Market Update: March 2024 | Week 4

25 MAR 2024 | RESEARCH

Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.

Highlights

Bitcoin faced substantial sell pressure last week, primarily due to outflows from Grayscale largely influenced by Genesis bankruptcy proceedings.

The U.S. SEC’s issuance of subpoenas to firms associated with the Ethereum Foundation (EF) and the lack of communication between the SEC and issuers- in contrast to the dialogue preceding Bitcoin ETF approvals, suggests that ether ETF approvals in May are unlikely.

The market reacted positively to the FOMC’s indication of a potential 75 bps rate cut in 2024, with Bitcoin rising by 9.6%.