Crypto Market Review (Q1 2024)
San Francisco • Apr 10, 2024
It’s no secret that the first quarter of 2024 saw the most successful ETF launch of all time.
The January arrival of spot bitcoin ETFs brought staggering numbers. Four funds were among the 25 fastest-growing ETFs in history after their first month. Bitcoin ETFs gathered more than $12 billion in net inflows by quarter-end. And bitcoin surged 67% to new all-time highs.
Less widely covered, however, was how many other big stories there were in crypto in the same period. During Q1:
The Bitwise 10 Large Cap Crypto Index rose 62%, driven by positive results from all 10 constituents, including a 59% rise for Ethereum and 91% jump for Solana;
Total market cap for all crypto assets approached all-time highs near $3 trillion;
A major Ethereum upgrade slashed Layer 2 transaction fees, while the Ethereum ecosystem saw its greatest number of active users;
Stablecoins continued to leap in popularity, with market caps scaling $150 billion and nearing the high-water mark;
Bitcoin miner revenues rose 30% quarter-over-quarter—to triple their recent lows in Q4 2022.
For more on these and other big developments in crypto, check out Bitwise’s latest Crypto Market Review—50 charts on the most significant stories in crypto during a monumental quarter.
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Bitwise Asset Management is a global crypto asset manager with more than $15 billion in client assets and a suite of over 30 investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 4,000 private wealth teams, RIAs, family offices and institutional investors as well as 15 banks and broker-dealers. The Bitwise team of over 125 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.
