Market Update: April 2024 | Week 1


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


  • Bitcoin futures reached an ATH in open interest, with a notable shift towards cash margin, indicating an increased influence of TradFi investors.

  • Despite a significant expiry in the options market last week, Bitcoin’s price remained resilient, suggesting strong underlying demand and a bullish sentiment.

  • Expected quarter-end portfolio rebalancing by funds did not lead to significant outflows, implying that either funds are not strictly adhering to rebalancing protocols or retail investors are offsetting the effects of institutional rebalancing.

  • The launch of BlackRock’s yield-bearing tokenized fund, BUIDL, has sparked increased demand for real-world asset tokenization projects as the sub-sector market capitalization grows by 89%.