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08 Jul 2024

H1 2024 Round-Up

We summarize Q1 and Q2 of 2024 and provide flavor on our outlook for the remainder of the year.
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Preview

2024, we’re halfway there

The first half of 2024 has seen solid 48% gains in BTC. The growth is caused by the January ETF launch homerun, attracting $14bn in net inflows, showcasing the huge appetite for BTC exposure. ETH has mirrored BTC closely throughout the year, but ETHBTC remains at 3-year depths. Will ETH ETFs alter this momentum? This report provides a brief flavor of performance and flows, pushing the market toward its current state. A common theme throughout the report is charts going up and to the right in Q1 before chopping south in Q2. From February 8 to March 14, U.S. spot ETFs saw net inflows of 156,000 BTC, sparring exuberance from risk takers positioned for Up Only markets. Derivatives yields pushing to multi-year highs and memecoins flying to the moon provided an omen of a market out of balance. A well-needed but boring chop ensued, a tendency we expect to continue throughout the summer. While our overall Q3 outlook is bleak, we expect new all-time highs in Q4. Crypto popping up as a theme ahead of the U.S. election, delayed halving effects, solid seasonality, expanded access to crypto ETFs via broker-dealers, and rate cuts set the stage for a positive gust to end the year. With my fingers crossed for a sunny summer and pleasant grass touching, I look forward keep you informed on the state of market throughout the year.
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