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Crypto’s Back in the Green; Are We Out of the Woods?

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Growing institutional adoption, on the back of new Bitcoin ETF applications in the U.S., has reignited the crypto flame, pushing Bitcoin to its highest level since 2022: $31.2K. Over the past quarter, Bitcoin and Ethereum increased by around 8% and 5%, respectively. Scalability solutions suffered the most. Falling by 7%, Arbitrum came out with the least losses in Q2 in comparison with its peers, as shown in Figure 1. In the realm of DeFi, Lido was the frontrunner, soaring by 35% in TVL. This jump could be attributed to Lido’s success in executing its staked ETH withdrawals.

Growing institutional adoption, on the back of new Bitcoin ETF applications in the U.S., has reignited the crypto flame, pushing Bitcoin to its highest level since 2022: $31.2K. Over the past quarter, Bitcoin and Ethereum increased by around 8% and 5%, respectively. Scalability solutions suffered the most. Falling by 7%, Arbitrum came out with the least losses in Q2 in comparison with its peers, as shown in Figure 1. In the realm of DeFi, Lido was the frontrunner, soaring by 35% in TVL. This jump could be attributed to Lido’s success in executing its staked ETH withdrawals.

Figure 1: 90-Day Price and TVL Developments of Cryptoassets in Major Sectors

Source: 21Shares, CoinGecko, DeFi Llama. Close data as of June 26, 2023.

5 Trends to Remember from Q2

• After a long wait, investors can finally withdraw their staked Ether: Since the Ethereum staking contract launched in December 2020, investors who wanted to validate transactions and secure the network had to withstand an indefinite lockup period on their Ether (ETH). On April 12, the Shanghai upgrade was activated, closing the loop on staking liquidity by allowing investors to finally withdraw their locked ETH. Despite ~73k validators exiting the network as of June 26, Ethereum staking has seen almost 4 million ETH in net new deposits since April 12. This shows that enabling withdrawals has reduced the liquidity risk for investors, particularly institutions.

Figure 2: Breakdown of ETH deposits and Withdrawals

Source: 21shares on Dune Analytics

• Binance faces hurdles in the U.S. and Europe: The world’s largest crypto exchange and its founder are facing 13 charges which include operating an unregistered exchange, commingling of assets, and misrepresenting trading controls and oversight on the Binance.US platform. While the lawsuit filed by the Securities and Exchanges Commission (SEC) is still pending a verdict, Binance’s balance fell by almost 8% this quarter. Selling pressure could have also been partly influenced by some less tense trouble Binance has been facing in Europe. The exchange exited the Netherlands after failing to get regulatory approval as a virtual asset provider. France is also preliminarily investigating Binance for alleged money laundering, to which Binance’s CEO appeared relaxed, saying that they have collaborated with the French authorities and that this legal procedure is the norm in France. With the Markets in Crypto Assets (MiCA) regulatory framework going into effect by the beginning of next year, Binance has voluntarily exited other European countries, like Austria and Cyprus, to reportedly focus on complying with MiCA.

Figure 3: Asset Flow on Binance

Source: 21shares on Dune Analytics

• A busy quarter for Tether: On May 17, Tether announced it would use 15% of its monthly net operating profits to buy BTC to diversify its reserve surplus. Three weeks later, Tether’s USDT circulating supply reached a new all-time high of $83.3 billion, while Circle’s USDC and Binance’s BUSD remained down ~50% and ~80% from their peak in June and November 2022, respectively. Finally, short-sellers drove USDT’s liquidity in Curve’s 3Pool to $285 million, making up over 70% of the pool at its peak and causing the stablecoin to trade 0.3% off its peg on June 15. However, USDT quickly re-pegged, and it took only seven days to get back below the pool’s 33% benchmark, suggesting that the actions were unfounded and that USDT remains the market’s preferred stablecoin.

Figure 4: USDT Liquidity in 3Pool on Curve

Source: 21Shares on Dune Analytics.

