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Guide to Crypto Markets - Q2 2024

A joint publication of Coinbase Institutional and Glassnode, the Guide to Crypto Markets provides a comprehensive view of the metrics and trends that matter the most to institutional investors.

April 10, 2024

Guide to Crypto Markets - Q2 2024

Key takeaways

  • Bitcoin Halving Examination: Delve into the anticipated effects of the Bitcoin Halving on both the mining sector and the overall market through detailed expert analysis.
  • Growth Trends: Discuss the notable increase in staked ETH and the expansion of stablecoin supply, examining how these factors are influencing investor strategies and market dynamics.

Written by

  • David Duong, CFA - Head of Research, Coinbase
  • Glassnode

The Guide to Crypto Markets is a new quarterly publication from Coinbase Institutional and Glassnode that provides an in-depth view of crypto markets, including deep dives into onchain analytics and advanced metrics for bitcoin and ether. Below is a snippet of the report.

Crypto Marches Forward

It was a historic quarter for crypto markets. The long-awaited and oft-delayed spot bitcoin ETFs finally debuted in January to great excitement and record-breaking inflows that surpassed even the most optimistic projections. Bitcoin hit a new all-time high shortly after, and trading volumes have soared across both spot and derivatives exchanges as crypto enters a new stage in its maturation as an asset class.

While bitcoin and ET FS grabbed many of the headlines, they were hardly the only story. Ethereum staged an impressive rally as well, and the successful Dencun upgrade has dramatically lowered fees on the network and led to a surge in decentralized finance (DeFi) activity. Meanwhile, investor enthusiasm for assets beyond the big two of BTC and ETH sent the prices of many altcoins sharply higher as well. Stablecoin issuance also rose meaningfully as market participants continue to find use cases for these novel assets.

In this second edition of the Guide to Crypto Markets, we go beyond the headlines and dig deep into market data and onchain analytics to provide institutional investors with insights to understand the trends that are shaping markets today, and how they may impact the dynamic crypto economy going forward. We begin by providing a Look at the upcoming Bitcoin Halving and a breakdown of the activity behind the meteoric rise of ET FS before diving deep into bitcoin, ether, stablecoins, and more.

We hope you find the Guide useful as you navigate crypto markets, and we welcome your feedback and questions.

- David Duong, CFA and James Check

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