Crypto Market Review (Q1 2024)

San Francisco • April 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.

Download the Full Report

Access this report for key data points that shaped crypto markets in recent months.

About Bitwise

Bitwise Asset Management is the largest crypto index fund manager in America. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For six years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. Bitwise is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 60 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium,, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco and New York. For more information, visit

  • Matt Hougan

    Matt Hougan

    Chief Investment Officer
  • Juan Leon

    Senior Investment Strategist
  • Ryan Rasmussen

    Head of Research
  • Alyssa Choo

    Crypto Research Analyst
  • Gayatri Choudhury

    Senior Quantitative Research Analyst
  • Mallika Kolar

    Quantitative Research Analyst
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