Crypto Market Review (Q2 2024)

San Francisco • July 10, 2024

Fresh off a meteoric Q1, which featured the first-ever launch of Bitcoin ETPs in the U.S., crypto markets took a breather in Q2. The Bitwise Large Cap Crypto Index, BTC, and ETH each finished the quarter in the red, bringing their year-to-date gains to 40%, 45%, and 50%, respectively. 

But behind the headline numbers, crypto continued to forge ahead.

During a quarter that saw the fourth Bitcoin halving and record-breaking activity on Ethereum, there were several big takeaways:

  • Net flows to Bitcoin ETPs approached $15 billion. 

  • Stablecoin transactions reached a historic high of nearly $3 trillion.

  • The Ethereum ecosystem reached new heights in daily active addresses, validators, and transactions. 

  • Crypto miners confronted new economics post-halving.

  • Congress exhibited an unprecedented level of bipartisan support for crypto as lawmakers weighed the crypto framework bill FIT21.

For more on these developments, plus insight into correlations, spot Bitcoin ETPs, crypto miners, and the impact of Ethereum in a portfolio, check out Bitwise’s latest Crypto Market Review.

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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