- US spot Bitcoin ETFs, rising stablecoin use and a global DeFi boom have propelled the current cryptocurrency bull run, with activity surpassing 2021 levels.
- The CSAO region, particularly Singapore, Indonesia and India, shows robust institutional and DeFi engagement, ranking third globally for crypto value received.
- After a market rally led by Trump’s electoral victory, Bitcoin reached new highs but recently corrected due to significant selling, with 728,000 BTC sold off.
- Amid regulatory advances in the UK and Morocco and discussions on US oversight shifts, the global crypto market maintains strong bullish prospects into 2025.
The success of the US Spot Bitcoin exchange-traded funds (ETFs), increasing stablecoin adoption and use, as well as a global surge in decentralised finance (DeFi) are all driving the current bull run, according to a recent examination by Chainalysis. They said that levels of activity have surpassed the buzz from 2021, as crypto gets adopted around the globe.
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And the Central, Southern Asia and Oceania (CSAO) region is a key player, with not only a robust institutional interest but also strong DeFi activity, especially in Singapore, Indonesia and India, leaving other regions behind, the report said.
CSAO accounts for 16.6% of global value received, placing the region behind only North America and Western Europe, and well above the remaining regions.
ChainalysisCrypto Adoption Takes Off as Market Takes a Breather
In 2023 growth was mainly driven by lower- and middle-income countries, however, in 2024 “crypto activity increased across countries of all income brackets”.
The report also confirmed North America as the largest crypto market, while Australia is ranked 39 in global adoption.
Following Trump’s election win in early November, the market had rallied and Bitcoin made several new all-time highs, setting the top at US$99,655.50 (AU$153,963.53) on 23 November. BTC has since corrected around 6.5%, currently trading for US$92,730.79 (AU$143,261.30) as per data from CoinMarketCap.
The correction comes as many HODLers are selling, in total more than 728,000 BTC, according to the analysts over at CryptoQuant, the largest “sell-off since April”.
Profit Taking Doesn’t Mean Bull Run Is Cancelled
The chief executive of crypto exchange Independent Reserve Adrian Przelozny, told Bloomberg that profit taking is not unexpected and doesn’t change the broader outlook:
People have been looking for an excuse to take some profits. We’re still very confident the current bullish market sentiment will continue into 2025.
Adrian Przelozny, CEO Independent ReserveThere are a number of bullish indicators that could see the market continue to soar well into the new year.
For one, the idea of a Bitcoin reserve is starting to catch on. Touted by Donald Trump at a Bitcoin event in Nashville, Tennessee, now Brazil is taking a leaf out of that playbook, vowing to establish a Bitcoin reserve.
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Meanwhile, the UK is gearing up to regulate the sector and Morocco is ending an eight-year ban on crypto.
Additionally, there’s talk that a Trump administration could shift digital asset oversight from a currently hostile Securities and Exchange Commission (SEC) to a potentially more accommodating Commodity Futures Trading Commission (CFTC).
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