After spending much of the quarter in consolidation, the total crypto market rose 1.6% in Q3 following a 50 bp rate cut from the Fed and aggressive stimulus measure from China closing at roughly $2.41 trillion.  

Q3 ended with robust spot Exchange Traded Fund (ETF) volumes for both Bitcoin (BTC) and Ethereum (ETH) and global exchange volumes up an impressive 60% vs Q2. After months of negative outflows, ETH spot ETF volumes ended the quarter with net inflows. All eyes will be on what the Federal reserve does as investors expect further interest rate cuts at further meetings and the upcoming presidential election where both candidates have expressed a more positive tone on the crypto industry as a whole.  

Our 2024 Q3 report covers everything from Bitcoin and Ethereum on chain data, to global exchange volumes, spot ETF demand and wallets in profit. We have summarized some of the key highlights but be sure to dig into the full report.  

Highlights of CoinFlip Preferred's 2024 Q3 Recap 

1. The total crypto market cap went up 1.6% in 2024 Q3 and is up 29% YTD.  

2. Bitcoin dominance went up 3.5% in Q3 which shows most institutional flows still favor BTC over alts.  

3. Bitcoin Spot ETF volumes were flat quarter over quarter but have picked up significantly to end Q3. The total flows now stand at $18.6 billion. 

4. Bitcoin and Ethereum global volumes are up 60%, quarter over quarter. 

5. Bitcoin addresses in profit stands at a staggering 87% of supply after the recent rally post the Federal Open Market Commitee rate cuts. 

6. Ethereum burned supply continues to show strength despite price underperformance in Q3.  

7. Ethereum addresses in profit ended Q3 at 78.89% not too far from BTC.  

8. The total value of staked Ethereum reached All Time Highs in Q3. 

Crypto Market Snapshot 

Total Crypto Market Cap 

The total crypto market cap tracks the global market cap of all digital assets which includes BTC, ETH, SOL, and other altcoins and stablecoins. The total crypto market cap declined roughly 5% in Q3 as the overall market has consolidated. Most recently the market has started a new uptrend after the Fed cut rates by fifty basis points (50bps).

Crypto Dominance  

Crypto dominance measures a particular crypto assets market cap as a percentage of the total market cap of all assets in the digital landscape. Bitcoin dominance is the most important statistic. Bitcoin dominance rose by 7.5% in Q3 vs the previous quarter.

Bitcoin Analysis 

Bitcoin (BTC) is the world’s largest and most widely known cryptocurrency and can be used to buy, sell and exchange directly, without an intermediary like a bank. Bitcoin was created in 2008 by Satoshi Nakamoto who described the need for an electronic payment system based on proof instead of trust.  

 Bitcoin Market Cap 

This metric tracks the daily market capitalization of bitcoin in USD terms. Overall BTC’s market cap has remained flat this quarter. 

BTC Spot ETF Volumes 

This metric tracks the daily volume for spot Bitcoin ETFs since launch. Volumes have remained steady throughout Q3 vs Q2 despite Bitcoin consolidating.  

Bitcoin and ETH Total Exchange Volumes 

This metric tracks the total spot market volumes for both BTC and ETH across all crypto exchanges globally on a 7-day moving average. As of Sept 30, volumes for both are up 60% in Q3.  

Percentage of BTC Supply in Profit 

This metric tracks the percentage of circulating supply in profit, i.e. the percentage of existing coins whose price at the time they last moved was lower than the current price. As of Sept 30th, 84.55% of all BTC supply is in profit.  

Bitcoin Number of Active Addresses 

This metric tracks the number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted. Active addresses have remained flat in Q3.  

Ethereum Analysis  

Ethereum (ETH) is the second most popular cryptocurrency. Founded by Vitalik Buterin in 2015, ETH unlike Bitcoin is more than just a medium of exchange but a decentralized computing network built on blockchain technology.  

 Ether Market Cap 

This metric tracks the daily market capitalization of ether in USD terms. Overall ETH’s market cap has fallen by roughly 25% during Q3. 

ETH Spot ETF Volumes 

This metric tracks the daily volume for spot ETH ETFs since launch. Volumes have declined during Q3 and remains heavily skewed to the sell side. 

ETH Burned Supply 

Given that ETH has an inflationary supply, unlike Bitcoin, it is important to track how much ETH is being burned to reduce supply. ETH burned supply has recently seen a huge uptick to end Q3.  

Percentage of ETH Supply in Profit 

This metric tracks the percentage of circulating supply in profit, i.e. the percentage of existing coins whose price at the time they last moved was lower than the current price. As of Sept 30th, 72.89% of all ETH supply is in profit. 

ETH 2.0 Total Value Staked 

Staking is an investment feature of Proof of Stake (PoS) blockchains in which token holders pledge their assets to support the network’s security, in exchange for rewards in the form of additional tokens. Holders must pledge a minimum of 32 ETH and run a validator node to stake, which is also known as solo staking. There are of course other methods to stake and enjoy the benefits such as using a Staking as a Service provider. The amount staked in Q3 reached new ATHs.