Hashdex predicts U.S. spot Bitcoin and Ether ETFs will launch by Q2 2024, sparking further crypto adoption and growth.
Crypto asset management firm Hashdex released its 2024 Crypto Investment Outlook report on December 4th, predicting that U.S. investors will have access to spot Bitcoin and Ether exchange-traded funds (ETFs) by Q2 2024.
The firm cited mounting signals in 2023 that point to an impending regulatory green light for crypto ETFs, including BlackRock’s high-profile application filing in June. Over a dozen asset managers have spot bitcoin ETF filings pending with the SEC.
“The exact timing of a spot bitcoin ETF in the U.S. remains unclear, but in 2023 the narrative around this product switched from a question of ‘if’ to a matter of ‘when’,” said Dramane Meite, Hashdex’s Head of Product for the U.S. and Europe.
Industry analysts have suggested the approval of spot crypto ETFs could unlock trillions in new investments.
Hashdex states “Spot ETFs will unlock the US retail and wealth opportunity —across financial advisors, direct retail, and private banks— a $50 trillion AUM market. This is larger than Europe, Canada, and Brazil combined—three markets where crypto ETPs already exist.”
Beyond expanding access, Hashdex expects ETF approvals to accelerate product innovation. Specialized offerings that cater to different risk appetites will likely emerge on the heels of vanilla single-asset funds.
The upcoming Bitcoin halving in April, which cuts the issuance rate of new Bitcoin, presents a second catalyst that Hashdex believes will stoke a bull market in 2024. The firm remains upbeat on crypto’s growth trajectory despite the turbulence of 2022.
“Those of us that have been proselytizing crypto for many years have become accustomed to a roller coaster ride of highs and lows. But through this journey the most committed players in this space have not wavered from one belief: crypto will change the world for the better.,” said Hashdex CIO Samir Kerbage.
