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Crypto Market Compass 3. June 2024

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Crypto Market Compass 3. June 2024 Our in-house “Cryptoasset Sentiment Indicator” has increased slightly and still signals neutral levels in sentiment

• Cryptoassets underperformed due to a general decline in risk appetite

• Our in-house “Cryptoasset Sentiment Indicator” has increased slightly and still signals neutral levels in sentiment

• Bitcoin whales’ transfers from exchanges reach the highest amount since almost 2 years in a sign of increasing institutional appetite for cryptoassets
Chart of the Week

Performance

Last week, cryptoassets underperformed traditional assets like equities due to a general decline in cross-asset risk appetite.

Weekly US spot Bitcoin ETF net inflows were relatively positive with around 171 mn USD but still significantly lower than what we had seen until mid-March. Meanwhile, global Ethereum ETP flows have already picked up following the recent US spot Ethereum ETF approval. It seems as if some investors are already positioning in anticipation of higher net inflows going forward.

Apart from this, we saw very significant whale withdrawals of bitcoins from exchanges that took place on Kraken (Chart-of-the-Week). Whales are defined as network entities that control at least 1,000 BTC. This very significant shift in net exchange transfers by whales happened after whales had just recently sent most bitcoins to exchanges year-to-date.

However, the latest withdrawals represent the highest withdrawals in almost 2 years. Withdrawals of this size are usually very positive for performance as they exacerbate supply illiquidity on exchanges which tends to support prices.

In general, among the top 10 crypto assets, Toncoin, Shiba Inu and BNB were the relative outperformers.

However, overall altcoin outperformance vis-à-vis Bitcoin has declined again compared to the prior week, with only around 45% of our tracked altcoins managing to outperform Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has increased marginally last week is currently still signalling neutral sentiment.

At the moment, only 5 out of 15 indicators are above their short-term trend.
Last week, there were significant reversals to the downside in the BTC perpetual funding rate and our measure of Cross Asset Risk Appetite (CARA).

The Crypto Fear & Greed Index signals ”Greed” as of this morning.

Performance dispersion among cryptoassets has reversed to the downside again
and remains very low. Most altcoins are still trading in line with Bitcoin.

Altcoin outperformance vis-à-vis Bitcoin has declined compared to the week prior, with only around 45% of our tracked altcoins outperforming Bitcoin on a weekly basis. The decline in altcoin outperformance also signals a renewed underperformance of Ethereum vis-à-vis Bitcoin again.

In general, increasing (decreasing) altcoin outperformance tends to be a sign of increasing (decreasing) risk appetite within cryptoasset markets.

Meanwhile, sentiment in traditional financial markets came off its highs recently, judging by our own measure of Cross Asset Risk Appetite (CARA).

Fund Flows

Last week, we saw another week of positive net inflows into global crypto ETPs of around +183.6 mn USD but significantly lower than the +1bn USD net inflows the week prior.

Global Bitcoin ETPs saw net inflows of +109.7 mn USD last week of which +170.9 mn USD (net) were related to US spot Bitcoin ETFs alone.

Flows into Hong Kong spot Bitcoin ETFs saw minor net outflows of around -5.8 mn USD, according to data provided by Bloomberg.

The ETC Group Physical Bitcoin ETP (BTCE) also saw minor net outflows equivalent to -5.9 mn USD while the ETC Group Core Bitcoin ETP (BTC1) saw net inflows of +1.5 mn USD last week.

The Grayscale Bitcoin Trust (GBTC) continued to see negative net flows with approximately -260.6 mn USD last week while other major US spot Bitcoin ETFs
continued to attract more capital.

iShares’ IBIT attracted another +297.7 mn USD in a single week and has now become the biggest Bitcoin ETF in the world.

Global Ethereum ETPs saw a reversal in ETP flows last week, with net inflows of around +73.5 mn USD.

Hong Kong spot Ethereum ETFs that also saw net inflows last week of around +38.2 mn USD, according to data provided by Bloomberg.

Furthermore, the ETC Group Physical Ethereum ETP (ZETH) saw another week of net inflows of +3.3 mn USD last week. The ETC Group Ethereum Staking ETP (ET32) saw neither in- nor outflows last week (+/- 0 mn USD).

