Market Update: July 2024 | Week 3

15 JUL 2024 | RESEARCH

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

Highlights

• Last week, Bitcoin’s price increased by 8.6%, driven by various positive indicators, such as significant growth in spot ETF inflows, a lower-than-expected CPI print, and a boost in market sentiment following increased odds of Trump winning the election on prediction markets.


• Over the past month, Genesis has sold 13,000 BTC ($760 million), likely as part of its ongoing bankruptcy liquidation procedures.


• BTC’s Pearson correlation coefficient currently indicates a decoupling with traditional financial assets: the coefficient with the S&P 500 and Gold is -0.85 and -0.43, respectively, suggesting considerable divergence.

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