Summary
TLDR: Analysts believe that the upcoming halving event could boost bitcoin ETFs, while activity levels in the ecosystem are recovering. The next halving is expected in April, and Canaccord is optimistic about the SEC’s approval of U.S. spot bitcoin ETFs. Retail investors are expected to increase crypto exposure in IRAs, potentially impacting bitcoin’s price.
Key Points
1. The upcoming halving event could add to the ETF tailwinds for bitcoin, as miner rewards are expected to be slashed by 50%, reducing the supply of bitcoin.
2. Canaccord is encouraged by the SEC’s approval of 11 U.S. spot bitcoin ETFs in the quarter, which could lead to retail investors adding crypto exposure to IRAs and other tax-advantaged accounts.
3. Activity levels in the cryptocurrency ecosystem are rebounding from 2023 lows, indicating potential growth and increased interest in the market.