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On January 8, 2024, the cryptocurrency market experienced a pullback. This phenomenon may have been influenced by the more hawkish signals from the Federal Reserve. In December 2024, after an increase in cryptocurrency valuations at the beginning of the year, a decline occurred. Bitcoin and Ethereum's exchange-traded products (ETPs) were launched in the U.S. market in 2024, with a total inflow of funds reaching $38 billion. However, Bitcoin and Ethereum fell by 3% and 10% respectively in December.

It is noteworthy that the financial cryptocurrency sector performed well in December. Grayscale Research believes this market segment may benefit from the upcoming regulatory changes and new legislation from the U.S. government. Additionally, decentralized finance (DeFi) and assets related to decentralized artificial intelligence (AI) technology remain the focus of the market.

Overall, in December 2024, the cryptocurrency market took a breather against the backdrop of major stock index pullbacks and rising bond yields. Although Bitcoin ended 2024 with a 121% increase, the FTSE/Grayscale Cryptocurrency Industry Market Index (CSMI) fell by 6% in December, giving back about 15% of the gains from November. This pullback is seen as a common feature in the cryptocurrency bull market.