Besides, Altcoin ETPs ex Ethereum also experienced some net inflows of around +13.1 mn USD last week.

Besides, Thematic & basket crypto ETPs continued to see minor net outflows of -12.7 mn USD, based on our calculations. In contrast, the ETC Group MSCI Digital Assets Select 20 ETP (DA20) saw neither in- nor outflows last week (+/- 0 mn USD).

Meanwhile, the beta of global crypto hedge funds to Bitcoin over the last 20 trading days continued to decrease to around 0.87. This implies that global crypto hedge funds are still reducing their market exposure and have currently a slight underweight exposure to Bitcoin.

On-Chain Data

Probably the most significant on-chain development last week was the net whale exchange transfers. Bitcoin whales transferred around -49,333 BTC over the past 7 days (Chart-of-the-Week).

Most of these net transfers are attributable to two whale transfers that happened on Kraken last week:

Around ~20k BTC were withdrawn from Kraken at around 4 pm UTC on the 30th of May and another ~15k BTC were withdrawn at around 3 pm UTC on the 31st of May. It is still unclear whether these large transfers were made by an investor, non-financial corporate or even sovereign entity.

In any case, these whale transfers mark a significant shift in net transfers overall as whales had just sent the highest amount of bitcoins to exchanges year-to-date before these outsized withdrawals.

The abovementioned withdrawals also sent BTC on-exchange balances to a fresh 6-year low according to data provided by Glassnode. Only 11.58% of total available BTC supply is currently on exchanges.

The amount of illiquid BTC supply based on a definition by Glassnode has hit an all-time high. This is bound to be a significant tailwind for Bitcoin and Cryptoassets.

Another significant on-chain development last week were internal transfers by Mt. Gox trustee that temporarily put pressure on prices as the market speculated that a larger distribution by this entity was imminent. Although most experts tagged these outflows as genuine outflows at first, they appear to be internal transfers within cold wallets.

At the time of writing, around 141,686 BTC remain in wallets controlled by the Mt. Gox trustee according to data provided by Glassnode. This is certainly a large amount and any distribution of this size would most-likely be associated with significant temporary downside.

Futures, Options & Perpetuals

Last week, BTC futures open interest decreased while and BTC perpetual open interest increased in BTC-terms. The decrease in BTC futures open interest was mostly attributable to a larger decline in CME futures open interest.

That being said, both long and short futures liquidations remained relatively low last week.

The Bitcoin futures basis mostly went sideways last week. At the time of writing, the Bitcoin futures annualized basis rate stands at around 13.7% p.a. However, net short positions in Bitcoin futures contracts on CME reached their highest level on record indicating that traders are increasingly making use of the basis.

Meanwhile, perpetual funding rates continued to stay relatively high signalling decent demand for long perpetual contracts.

Bitcoin options’ open interest declined significantly due to outsized option expires at the end of May. Put-Call open interest ratios also declined indicating that expired puts were mostly not rolled over. Relative put-call volume ratios only spiked temporarily on Tuesday last week.

However, the 25-delta BTC 1-month option skew increased slightly throughout the week, implying an increased demand for puts relative to calls.
BTC option implied volatilities continued to decrease last week. Implied volatilities of 1-month ATM Bitcoin options are currently at around 49.3% p.a.
Bottom Line

• Cryptoassets underperformed due to a general decline in risk appetite

• Our in-house “Cryptoasset Sentiment Indicator” has increased slightly and still signals neutral levels in sentiment

• Bitcoin whales’ transfers from exchanges reach the highest amount since almost 2 years in a sign of increasing institutional appetite for cryptoassets

To read our Crypto Market Compass in full, please click the button below:

This is not investment advice. Capital at risk. Read the full disclaimer

© ETC Group 2019-2024 | All rights reserved

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Fastställd utdelning i MONTDIV april 2025

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Idag fastställdes utdelningen i MONTDIV april 2025. Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV ETF) fastställdes till 0,39465 kronor per andel. Utdelningen i MONTDIV april 2025 beräknas betalas ut den 12 maj 2025.

Idag fastställdes utdelningen i MONTDIV april 2025. Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV ETF) fastställdes till 0,39465 kronor per andel. Utdelningen i MONTDIV april 2025 beräknas betalas ut den 12 maj 2025.

