocurrency ETFs
In 2024, the United States not only approved Bitcoin and Ethereum ETFs but also paved the way for ETFs of other cryptocurrencies. Multiple ETF applications based on cryptocurrencies such as Solana, XRP, Litecoin, and HBAR have been submitted to the U.S. Securities and Exchange Commission (SEC). This series of initiatives is expected to further promote the development of the U.S. cryptocurrency market during President Trump's term.
The U.S. cryptocurrency market has recovered from the slump in 2023 and, with the support of the Trump administration's policies, has regained its leadership position in the global market. The successful launch of Bitcoin ETFs, the return of institutional investors, and the recovery of market depth mark a comprehensive recovery of the U.S. market. With the approval of more cryptocurrency ETFs, the U.S. is expected to continue leading the development of the cryptocurrency market and become a global center for crypto asset trading.
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