Key Takeaways
- Bitcoin activity in 2024 surpasses the 2021 peak.
- Bitcoin ETFs in the US triggered a global surge in Bitcoin use.
- Bitcoin ETFs saw $1.2 billion in outflows in September 2024.
Global Bitcoin transactions in 2024 exceeded the heights of the 2021 bull market, according to blockchain intelligence firm Chainalysis. Their latest report highlights a major spike in global Bitcoin activity, fueled by the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States in January 2024.
Chainalysis analyzed 151 countries between Q3 2021 and Q2 2024, noting a peak of 0.8 in the global adoption index in Q4 2024, compared to the previous high of 0.7 in Q4 2021. However, activity slightly dipped to 0.68 by Q2 2024.
The report attributes this 2024 surge to the introduction of US-based Bitcoin ETFs, which significantly boosted Bitcoin activity across all regions, especially in wealthier countries like those in North America and Western Europe. According to Matt Hougan, Bitwise’s Chief Investment Officer, the adoption of Bitcoin ETFs by wealth advisors has been faster than for any other ETF in history.
Despite this rapid adoption, Bitcoin ETFs also faced challenges, with $1.2 billion in outflows occurring in September 2024 across 11 US-based ETFs.
