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Crypto’s unforgettable month
There have been many monumental moments in crypto this year, but the last week of July might have been the most memorable.
In addition to Ethereum ETFs being approved to trade in the US, two of the three presidential candidates gave passionate speeches in support of crypto at the Bitcoin 2024 conference.
The speeches, from former president Trump and independent candidate RFK, Jr., were a clear sign that this asset class is here for the long run. Our CIO Samir Kerbage wrote about what the increasing role of crypto in politics means for investors in his latest Notes from the CIO.
The Nasdaq Crypto IndexTM (NCITM) recorded a 3.6% increase for the month, with a wide mix of results from its constituents. The index is up over 49% for the year.
As always, we are greatly appreciative of your trust in us and are here to answer any questions you may have.
-Your Partners at Hashdex
Market Review
The Nasdaq Crypto IndexTM (NCITM) recorded a 3.6% increase in a month marked by heterogeneous results, both within the crypto asset class and across other classes. In the US stock market, the Nasdaq 100 fell 1.6%, while the S&P 500 index rose 1.2% and the Russell 2000, an index of small-cap stocks, surged an impressive 10.2%. Part of this movement is explained by the incorporation of expectations about a potential victory for Donald Trump in the November elections.
This effect was also felt in the crypto asset market. At the beginning of the month, the downtrend observed in June predominated, with the NCITM dropping nearly 10% on the 5th, driven by the sales of bitcoins confiscated by the German government. A more pronounced recovery was observed from the 13th, following the assassination attempt on former president Donald Trump. Trump is considered a pro-crypto candidate and the news was almost immediately reflected in prices.
On the 23rd, the NCITM had accumulated a gain of more than 9% for the month. After that, the movements of bitcoins from Mt. Gox reversed the trend. Simultaneously, the launch of spot Ethereum ETFs in the US enabled redemptions of ethers previously locked in a trust, generating selling pressure and drops greater than those of bitcoin. In the last days of the month, Trump’s statement about his intention to create a strategic “stockpile” of bitcoin deserves mention.
Despite the rise in the NCITM, only four of its eleven constituents showed appreciation. The biggest highlight was Ripple (XRP), which rose 33.7% amid rumors, later confirmed, that Ripple Labs (the company associated with the XRP token) was close to a settlement with the SEC to end the lawsuit initiated in 2020. Next came Solana and Bitcoin, with gains of 21.6% and 5.3%, respectively.
Among the indices that serve as benchmarks for Hashdex products, the main highlight was the Vinter Hashdex Risk Parity Momentum Index, with a rise of 5.1% mainly due to Ripple and Tron. Among CF Benchmarks’ sectoral indices, only the Smart Contracts Platform index had a positive return, of 3.6%, while the Decentralized Finance and Digital Culture indices fell 2.9% and 6.7%, respectively.
With the July result, the NCITM has accumulated a 49.4% gain in 2024. New developments favorable to Trump’s candidacy could be a catalyst for further crypto gains in the coming months. Regardless of the election outcome, we remain confident that crypto assets will gain relevance in the coming years and that this will be reflected in appreciation.
Top Stories
State Street considering adoption of blockchain-enabled solutions
Financial giant State Street Corp is reportedly considering adding blockchain solutions to its services, including launching a stablecoin. This move reflects a growing trend among traditional financial firms embracing crypto, highlighting the technology’s promise and global adoption.
Michigan, Jersey City invest in bitcoin ETFs
The State of Michigan disclosed bitcoin ETF investments as Jersey City’s municipal pension plan will soon invest in bitcoin (BTC) through ETFs. This comes a few months after the State of Wisconsin Investment Board disclosed bitcoin ETF exposure. Public pension investments like this continue to help to further enhance the credibility of bitcoin and crypto assets.
Bitcoin and ether lead $17.8B crypto inflows
Record inflows of over $17.8 billion into digital asset investment products have been recorded this year, significantly exceeding the previous record of $10.6 billion set in 2021. BTC product inflows have been strong while ETH products also saw substantial inflows driven by the anticipation surrounding spot ETFs in the US.
- Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
- Bitcoin price technical analysis: Where are the liquidation levels?
- What are real-world assets and why do we need tokenization?
Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
Strategy (formerly MicroStrategy) has amassed a staggering $43 billion in Bitcoin, positioning itself at the forefront of the corporate “reserve race.” Under the leadership of Bitcoin maximalist Michael Saylor, the company now boasts an $84 billion market cap. But with such an aggressive strategy, how sustainable is its approach—and what risks lie ahead? We break it down in today’s analysis.
Bitcoin price technical analysis: Where are the liquidation levels?
A drop below $72,000 could flush longs, while a breakout above $90,000 may squeeze shorts. One key positive indicator is that Bitcoin continues to print higher lows since March 10, which preserves a bullish market structure in our view. Dive into our technical analysis.
What are real-world assets and why do we need tokenization?
Imagine owning a slice of a skyscraper or a piece of fine art with just a few clicks. Tokenization, the act of converting ownership rights to real-world assets (RWAs) into tradable tokens, has surpassed $10 billion in on-chain value, unlocking global 24/7 access to once-exclusive markets with liquidity, efficiency, and yield. Find out how it works.
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.
Since President Trump appointed Mark Uyeda as acting SEC chair two months ago, many investigations into crypto businesses have been dropped, as the SEC moves away from regulation by enforcement and works to create a framework for digital assets. As regulations become clearer and news flow turns more positive, crypto prices—which dropped sharply this week—should begin to better reflect the new regulatory landscape in the US.
We believe this regulatory shift could ultimately help trigger the next leg of the current bull run, as investors better understand the significance of regulatory clarity and seek to acquire bitcoin and altcoins at what we believe are currently very favorable levels.
Market Highlights
SEC Dismisses Crypto Enforcement Actions
The SEC dropped its enforcement actions against crypto-related companies Kraken, Consensys, and Cumberland DRW.
This indicates a shift in SEC’s regulatory approach, favoring clearer guidelines over enforcement actions. Such a pivot could foster a more predictable environment, encouraging innovation within the sector.
Banks to Engage in Crypto Activities
The FDIC has rescinded previous guidelines which prevented financial institutions from engaging with crypto activities without prior sign-off.
By removing bureaucratic hurdles, banks may more readily offer crypto-related services, potentially leading to broader adoption and integration of digital assets.
Bitcoin ETFs Inflow Streak Surpassed $1 Billion
US spot Bitcoin ETFs have recorded a 10-day inflow streak exceeding $1 billion marking the longest such streak in 2025.
This underscores growing institutional and retail investor confidence in Bitcoin as an asset class that helps increase market stability and possibly paving the way for the approval of other crypto-based financial products.
Market Metrics
All NCITM constituents had negative performance last week, with XRP (-10.8%) and UNI (-10.7%) seeing the steepest declines. ETH also experienced a sharp drop (-9.1%), contributing to NCITM’s underperformance relative to BTC (-2.9%). The NCITM -4.2% decline reflects a broader risk-off sentiment in the crypto market, as investors reassess their positions amid ongoing macroeconomic uncertainties.
NCITM (-4.2%) extended its underperformance last week, deepening year-to-date losses. Traditional indices like the S&P 500 (-1.5%) and Nasdaq 100 (-2.4%) saw smaller declines. The gap between crypto and other risk assets continues to widen, while gold has emerged as the top performer in 2025, gaining nearly 20% amid ongoing macroeconomic uncertainties. This trend highlights a growing risk-off sentiment, with investors shifting toward defensive assets and away from high-volatility investments.
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