GALAXY RESEARCH ∙ JANUARY 2024

Watch This Space

A forward-looking report that delivers expert predictions and insights on key trends shaping a pivotal year ahead in the crypto industry.

The Bitcoin ETF Market Opportunity

The Bitcoin ETFs will see significant inflows, but they will also reshape how bitcoin markets work in the United States. Bitcoin will land against traditional finance like a wave, and the fallout will impact asset managers, brokers, and exchanges in both crypto and tradfi.

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Ethereum Proof-of-Stake Put to the Test

As Ethereum moves further down the path to modularity, it will face unprecedented challenges from alternative layer one blockchains like Solana, and perhaps even from Bitcoin itself, which will see a resurgence of use as a “platform.”

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BTC Price Cycles and Mining

The Bitcoin halving will challenge miners with rising difficulty and hash rate, leading to some consolidation, but will also coincide with monetary easing from global central banks, serving as a powerful marketing narrative for BTC. Miner revenue will face new challenges and opportunities.

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Bitcoin as a Platform

There are two primary factors for why bitcoin spot ETFs could be particularly impactful for the market adoption of crypto. First, there will be expanded accessibility across wealth segments. Second, there will be greater acceptance from formal recognition by regulators and trusted brands.

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Rollups are core to Ethereum’s roadmap, serving as Ethereum’s premiere L2 scaling solution and the primary onboarding channel for new users. This year rollups will see significant cost efficiencies, greater app-rollup adoption, and hundreds of new deployed rollups.

Solana’s Resurgence and Growth

Over the past year, Solana has established itself as “the third chain.” In the coming year, Solana will continue to grow its onchain market share, both from new crypto users entering the ecosystem and existing crypto users bridging over from other chains.

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Stablecoin Adoption and Growth

Stablecoin supplies will begin to grow again as a resurgent crypto market drives demand for on and off ramps. US-based stablecoins will remain stagnant in the face of regulatory uncertainty, while offshore stablecoins will grow in supply and usage.

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New innovations in DeFi will help evolve the on-chain landscape. The recent growth in real world assets onchain will stall as global tradfi rates recede and onchain crypto yields expand in a new bull market. Nonetheless, tokenization will continue to be an ascendant theme in 2024.

Regulatory Outlook

In 2023, the SEC’s crackdown on crypto has galvanized many in the crypto industry to push back, and some of these efforts have been successful. This year, there are several high-profile cases that are ongoing and will be important to watch.

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Crypto x AI Picks Up Steam

The combination of crypto and AI will be a notable source of activity in the crypto ecosystem. Decentralized compute providers will benefit from growing demand for GPUs. Even the most established providers have only just begun rolling out dedicated servers for AI-related tools.

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The Bitcoin ETF Market Opportunity

Ethereum Proof-of-Stake Put to the Test

BTC Price Cycles and Mining

Bitcoin as a Platform

The Rise of Rollups

Solana’s Resurgence and Growth

Stablecoin Adoption and Growth

DeFi, RWAs, and Tokenization

Regulatory Outlook

Crypto x AI Picks Up Steam

#WTS2024

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The Bitcoin ETF Market Opportunity

Ethereum Proof-of-Stake Put to the Test

BTC Price Cycles and Mining

Bitcoin as a Platform

Solana’s Resurgence and Growth

Stablecoin Adoption and Growth

Regulatory Outlook

Crypto x AI Picks Up Steam

2023 Watch This Space Report

Explore Our Research

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