Market Update: July 2024 | Week 5

29 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 dominance reached its highest weekly close in three years at 56.8%, while altcoins experienced a sharp decline of 5.3%, in contrast with BTC’s marginal increase.


• Bitcoin ETFs experienced $480 million in inflows, marking the fourth consecutive week of inflows. In contrast, ETH ETFs collectively saw $339 million in net outflows, primarily due to ETHE’s $1.5 billion outflows.


• The Bitcoin network’s hashrate reached a new all-time high, and the difficulty is set to increase by approximately 12%, marking the largest adjustment since October 2022.

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