Market Update: March 2024 | Week 3
18 MAR 2024 | RESEARCH
Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.
Highlights
- Despite some volatility in crypto markets this week, institutional interest in Bitcoin is on the rise, with spot ETFs experiencing a record daily inflow of $1.04 billion on March 12.
- The monthly global trading volume for cryptocurrencies has reached its highest levels in years, with Binance experiencing a resurgence in its market share after a period of decline. This trend highlights Asia’s growing importance in the digital asset market.
- Following the activation of EIP-4844, the median fees for Layer 2 (L2) solutions have decreased from $0.31 to $0.07, making L2 transactions more accessible and cost-effective for a broader user base.
