Crypto OTC Review: Q3 2024

This review offers an in-depth analysis of the Q3 2024 institutional OTC cryptocurrency market, utilizing Finery Markets' comprehensive dataset spanning over 30 countries. The overall market sentiment remained bullish, driven by the SEC’s approval of Bitcoin (BTC) and Ethereum (ETH) ETFs earlier this year. Despite this optimism, ETH underperformed, falling to $2,000 and struggling to hold above $2,500, while BTC prices stabilized around $62,000 amid the U.S. presidential race.

The crypto OTC market experienced an impressive 89% year-over-year growth over the first nine months of 2024, with Q3 alone posting a 79% increase. Although total trading volumes across asset pairs saw a slight 0.7% decline quarter-over-quarter following Q2’s peak, ETH trading volumes surged by 50.4%, benefiting from the Ether ETF launch three months ago. Crypto-to-crypto transactions saw substantial growth, with a 184% year-over-year rise, while crypto-to-fiat pairs remained steady with only a minor 0.2% dip.

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