Pro
State of Bitcoin Q3 2024
Key Insights
- BTC’s price increased 5% QoQ to $66,083, experiencing pronounced two-sided volatility as price action remained choppy. Narrative drivers are largely macroeconomic.
- Spot BTC ETFs impressed with a bounce-back quarter, contributing close to $5 billion in net inflows in Q3, up 73%. They now hold over 900,000 BTC, cumulatively.
- Halved block rewards and rising hashrate ate into miner profitability. Miner revenues declined 30% QoQ.
- Ordinals and runes activity continues to cascade. However, certain NFT collections and assets have found a way to remain relevant following the initial drawdown.
- TVL on programmable Bitcoin layers increased 20% QoQ, while LRT TVL surged following the launch of Babylon’s first staking round. Core and Lombard are early winners in these respective categories.
Primer
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Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.
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