The year 2024 holds a special place in the history of the cryptocurrency industry, particularly for Bitcoin. With the approval of spot exchange-traded funds (ETFs) at the beginning of the year, Bitcoin quickly soared to new heights, riding on the wave of fresh institutional capital. This trend has continued throughout the past 12 months, as Bitcoin has attracted the attention of both institutional players and large corporations.

Unlock the Potential of Bitcoin with 2024's Institutional Adoption

Spot ETFs: A Gateway for Investors

In its latest weekly report, blockchain intelligence platform CryptoQuant emphasized how 2024 was a defining year for Bitcoin's institutional adoption, driven by the launch of spot ETFs in January. These ETFs have provided a convenient way for both institutional and retail investors to gain exposure to Bitcoin without directly owning it. As a result, a steady inflow of capital has been flowing into Bitcoin in the past 11 months.Data from CryptoQuant shows that Bitcoin has witnessed an impressive increase in its realized capitalization, rising from $430 billion to a record high of $730 billion so far in 2024. One of the major contributors to this growth is MicroStrategy, which has been steadily increasing its Bitcoin holdings. The business intelligence company started the year with an 189,000 BTC holding, which has now expanded by 112% to 402,000 coins.

Large Investors and Their Impact

On-chain data reveals that large Bitcoin investors have increased their holdings by a net 275,000 coins so far in 2024, reaching a record high of 16.4 million BTC. This highlights the growing influence of crypto and Bitcoin in traditional finance and the burgeoning institutional demand for Bitcoin.As a result of the surging institutional adoption, the BTC price has witnessed exponential growth in 2024, recently reaching a six-figure valuation. As of this writing, Bitcoin is valued at just above $100,000, reflecting an almost 5% increase in the past 24 hours. According to data from CoinGecko, Bitcoin remains the largest cryptocurrency in the digital asset sector, with a market cap of roughly $1.99 trillion.The price of BTC on the daily timeframe shows a clear upward trend, indicating the strength of Bitcoin in the market. This growth is a testament to the increasing acceptance and recognition of Bitcoin in the global financial landscape.