Market Update: June 2024 | Week 3

17 JUN 2024 | RESEARCH

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

Highlights

• Despite signs of inflation cooling, the Federal Reserve’s cautious stance on rate cuts resulted in a market-wide repricing as Bitcoin declined by 5% to $66,000.


• Following a six-week hiatus after the halving event, Bitcoin miners resumed selling, offloading 3,400 bitcoins in recent weeks.


• Last week, the Ethereum-based lending protocol Uwu Lend was hit by a security breach, leading to losses of $23.72 million. Subsequently, the CRV token fell to a record low of $0.21, triggering the liquidation of Curve Finance Founder’s $140 million lending position.

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