- India's Path to Leadership in Crypto Market
- Experts' Opinions on Cryptocurrencies
- Recent Events and Market Data
India ranks first in the number of Bitcoin holders. According to a recent report from Chainalysis, India is also one of the fastest-evolving crypto markets globally.
India's Path to Leadership in Crypto Market
India is steadily cementing its position in the crypto market, which is confirmed by the data on the largest number of Bitcoin holders.
Experts' Opinions on Cryptocurrencies
Matt Hougan, the Chief Investment Officer at Bitwise, asserts that significant allocation towards BTC in financial advisor-client accounts may still be way off, but an increasing number are allocating to digital assets in their portfolios. “More than anything, what I took from the event is that a wave of the most powerful people in finance are finally allocating to crypto. When it spreads from them to their clients, things could get interesting quickly,” noted Hougan at the Barron’s Advisor 100 Summit, a gathering of the top financial advisors in the U.S. He further notes: “Those of us who live and breathe crypto 24/7/365 might forget, but buying a little bit of Bitcoin is incredibly powerful for people. A personal connection breeds familiarity. When you hold and track BTC in your own portfolio, fear and dismissal tend to give way to curiosity and, eventually, comfort.”
Recent Events and Market Data
In August 2024, Bitwise announced the acquisition of Osprey Bitcoin Trust (OBTC) to expand in the Bitcoin ETF category. The deal will transfer Osprey’s $120M assets to the Bitwise Bitcoin ETF (BITB). As a result, OBTC unit holders will get BITB shares. On August 19, it came into the spotlight that Bitwise had acquired ETC Group, a London-based firm, with the aim of expansion in Europe. The deal amount remains undisclosed. ETC services include ETP, a physical bitcoin product (BTCE), and staked ether ETP (ET32). According to data from Crunchbase, Bitwise has gathered funds from investors such as Khosla Ventures, Julie Zhuo, Adam Nash, Highland Capital Partners, and Henry Kravis, among others. Data available on CoinAnk states that BITB, the ETF by Bitwise, has a trading price of $34.51, and its total net inflow as of September 23, 2024, was $2.07 billion. It holds 38313.30 Bitcoins in its assets and has $2.43 billion in market capitalization. The ongoing bulls dominance has helped the market capitalization to recover to $2.25 trillion with an intraday surge of 1.10%. Different experts attribute various reasons behind the surging prices of BTC; some cite FED rates, while others say the U.S. election hype has pushed the price to new heights. Until publishing, Ethereum, the second most prominent cryptocurrency in the market, was trading at $2,642, with a surge of 15.21% in the past seven days.
India continues to strengthen its position in the crypto market, while leading experts and companies like Bitwise actively develop and expand their presence. Growing investments in cryptocurrencies and recent acquisitions only highlight the significance and potential of the market in the coming years.
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