• MakerDAO strengthens its reserves, boosts its revenue: Near the end of Q2, the third largest money market application in DeFi purchased an additional $700M in Treasury bonds as part of its ongoing effort to strengthen the reserves backing its DAI stablecoin. Maker also implemented a six-month U.S. Treasury ladder strategy involving bi-weekly roll-overs to boost its revenue. This ties in with our thesis that utilizing Real World Assets (RWA) to generate revenue is a significant structural development to help create real inherent value. With the expansion of its RWA holdings, Maker could be more profitable in the quarters to come.

• Deutsche Bank applies to be a crypto custodian: On June 20, Germany’s largest bank applied for a digital asset license to operate as a custody service for cryptoassets to increase its fee income. DB’s interest in crypto custody speaks volumes of the market opportunity it wants to tap into. Not only is it a stamp of recognition of our trillion-dollar industry, but more so an indicator of the market sentiment that hadn’t died out since 2022, when the bank first hinted at its interest in crypto custody. This will make accessing and safeguarding crypto a lot easier for retail investors who are not tech savvy, not well acquainted with hardware wallets, or simply do not trust the crypto-native solutions offered at the time.

What You Should Pay Attention To

Growing institutional adoption will continue to drive the market sentiment: All eyes are on Grayscale’s lawsuit against the SEC’s rejection of its Bitcoin Trust filing. The company expects to hear a final decision from the DC District Court of Appeals in Q3 or later. On the other side of the world, HSBC Hong Kong, the largest bank in the special administrative region of China, is now allowing customers to trade Bitcoin and Ethereum ETFs listed on Hong Kong’s stock exchange. We are witnessing an unprecedented growing interest in this asset class, especially on the institutional level, which has always been considered a strong catalyst for any emerging technology looking to reach mass adoption.

The IMF finally admits the world can’t effectively ban crypto, doubles down on CBDCs: This quarter was a playground for change of hearts, namely the International Monetary Fund’s view on crypto. In its recent report on the use cases of central bank digital currencies (CBDCs) in Latin America and the Caribbeans, the IMF noted that an outright ban on cryptoassets would be ineffective in the long run. While the report is mainly advocating the advantages CBDCs have over cryptoassets, the silver lining is that cryptoassets are no longer looked at as an entirely fraudulent monetary system. In the coming quarters, we can witness leaps toward regulatory clarity across various regions.

The Feds want oversight on stablecoin regulations to be discussed in late July: The House Financial Services Committee is preparing two bills aiming to give more legal clarity around cryptoassets, including stablecoins and crypto exchanges. The chair of the Federal Reserve, Jerome Powell, said that stablecoins as a form of payment need to be supervised by central banks. Chairman Patrick McHenry disagreed, saying Congress may need to examine separating supervision and regulation out of the Fed and gaining greater oversight and control. Powell also mentioned that a U.S. CBDC is a far-fetched mission, which leaves the focus on stablecoins, which has seen a noticeable rise in adoption, as shown in the figure below.

Figure 5: USDT Inflows to Exchanges

Source: Chainalysis, The Block

Liquidity is moving on-chain: The proportion of trading volume on decentralized vs. centralized exchanges reached an all-time high of 21.65% in May after steadily trending higher since the collapse of FTX in November 2022. Now, given the current regulatory climate in the U.S., with Binance and Coinbase facing pressure from the SEC, and the upcoming release of Uniswap v4, the perfect storm is forming for DEXs to continue gaining momentum over the following quarters. Uniswap v4 will introduce limit orders, time-weighted average prices (TWAPs), native support for ETH, and architectural changes like “hooks,” which would allow for potential new use cases, like MEV-capturing AMMs.

Figure 6: : DEX to CEX Spot Trade Volume

Source: Bitcoin Key Metrics, 21shares on Dune Analytics.

Next Month’s Calendar

Top 3 events we’re closely monitoring in July:

• July 5: FOMC Meeting Minutes

• July 11 onwards: Crypto bill mark-up, led by Rep. Patrick McHenry

• July 26: Federal Fund Rate

Source: Forex Factory, CoinMarketCal

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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VanEck ETF utökar sitt kryptoerbjudande med Celestia ETN

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Idag tillkännagav kapitalförvaltaren VanEck ETF noteringen av VanEck Celestia ETN på Euronext Amsterdam och Euronext Paris.

