Bitcoin ETFs Mark Major Step for Crypto in Traditional Finance

Despite Concerns, Crypto Was a Top Market Performer in 2023

Financial giants including Fidelity Investments, BlackRock, and VanEck have been cleared to sell 'exchange traded funds' that invest directly in bitcoin, marking a significant step towards bitcoin establishing itself as a new asset class that traditional finance institutions can directly engage with.
Despite setbacks, crypto was a top market performer in 2023 with bitcoin surging 154 percent last year.
However, there are concerns about the increasing concentration of bitcoin ownership in the hands of a small group of institutions, potential rehypothecation and changes in the way the bitcoin community governs itself.
Bitcoin ETFs have simultaneously overperformed and underwhelmed expectations, representing the pluses and minuses of a market driven by hype.
Analysts and traders are now looking towards the upcoming bitcoin halving as a potential catalyst for crypto prices.