Is Crypto Winter Finally Thawing? Experts Weigh In

CR Crypt fi ING INTER 2023-11-11 40

According to Decrypt, the recent surge of Bitcoin past $37,000 has led some to believe that the crypto winter may be finally easing up. Despite a 77% increase in the total crypto market cap from $823 billion last December to $1.4 trillion on Friday, questions over whether the freeze has thawed persist. CoinShares Head of Research James Butterfill told Decrypt that hard numbers from flows and price suggest the crypto winter is over. However, other professionals in the industry see anecdotal evidence of a prolonged bear market giving way as well. Steven Lubka, head of private client services for Bitcoin financial services Swan, said there's more interest now than he's ever seen, with a recent influx of interest coming from people who are older, later in their careers, and deeply financially literate.

While crypto markets have swelled in anticipation of a spot Bitcoin ETF, which would allow financial institutions to more easily allocate capital to the coin, some analysts believe it's still too early. Amberdata's Director of Derivatives Greg Magadini told Decrypt that crypto winter won't be over for certain until spot Bitcoin and Ethereum funds get approved in the U.S., describing it as a critical development for resources to enter the space.