  • Celestia möjliggör säker skalning av blockchain-applikationer
  • Modularitet tillåter utvecklare att bygga och skala nya blockkedjor med lätthet
  • VanEck Celestia ETN är tillgängligt i följande länder: Österrike, Schweiz, Tyskland, Danmark, Spanien, Finland, Frankrike, Italien, Liechtenstein, Luxemburg, Nederländerna, Norge, Polen, Portugal och Sverige

Detta börshandlade certifikat (ETN) gör det möjligt för investerare att delta i utförandet av TIA-tokenet i en investerarföredraget omslag. TIA-token är Celestia-nätverkets ursprungliga kryptovaluta.

Celestia är ett specialiserat blockchain-nätverk designat för att optimera och skala datatillgänglighet, branschens grundläggande skalningsflaskhals. Detta gör det möjligt för utvecklare att enkelt distribuera applikationer i sitt eget blockutrymme med hög genomströmning med full-stack-kontroll.

”Efterfrågan på TIA-token är ett direkt resultat av behovet av Celestias tjänster, eftersom alla interaktioner på Celestia är denominerade och betalda i TIA,” förklarade Menno Martens, Crypto Product Manager på VanEck Europe. ”När fler och fler utvecklare använder Celestias tjänster för att bygga fullstackapplikationer med hög genomströmning, ser vi tillväxtpotential för Celestia.”

VanEck Celestia ETN erbjuder investerare ett reglerat och börshandlat sätt att få exponering för denna innovativa blockchain. Investerare bör dock notera risken för extrem volatilitet i samband med digitala tillgångar.

”VanEcks ETN är ett av de första stegen mot utökad tillgång till Celestia av institutioner”, säger Mustafa Al-Bassam, medgrundare av Celestia och ordförande för Celestia Foundation. ”Snart kommer det att finnas fler sätt att gå med i Celestias ekosystem för alla typer av användare och deltagare.”

Denna ETN spårar MarketVector Celestia VWAP Close Index, som återspeglar priset på TIA-token. Den är helt säkerställd, vilket innebär att de underliggande tillgångarna faktiskt köps och förvaras säkert i kylförvaring. VanEck samarbetar med Bank Frick, ett reglerat förvaringsinstitut i Liechtenstein, för att säkerställa höga standarder för förvaring av kryptovaluta över sina ETNer.

Produktinformation

NamnVanEck Celestia ETN
IndexnamnMarketVector Celestia VWAP Close Index
ISINDE000A4AKZB4
KortnamnVTIA
Registerade länderAT, CH, DE, DK, ES, FI, FR, IT, LI, LU, NL, NO, PL,PT, SE
Ticker Euronext AmsterdamVTIA NA
Ticker Euronext ParisVTIA FP
IndexleverantörMarketVector Indexes GmbH
Total expense ratio (TER)1,5 %

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B4NZ ETC en eurohedgad satsning på WTI Crude

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BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC (B4NZ ETC) med ISIN DE000PZ9REW2, försöker följa RICI Enhanced WTI Crude Oil (EUR Hedged)-index. RICI Enhanced WTI Crude Oil (EUR Hedged)-index spårar priset på terminskontrakt på WTI Crude Oil. Valutasäkrad till euro (EUR).

BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC (B4NZ ETC) med ISIN DE000PZ9REW2, försöker följa RICI Enhanced WTI Crude Oil (EUR Hedged)-index. RICI Enhanced WTI Crude Oil (EUR Hedged)-index spårar priset på terminskontraktWTI Crude Oil. Valutasäkrad till euro (EUR).

Denna ETCs TER (total cost ratio) uppgår till 1,20 % p.a. BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC är den enda ETC som följer RICI Enhanced WTI Crude Oil (EUR Hedged)-index. Denna ETC replikerar det underliggande indexets prestanda syntetiskt med en swap.

BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC är en mycket liten ETC med tillgångar på 0 miljoner euro under förvaltning. Denna ETC lanserades den 7 augusti 2019 och har sin hemvist i Nederländerna.

Information

ISINDE000PZ9REW2
Securities identification number (German WKN)PZ9REW
BloombergB4NZ GY
ReutersB4NZ.DE
TypeETC
CurrencyEUR
Currency hedgedYes, EUR Hedge
Roll optimizedYes
LeveragedNo
Physical deliveryNo
Total Return Yes
ExchangeFrankfurt Stock Exchange (Regulated Market – Xetra®), Stuttgart Stock Exchange
Trading periods08:15 am – 20:00 pm
Maturityopen end

Handla B4NZ ETC

BNPP RICI Enhanced WTI Öl (ER) EUR Hedge ETC (B4NZ ETC) är en europeisk börshandlad produkt. Denna ETC handlas på 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
XETRAEURB4NZ

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XZEP ETF köper aktier i företag i Europa med höga ESG-betyg

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Xtrackers MSCI Europe ESG UCITS ETF 1D (XZEP ETF) med ISIN IE0004ZJGWT9, strävar efter att spåra MSCI Europe Low Carbon SRI Leaders-index. MSCI Europe Low Carbon SRI Leaders-index spårar stora och medelstora värdepapper från Europa. Endast företag med låga koldioxidutsläpp och högt ESG-betyg (environmental, social and governance) beaktas. Moderindex är MSCI Europe.

Xtrackers MSCI Europe ESG UCITS ETF 1D (XZEP ETF) med ISIN IE0004ZJGWT9, strävar efter att spåra MSCI Europe Low Carbon SRI Leaders-index. MSCI Europe Low Carbon SRI Leaders-index spårar stora och medelstora värdepapper från Europa. Endast företag med låga koldioxidutsläpp och högt ESG-betyg (environmental, social and governance) beaktas. Moderindex är MSCI Europe.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,18 % p.a. Xtrackers MSCI Europe ESG UCITS ETF 1D är den billigaste ETF som följer MSCI Europe Low Carbon SRI Leaders index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen delas ut till investerarna (Årligen).

Xtrackers MSCI Europe ESG UCITS ETF 1D är en stor ETF med tillgångar på 999 miljoner euro under förvaltning. ETF lanserades den 12 juni 2024 och har sin hemvist i Irland.

Index nyckelfunktioner

MSCI Europe Low Carbon SRI Leaders Index syftar till att spegla resultatet på följande marknad:

Stora och medelstora företag från utvecklade europeiska marknader

Granskas kvartalsvis

Handla XZEP ETF

Xtrackers MSCI Europe ESG UCITS ETF 1D (XZEP 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
XETRAEURXZEP

Största innehav

ISINNamnVikt %LandIndustri
DK0062498333NOVO NORDISK CLASS B9.06%DanmarkHealth Care
GB0009895292ASTRAZENECA PLC4.73%StorbritannienHealth Care
CH0012005267NOVARTIS AG4.21%SchweizHealth Care
DE0007164600SAP4.17%TysklandInformationsteknologi
GB0005405286HSBC HOLDINGS PLC3.29%StorbritannienFinans
FR0000121972SCHNEIDER ELECTRIC2.68%FrankrikeIndustri
FR0000120321LOREAL SA2.10%FrankrikeDagligvaror
FR0000120073LAIR LIQUIDE SOCIETE ANONYME POUR2.04%FrankrikeMaterials
CH0012221716ABB LTD1.77%SchweizIndustri
GB00B2B0DG97RELX PLC1.70%StorbritannienIndustrials
CH0011075394ZURICH INSURANCE GROUP AG1.53%SchweizFinans
FR0000052292HERMES INTERNATIONAL1.44%FrankrikeSällanköpsvaror
FR0000131104BNP PARIBAS SA1.41%FrankrikeFinans
DE0008430026MUENCHENER RUECKVERSICHERUNGS-GESE1.31%TysklandFinans
FR0000120628AXA SA1.24%FrankrikeFinans

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