6 Aug 2024|RESEARCH

Crypto Market Sizing Report H1 2024

Global crypto owners reached 617 million by the first half of 2024

Research Disclaimer

Global cryptocurrency owners increased by 6.4% in the first half of 2024, rising from 580 million in December 2023 to 617 million by June 2024.
- Based on our on–chain estimates:
  - Bitcoin (BTC) owners grew by 5.9%, from 296 million in December 2023 to 314 million by June 2024, accounting for 51% of global owners.
  - Ethereum (ETH) owners grew by 9.7%, from 124 million in December 2023 to 136 million by June 2024, accounting for 22% of global owners.
- There could be approximately 388,000 to 1.6 million people invested in BTC via US spot ETFs in addition to the above estimates.

The main catalyst behind BTC’s adoption growth was the launch of US spot Bitcoin exchange-traded funds (ETFs) and Bitcoin’s fourth halving.

ETH’s adoption growth was mainly driven by rallies of Ethereum Layer-2 (L2) networks after the Dencun upgrade, which significantly reduced the transaction fees on L2s and boosted the overall scalability of Ethereum.