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Crypto activity in 2024 surpasses 2021 peak fueled by bitcoin etfs  chainalysis
Crypto activity in 2024 surpasses 2021 peak fueled by bitcoin etfs  chainalysis

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Bitcoin Activity Surges in 2024, Exceeding 2021 Levels Due to ETF Launch

In 2024, global Bitcoin activity has surpassed all-time highs set during the bull market in 2021. This is mostly due to the launch of Bitcoin ETFs in the US. Even though use of Bitcoin ETFs went up a lot, they lost a lot of money later in the year.

In 2024, Bitcoin activity has hit a level that has never been seen before, topping the high point of the 2021 bull run. Most of this rise can be traced back to the start of Bitcoin exchange-traded funds (ETFs) in the US in January 2024.

The latest report from blockchain data company Chainalysis says that the number of Bitcoin transactions reached a new high. The usage index reached 0.8 in the fourth quarter of 2024, which was higher than the 0.7 peak from the same time in 2021. The measure did, however, go down a little, to 0.68 by the second quarter of 2024.

The study says that the launch of spot Bitcoin ETFs in the US greatly increased Bitcoin activity around the world, especially in higher-income areas like Western Europe and North America. According to Matt Hougan, Chief Investment Officer at Bitwise, these ETFs have become the fastest-adopted new ETFs in history as they have been quickly accepted by wealth managers.

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Satpal S
Satpal is an Editor and Author at 4C Media Co, specializing in all stories and news related to crypto and finance.
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