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%.