Handla MONTDIV ETF

Montrose Global Monthly Dividend MSCI World UCITS ETF (MONTDIV ETF) är en europeisk börshandlad fond. Denna fond handlas på Nasdaq Stockholm.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel  NordnetSAVRDEGIRO och Avanza.

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WELG ETF en satsning på healthcareföretag världen över

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Amundi S&P Global Health Care ESG UCITS ETF DR EUR (D) (WELG ETF) med ISIN IE000JKS50V3, strävar efter att spåra S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Health Care-index. Det S&P-utvecklade ex-Korea LargeMidCap Sustainability Enhanced Health Care-indexet spårar stora och medelstora företag från hälso- och sjukvårdssektorn. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

Amundi S&P Global Health Care ESG UCITS ETF DR EUR (D) (WELG ETF) med ISIN IE000JKS50V3, strävar efter att spåra S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Health Care-index. Det S&P-utvecklade ex-Korea LargeMidCap Sustainability Enhanced Health Care-indexet spårar stora och medelstora företag från hälso- och sjukvårdssektorn. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,18 % p.a. Amundi S&P Global Health Care ESG UCITS ETF DR EUR (D) är den billigaste ETF som följer S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Health Care-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen delas ut till investerarna (Årligen).

Amundi S&P Global Health Care ESG UCITS ETF DR EUR (D) är en mycket liten ETF med 17 miljoner euro förvaltade tillgångar. ETFen lanserades den 20 september 2022 och har sin hemvist i Irland.

Investeringsmål

AMUNDI S&P GLOBAL HEALTH CARE ESG UCITS ETF DR – EUR (D) försöker replikera, så nära som möjligt, resultatet av S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Health Care Index (Netto Total Return Index). Denna ETF har exponering mot stora och medelstora företag i utvecklade länder. Den innehåller uteslutningskriterier för tobak, kontroversiella vapen, civila och militära handeldvapen, termiskt kol, olja och gas (inkl. Arctic Oil & Gas), oljesand, skiffergas. Den är också utformad för att välja ut och omvikta företag för att tillsammans förbättra hållbarhet och ESG-profiler, uppfylla miljömål och minska koldioxidavtrycket.

Handla WELG ETF

Amundi S&P Global Health Care ESG UCITS ETF DR EUR (D) (WELG ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
gettexEURWELG
XETRAUSDWELZ
XETRAEURWELG

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Denna fond använder fysisk replikering för att spåra indexets prestanda.

NamnValutaViktSektor
ELI LILLY & COUSD10.29 %Health Care
UNITEDHEALTH GROUP INCUSD7.99 %Health Care
NOVO NORDISK A/S-BDKK6.32 %Health Care
ABBVIE INCUSD6.12 %Health Care
ASTRAZENECA GBPGBP5.26 %Health Care
ROCHE HOLDING AG – GENUSSSCHF4.18 %Health Care
MERCK & CO. INC.USD3.93 %Health Care
NOVARTIS AG-REGCHF3.70 %Health Care
ABBOTT LABORATORIESUSD3.43 %Health Care
SANOFIEUR2.58 %Health Care

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Amundi noterar ETF för globala företagsobligationer

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Amundi Global Corporate Bond UCITS ETF investerar globalt i företagsobligationer med fast ränta, denominerade i lokal valuta och har en investment grade-rating. De måste ha en återstående löptid på minst ett år.

Amundi Global Corporate Bond UCITS ETF investerar globalt i företagsobligationer med fast ränta, denominerade i lokal valuta och har en investment grade-rating. De måste ha en återstående löptid på minst ett år.

Andelsklassen är valutasäkrad mot amerikanska dollar och delar ut avkastningen.

NamnISIN
Kortnamn
KostnadUtdelnings-
policy
Amundi Global Corporate Bond UCITS ETF USD Hedged DistLU2996613266
USBG (USD)
0,17%Utdelande

Produktutbudet inom Deutsche Börses ETF- och ETP-segment omfattar för närvarande totalt 2 405 ETFer, 198 ETCer och 256 ETNer. Med detta urval och en genomsnittlig månatlig handelsvolym på mer än 21 miljarder euro är Xetra den ledande handelsplatsen för ETFer och ETPer i Europa.

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