Crypto Market Review (Q2 2024)
San Francisco • Jul 9, 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.
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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.
