Market Update: April 2024 | Week 2
8 APR 2024 | RESEARCH
Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.
Highlights
- As Bitcoin’s prices rose over the weekend despite low funding rates and relatively stagnant open interest, it may imply that the uptick was driven by spot market activity rather than leverage-based speculation.
- Miners have been steadily selling Bitcoin, with their holdings reaching a three-year low in BTC terms. The proceeds are likely being channeled into capital investments to enhance mining efficiency, aiming to offset the revenue impact of the upcoming halving.
- The decision by MakerDAO to accept USDe as collateral for its DAI stablecoin has sparked concerns within the DeFi community, leading to precautionary measures by Aave and Nostra Finance.
