Market Update: March 2024 | Week 2
11 MAR 2024 | RESEARCH
Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.
Highlights
- Bitcoin’s price reached a new all-time high early last week, quickly followed by a healthy liquidity flush, clearing out overleveraged positions. Price has since regained new all-time highs amid continuously growing ETF volumes.
- Bitcoin Kimchi Premium in South Korea surged to a 27-month high, indicating growing speculative interest in local markets.
- The memecoin sector market cap surged by 173% over the last two weeks, reflecting the sector’s expansion, moving beyond its Ethereum roots.
- While there is near-term price uncertainty linked to Arbitrum’s $2.5 billion unlock on March 14, Arbitrum is likely poised for growth from the upcoming Ethereum Dencun upgrade and Robinhood partnership.
