Global Crypto Activity Surges in 2024, Boosted by U.S. Bitcoin ETFs

In 2024, cryptocurrency activity globally has surged, surpassing levels seen during the 2021 bull market.

Chainalysis reports that the value of global crypto transactions reached new heights between Q4 2023 and Q1 2024, according to its annual Global Crypto Adoption Index.

Chainalysis, using a revised methodology to assess 151 countries from Q3 2021 to Q2 2024, found that global crypto activity peaked at 0.8 points in Q4 2024, exceeding the previous high of 0.7 points in Q4 2021. However, by Q2 2024, the index had declined to 0.68 points, reflecting a decrease in global crypto engagement.

The spike in activity in 2024 is largely attributed to the introduction of spot Bitcoin ETFs in the U.S. in January. Chainalysis noted that this launch led to increased Bitcoin transactions across all regions, particularly boosting institutional transfers and activity in high-income areas like North America and Western Europe. Meanwhile, stablecoin usage grew significantly in lower-income regions, such as Sub-Saharan Africa and Latin America.

READ MORE:

Bitcoin Whales Scoop Up $10 Billion in BTC While Short-Term Holders Face Pressure

The rapid adoption of spot Bitcoin ETFs has been unprecedented, according to Matt Hougan of Bitwise. Despite experiencing significant outflows, with U.S. ETFs seeing $1.2 billion in withdrawals within eight days in September 2024, the ETFs are being adopted at an unprecedented rate.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.