In-Depth Analysis of the Institutionalization Process of the Cryptocurrency Market in 2024
In 2024, the institutional participation in the cryptocurrency market reached an all-time high, with data showing that institutional investors accounted for over 65% for the first time. The total scale of Bitcoin spot ETFs from traditional financial institutions such as BlackRock and Fidelity surpassed $50 billion, with an average daily net inflow maintained at $250 million. CME Bitcoin futures open interest hit a historical record of $28 billion, indicating a continued increase in institutional hedging demand. This trend brings significant changes to market structure: the 30-day volatility of Bitcoin has dropped to 28%, while its correlation with traditional stock indexes has increased to 0.45. Notably, a recent report from JPMorgan highlights that institutional funds are spreading from Bitcoin to mainstream altcoins like Ethereum, signaling a more comprehensive institutionalization process.