Q3 2024: Five stories that shaped cryptocurrency

Quarterly retrospective covering July 1–September 30, 2024. Dated September 30, 2024. Stories selected for market impact, policy significance, and consequences for cryptocurrency infrastructure.

1. U.S. spot Ether products begin trading

Spot Ether investment products began trading in the United States on July 23 after the earlier exchange-rule approvals and completion of registration requirements. Grayscale confirmed that its Ethereum Trust and Ethereum Mini Trust had started trading on NYSE Arca, while other issuers also entered the market. The launches extended brokerage-account access to a second major cryptocurrency and created new competition over product structure and fees. They marked the transition from regulatory preparation to live investment vehicles, with actual demand and fund flows becoming the next test of their importance. Source: Grayscale launch announcement filed with the SEC, July 23.

2. German authorities complete a large bitcoin sale

Saxon authorities announced in July that they had completed an emergency sale of almost 50,000 bitcoin between June 19 and July 12. The holdings were connected to a criminal investigation, and the sale generated proceeds of roughly €2.6 billion. The transfers attracted close market attention because a large government-controlled balance was moving through trading channels. The event illustrated how seized assets can become a meaningful source of observable supply, while on-chain transfers alone cannot establish the execution price or immediate market impact of every transaction. Source: Saxon authorities, July 16.

3. Mt. Gox begins distributing Bitcoin and Bitcoin Cash

The Mt. Gox trustee confirmed on July 5 that repayments in Bitcoin and Bitcoin Cash had been made to some rehabilitation creditors through designated exchanges. The development turned the previous quarter’s timetable into actual distributions after a decade-long process following the exchange’s collapse. It mattered both to creditors regaining access to value and to traders assessing whether recipients would sell or retain their coins. The announcement was explicitly about some creditors, with further repayments dependent on completion of the relevant checks and exchange arrangements. Source: Mt. Gox trustee notice, July 5.

4. WazirX reports a theft exceeding $230 million

WazirX disclosed that a cyberattack on July 18 had targeted one of its multisignature wallets and resulted in the theft of digital assets worth more than $230 million. The incident disrupted a major Indian cryptocurrency platform and put custody arrangements and signing procedures under intense scrutiny. Its importance extended beyond the immediate loss: customers faced uncertainty about access to assets and the path toward resolution. The event showed that the existence of multiple required signatures does not by itself establish that the full wallet-management process is secure. Source: WazirX incident announcement, July 2024.

5. Trump promises to retain government bitcoin

At the Bitcoin conference in Nashville on July 27, presidential candidate Donald Trump said the United States should retain bitcoin already held by the government as the core of a strategic national stockpile. The pledge made cryptocurrency policy a prominent campaign issue and brought debate about public-sector holdings to a large industry audience. Its significance was political rather than an immediate change in government custody or purchasing activity. At the time, it was a candidate’s proposal whose implementation would depend on the election and subsequent decisions by the relevant authorities. Source: Reuters conference footage and transcript, July 27.