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Crypto’s Biggest Year: Key Events of 2024 That Shaped the Industry
2024 has been a groundbreaking year for the crypto world, with several major events that helped push the market to new heights. From the SEC approving Bitcoin ETFs to a wild meme coin rally, here are the five most influential events that defined the year.
SEC Approves Spot Bitcoin ETFs
In late 2023, Grayscale won a surprising legal battle against the SEC, allowing it to convert its Bitcoin Trust into an exchange-traded fund (ETF). This sparked excitement for asset management firms to bring Bitcoin into institutional markets. In January 2024, the SEC approved 12 Spot Bitcoin ETFs, making it possible for retail investors in the U.S. to invest in Bitcoin easily. This move had an immediate impact, with millions of dollars flooding into these funds. In fact, Bitcoin ETFs grew faster than any other ETFs in history. As a result, Bitcoin quickly surpassed its 2021 all-time high and broke the $70,000 mark by March 2024.
By Christmas 2024, these 12 U.S. Spot Bitcoin ETFs had a total value of over $105 billion, holding nearly 5.7% of the total Bitcoin supply. These ETFs now manage more assets than Gold ETFs. This success has opened doors for more institutional interest in crypto. Following Bitcoin's success, Ethereum ETFs were approved, and other altcoins may follow.
“This year’s momentum shows how regulated financial products drive crypto adoption. The strong demand for these investment tools is encouraging financial institutions to expand their offerings. In 2025, we expect even more crypto ETFs to launch,” said Forest Bai, Co-founder of Foresight Ventures.