The approval of spot Bitcoin ETFs in the US in January 2024 was a turning point in crypto history. For the first time, Bitcoin was directly integrated into the main investment channels of traditional finance. This step facilitated access while raising standards of custody, oversight, and transparency. The launch of Ethereum ETFs shortly afterward effectively completed the transition of crypto assets into the institutional investment-grade class. Crypto was no longer an alternative, but a part of the system.
The Bitcoin halving in April 2024 once again changed the dynamics on the supply side. The halving of the block reward further tightened the already limited Bitcoin supply. This development, combined with increased institutional demand through ETFs, indicated that the market was shifting towards a more macro and long-term pricing regime rather than short-term speculation.
On the Ethereum front, the Dencun update, implemented in 2024, significantly reduced transaction costs, especially on Layer-2 networks. This was followed by the Fusaka update. The network's efficiency, validator experience, and long-term scaling goals are now more firmly established. During this period, Ethereum proved to be not just a crypto asset, but one of the fundamental infrastructures of global digital finance.
One of the most notable developments in the 100 weeks since January 15, 2024, was Donald Trump's re-election as President of the United States. His open support for crypto assets during the election campaign translated into clearer policies after taking office. The US approach of creating a strategic Bitcoin reserve positioned Bitcoin not just as an investment vehicle, but as one of the new reserve assets of the digital age. This approach also influenced the global perspective of governments on crypto assets.
In the US, the GENIUS Act marked a significant turning point in regulations; it brought clarity to the classification of digital assets, the issuance and reserve structures of stablecoins, and the responsibilities of market actors. With the GENIUS Act, the US adopted an approach that aimed to foster non-repressive innovation through oversight. Following Bitcoin and Ethereum ETFs, the launch of altcoin ETFs by 2025 initiated a new phase in the crypto ecosystem. ETF products based on projects such as Solana, XRP, Litecoin, Dogecoin, and HBAR provided investors with access to a broader crypto universe through regulated channels. This development increased selectivity in the altcoin market, highlighting projects with strong infrastructure and use cases. MiCA established the legal framework for crypto markets in the EU. Standards introduced in areas such as licensing, custody, reserve adequacy, and consumer protection increased confidence in the sector. Publicly traded companies, funds, states, countries, and public institutions positioned crypto assets as long-term store of value and strategic reserve assets. While Bitcoin reinforced the "digital gold" narrative, Ethereum and selected altcoins were evaluated from a technology and infrastructure investment perspective.
Although memecoin waves reflected market psychology, tokenization and real-world assets demonstrated crypto's power to generate economic value. We saw that; The crypto market has not only grown, but also matured. Regulation, institutional participation, and technological infrastructure are now integral parts of the ecosystem. In the coming period, the winners will be those who see beyond short-term fluctuations and invest in compliance and technology.
