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In a comprehensive thread on X, crypto analyst Miles Deutscher explored the current state of retail investment in cryptocurrency and speculated whether a resurgence might be on the horizon.
What Happened: Deutscher notes a shift in sentiment with BlackRock‘s application for a spot Bitcoin ETF in June 2023, describing it as a “paradigm shift” in institutional perception of the crypto king. The subsequent approval and launch of Bitcoin spot ETFs in January 2024 brought significant inflows, driving Bitcoin to new all-time highs.
Despite Bitcoin’s strong performance, Deutscher observes that altcoins have not followed suit, contrary to expectations based on previous cycles. He attributes this to several factors like the changing dynamics of liquidity flow due to ETFs and the lingering effects of the 2022 market crash on retail sentiment.
Looking forward, Deutscher identifies potential catalysts for retail’s return to crypto, including Bitcoin breaking new highs, the inherent appeal of crypto as a speculative asset and the emergence of new, genuine use cases for blockchain technology. He concludes optimistically, stating, "It won't take much for retail to return. And that day may be sooner than you think."
Also Read: Bitcoin Could Hit New All-Time High In Next Two Weeks If This Key Level Breaks, Says Top Analyst
Why It Matters: Deutscher revisited the explosive growth of the crypto market in 2021, which saw a staggering 2,672% rally from March 2020 to November 2021. He attributes this to "a perfect storm of unprecedented money printing, stimulus and people locked (and bored) at home."
During this period, altcoins like Solana (CRYPTO: SOL), Fantom (CRYPTO: FTM) and Avalanche (CRYPTO: AVAX) saw exponential gains, with some achieving "500x+ multiples."
However, the bubble burst spectacularly, culminating in the May 2022 collapse of LUNA and UST, which wiped out $45 billion in market value. This event, followed by a series of high-profile crypto company failures, including FTX, severely damaged the industry’s reputation and burned many retail investors.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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