Bitcoin ETF Accelerates Institutional Adoption, 2024 Halving to Trigger Next Bull Market

Pantera Capital suggests that institutional adoption has accelerated after the introduction of the Bitcoin ETF in January and that the halving that will take place in April 2024 will trigger the next bull market. Pantera estimates that if decentralized finance (DeFi) in Bitcoin reaches rates similar to those in Ethereum, the total value of DeFi applications could reach $225 billion. This ranges from $72 billion to $450 billion, with no change in Bitcoin's current market value. Additionally, Pantera suggests that the leading DeFi application on Bitcoin could eventually reach a valuation of $20 billion and be among the 10 most valuable assets in the crypto ecosystem. Pantera claims that while Bitcoin has returned to nearly a trillion-dollar asset status, a significant half-trillion-dollar opportunity remains untapped. A psychological shift has been observed in the Bitcoin community and a renewed interest from investors for DeFi on Bitcoin. Pantera notes that the release of fungible and non-fungible assets that ushered in the first waves of DeFi and NFT activity on Ethereum is “surfacing” with similar early signs on the Bitcoin ecosystem. Distrust arising from failures of centralized services may lead investors to explore new opportunities in DeFi. Thus, a decentralized financial system begins to take shape, with Bitcoin serving as its cornerstone. Pantera suggests that the potential of this decentralized financial system on Bitcoin could rival or exceed that of Ethereum's DeFi ecosystem.

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