Market Update: October 2024 | Week 1

7 OCT 2024 | RESEARCH

Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.

Highlights

Last week, the crypto market experienced significant volatility driven by two major catalysts: escalating geopolitical tensions, which initially caused Bitcoin to plummet from $65,500 to $60,000, and a strong U.S. jobs report, which spurred a recovery to $62,000 later in the week.
Base has reached a significant milestone of $2 billion in TVL, with its continued growth in user activity primarily driven by Aerodrome, a DEX, which accounts for 50% of Base’s TVL.
Liquid restaking protocols on Ethereum have gained substantial traction in 2024, with their collective TVL skyrocketing from a modest 112,000 ETH to 3.5 million ETH year-to-date, reflecting growing investor interest in restaking solutions.

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