Market Update: April 2024 | Week 3
15 APR 2024 | RESEARCH
Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.
Highlights
- Over the weekend, the markets saw their sharpest downturn in over a year, accompanied by a 32% reduction in total open interest across assets, primarily due to escalating geopolitical tensions.
- Uniswap received a Wells notice from the SEC, leading to widespread panic in the market. This turmoil was reflected in the GMDEFI index, which saw a 15% drawdown. Notably, this drop was on par with the typically more volatile GMMEME index.
- Hong Kong’s approval of spot Bitcoin and Ethereum ETFs provides significant cryptocurrency investment opportunities to Asian markets, particularly attractive to mainland Chinese investors amid market uncertainties.
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