Market Update: June 2024 | Week 2

10 JUN 2024 | RESEARCH

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


  • Amid increasing inflows into spot Bitcoin ETFs and a robust NFP report marked by an uptick in average hourly earnings, Bitcoin exhibited notable volatility on both sides of the market.

  • Following the halving event, Bitcoin’s hashrate underwent two significant reductions, illustrating a recurring pattern seen in previous halvings. The recent 14% decrease was the second largest since the 22% decline observed during the China mining ban.

  • In May 2024, venture funding in the cryptocurrency sector experienced a robust rebound, increasing to $1.4 billion from $1 billion the previous month. So far, a resurgence in venture capital interest in the Bitcoin ecosystem is one of the highlights of this year.

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