Market context

Why crypto at all?

A calm, factual overview: how the crypto market has changed in recent years – and what has not changed.

From an idea to part of the financial system

Selected milestones from 2008 to today. Hover over or tap an event to see who, what and why.

31 Oct 2008 · 3 Jan 2009 · Bitcoin is created
Who
A person or group using the pseudonym Satoshi Nakamoto.
What
Publishes the Bitcoin white paper; on 3 January 2009 the network starts with the first block.
Why
The idea: digital money that works without a central intermediary, based on open rules. The first block contains a newspaper headline about bank bailouts – often read as a comment on the 2008 financial crisis.
30 Jul 2015 · Ethereum launches
Who
Vitalik Buterin and co-founders; today supported by the Ethereum Foundation.
What
A blockchain that can run programs (“smart contracts”), not only transfers.
Why
To use blockchain technology for applications beyond payments.
Dec 2017 · Regulated Bitcoin futures
Who
The US derivatives exchanges Cboe and CME.
What
Launch Bitcoin futures on regulated exchanges.
Why
Professional market participants get a regulated way to trade the Bitcoin price.
16 Mar 2020 · Solana goes live
Who
Solana Labs, founded by Anatoly Yakovenko.
What
Launches the Solana network (mainnet beta).
Why
A blockchain designed for many transactions at high speed and low fees.
15 Sep 2022 · Ethereum “Merge”
Who
The Ethereum developer community.
What
Ethereum switches from “proof of work” to “proof of stake”.
Why
According to the Ethereum Foundation, this cut the network’s energy consumption by around 99.95 %.
10 Jan 2024 · Spot Bitcoin ETFs (US)
Who
The US Securities and Exchange Commission (SEC); issuers include BlackRock and Fidelity.
What
Approves the first exchange-traded products that hold Bitcoin directly.
Why
Investors can access Bitcoin through regulated exchange products.
20 Mar 2024 · Tokenised fund on Ethereum
Who
BlackRock, one of the world’s largest asset managers.
What
Launches its first tokenised fund (BUIDL) on the public Ethereum blockchain.
Why
Fund shares are recorded and transferred on a blockchain.
23 Jul 2024 · Spot Ether ETFs (US)
Who
US exchange-traded products; issuers include BlackRock and Fidelity.
What
Products that hold Ether directly start trading.
Why
After Bitcoin, a second crypto-asset becomes available through regulated exchange products.
30 Dec 2024 · MiCA applies in full (EU)
Who
The European Union.
What
The Markets in Crypto-Assets Regulation (MiCA) applies in full.
Why
Uniform rules across the EU for crypto-asset issuers and service providers.
28 Oct 2025 · First spot Solana ETP (US)
Who
The asset manager Bitwise, listed on NYSE Arca.
What
Launches the first US exchange-traded product with direct Solana exposure.
Why
Solana becomes available through a regulated exchange product.
Mar 2026 · Tokenised stocks at Nasdaq
Who
The SEC approves a proposal by Nasdaq.
What
Certain stocks and ETFs may trade in tokenised form – with the same rights and ticker.
Why
Blockchain is used as a record of ownership within the traditional stock market.

Selected milestones, for information only. Companies and products are named as market facts – DU-Finance has no relationship with them and does not recommend any of them. Prices remain volatile; past developments say nothing about future prices.

From niche topic to regulated market

For a long time, digital assets were seen as an unregulated niche. That picture has changed in several major markets:

European Union: The Regulation on markets in crypto-assets (MiCA, Regulation (EU) 2023/1114) has applied in full since 30 December 2024. It sets uniform rules across the EU for issuers and service providers of crypto-assets.
United States: On 10 January 2024 the US Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded products.

In short: crypto is increasingly treated as an asset class with its own rules, products and supervision.

What has not changed

Regulation brings clearer rules for market participants. It does not make prices more stable:

Digital assets remain volatile. Prices can rise and fall sharply within short periods.
Losses are possible. Nobody can reliably predict future prices.
Past performance is not a reliable indicator of future results.

Why a rule-based approach matters

In a volatile market, the biggest challenge is often not access but discipline: buying out of fear of missing out, selling out of panic, following opinions instead of a plan. A rule-based approach means the rules are decided in advance, calmly – and then applied consistently.

DU-Finance develops technology for this approach: rule-based spot trading software whose design keeps capital in the account holder’s own exchange account – the API key can trade but not withdraw, and the software can be paused at any time.

Important: DU-Finance is a technology and software company. DU-Finance provides no asset management, no investment advice and no custody. The regulatory developments above are general market context only.

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Sources

Regulation (EU) 2023/1114 (MiCA), Art. 149 “Entry into force and application”, eur-lex.europa.eu / esma.europa.eu. – US SEC, approval order for the listing of spot bitcoin exchange-traded products, 10 January 2024, sec.gov. – Bitcoin white paper (31 Oct 2008) and genesis block (3 Jan 2009), bitcoin.org. – Ethereum launch (30 Jul 2015) and The Merge (15 Sep 2022), ethereum.org. – Cboe / CME Bitcoin futures (Dec 2017), cmegroup.com. – Solana mainnet beta (16 Mar 2020), solana.com. – BlackRock BUIDL press release (20/21 Mar 2024), via nasdaq.com. – Spot Ether ETPs, start of trading 23 Jul 2024, nasdaq.com. – Bitwise BSOL press release (27 Oct 2025), businesswire.com. – SEC approval of the Nasdaq tokenised securities proposal (Mar 2026), coindesk.com / dechert.com. As of October 2026.

Marketing communication, not investment advice. Crypto trading involves risk.