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Latest Research From ETC Group Predicts One Billion Crypto Users, Driven By NFTs

Analysis of Q3 2021 data compiled by ETC Group also shows that whilst Ethereum is growing in popularity as an institutional investment of choice in cryptocurrency, Bitcoin transaction volume is now 40 times larger than Visa Europe

ETC Group has released its latest research on Bitcoin and Ethereum as part of its regular series of quarterly market reports. The research, available on its website show

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  • Figures compiled by ETC Group showing that NFT sales are up by 19,793% year on year and 385% quarter on quarter;
  • The explosion in Ethereum developer activity thanks to NFTs and DeFi has buoyed investor confidence, with Ethereum-based institutional investment products reached their highest market share of AUM in September, at 25.9%;
  • Analysis by ETC Group also shows that in Q3 2021 US$12.84 trillion passed back and forth using Bitcoin, its largest figure to date;
  • During Q3 2021, the Bitcoin network settled $139.6 billion per day, which is 40 times larger than Visa Europe’s $3.5 billion daily in Q3 2021.

The quarterly research by ETC Group analyses the market performance of Bitcoin, Ethereum as well as providing commentary and analysis on market and technical developments.

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Bradley Duke, CEO of ETC Group comments: “Whilst Bitcoin continues to lead in terms of awareness and many key indicators, there are significant benefits to be gained by diversifying investment portfolios to include other cryptocurrencies including Ether, the native token of the Ethereum network. The rapid iteration of crypto and its growing mainstream acceptance opens up significant opportunities for investors who want access to these digital assets. With recent moves in the US thanks to the SEC allowing crypto based future ETFs, we’re expecting increased global awareness of crypto based ETPs as an easier and more secure way for investors to include crypto in their portfolios.”

Other highlights from the reports:

  • Figures compiled by ETC Group show that in Q3 2021 Bitcoin transaction volumes soared by over 650% year on year, but transaction fees fell by almost one third from $90.8m in Q3 2020 to $65.5m in Q3 2021;
  • As predicted in ETC Group’s major research project: ‘Bitcoin ESG and the Future’ countries that offer cheap electricity have surged in share of global hashrate: whilst China has dropped to zero and US doubling to 35.4%, Kazakhstan has also doubled its share to 18.1% while Russia has moved up to third with 11%;
  • As sales of NFTs have boomed, they’ve also impacted the contemporary art market to a record $2.7 billion in sales. Christies has benefited from both, as it has surpassed $100m in NFT sales.

The full Q3 reports, including notes on the research, are available at www.etc-group.com where anyone can also register to receive future reports as well as ETC Group’s regular market-update #CryptoMinutes.

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[To share your insights with us, please write to sghosh@martechseries.com]

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