Nyheter
ETC Group Crypto Market Compass #6 2024
• Cryptoassets continued to recover despite a more hawkish guidance by the Fed
• Our in-house “Cryptoasset Sentiment Index” has stabilized and remains slightly bearish
• Despite the supposedly strong non-farm payrolls report last Friday, we see increasing evidence of a weakening labour market in the US
Chart of the Week
Performance
Last week, cryptoassets continued to recover on the back of positive net inflows into US spot Bitcoin ETFs and an improving cryptoasset sentiment.
Nonetheless, these positive developments were somewhat overshadowed by a more hawkish guidance by the Fed that guided markets towards later-than-expected interest rate cuts.
Before the FOMC meeting started on Tuesday last week, rates traders had expected the rate cutting cycle to commence in March, which was priced out to May 2024 after the FOMC meeting. This stance was somewhat confirmed with the latest non-farm payrolls jobs numbers on Friday that were significantly above consensus expectations, and which implied that the US labour market was still running hot.
This implied a “higher for longer” interest rate expectation which also led to a significant increase in long-term Treasury yields.
All of this happened during a week where another US regional bank’s stock price unexpectedly sold off on account of high loan loss provisions and dividend cuts due to its high US commercial real estate loan exposure. Systemic risks appear to be resurfacing after a Japanese bank with significant US commercial real estate exposure also unexpectedly sold off last week.
A “higher for longer” stance of monetary policy by the Fed appears to induce renewed weakness in the (regional) banking system which is why we expect that the Fed will most-likely not be able to prolong its current pause in the interest rate cycle for much longer before commencing the rate cutting cycle.
Moreover, although the latest jobs report appears to confirm the Fed’s more hawkish stance at first sight, a view beneath the strong headline numbers reveals that most of the job gains were related to increases in multiple job holders and part-time workers. In addition, leading labour market indicators such as average hours worked have declined to levels last seen during the Covid recession.
So, while overall payrolls are increasing, it appears as if companies are reluctant to increase full-time jobs as they are already reducing working hours. This is rather a sign of a weakening labour market.
What does that mean for Bitcoin and cryptoassets?
We still measure a significant dominance of global growth expectations for Bitcoin – around 55% of performance variations in the price of Bitcoin could be explained by changes in global growth expectations over the past 6 months.
However, that dominance has been gradually receding in favour of an increasing relevance of monetary policy and US Dollar changes which have accounted for 22% and 13%, respectively, in the variation in the price of Bitcoin over the past 6 months.
Based on these calculations, we expect that any weakness in global growth expectations due to a US recession could affect Bitcoin negatively at first but could also provide a tailwind as a second order effect due to a reversal in monetary policy expectations and a weaker US Dollar.
This would be similar to the performance patterns that we observed during the collapse of Silicon Valley Bank (SVB) in March 2023. We could see a revival of that since Bitcoin is one of the few counterparty risk-free assets and systemic risks in the traditional banking system could induce some kind of “flight-to-safety” into Bitcoin.
A reversal in monetary policy is most likely sparked by either a systemic weakness in the banking system or a significant increase in the unemployment rate over the coming months.
In our last report, we stated that we expected the influence of macro factors on Bitcoin & Cryptoassets to reassert itself over the coming weeks. This expectation already seems to materialize with the latest macro developments.
In general, among the top 10 crypto assets, Chainlink, TRON, and Ethereum were the relative outperformers.
Chainlink’s recent partnership with China’s national Blockchain Services Network, which utilizes Chainlink’s oracle network, has likely boosted investor confidence and contributed to the recent price increase.
Nonetheless, altcoin outperformance vis-à-vis Bitcoin was relatively weak, with only 25% of our tracked altcoins managing to outperform Bitcoin on a weekly basis.
Sentiment
Our in-house “Cryptoasset Sentiment Index” has stabilized and remains slightly bearish.
At the moment, only 5 out of 15 indicators are above their short-term trend.
Compared to last week, we saw major reversals to the upside in BTC exchange inflows and the crypto dispersion index. The former implies lower exchange in flows which tends to be bullish and the latter implies increasing performance dispersion among cryptoassets which also tends to be a positive signal.
The Crypto Fear & Greed Index remains in ”Greed” territory as of this morning.
Meanwhile, our own measure of Cross Asset Risk Appetite (CARA) has recently increased as well albeit from lower levels. Overall, this is signalling a rather neutral sentiment in traditional financial markets.
As mentioned before, performance dispersion among cryptoassets has remained relatively high.
In general, high-performance dispersion among cryptoassets implies that correlations among cryptoassets have decreased, which means that cryptoassets are trading more on coin-specific factors and that diversification among cryptoassets is high.
At the same time, altcoin outperformance vis-à-vis Bitcoin was still relatively low, with no clear outperformance of Ethereum vis-à-vis Bitcoin. Viewed more broadly, only 25% of our tracked altcoins have outperformed Bitcoin on a weekly basis.
In general, low altcoin outperformance tends to be a sign of low risk appetite within cryptoasset markets.
Fund Flows
Overall, we saw net fund inflows in the amount of +698.9 mn USD (week ending Friday) based on Bloomberg data across all types of cryptoassets.
Global Bitcoin ETPs saw a reversal compared to last week with significant net inflows of +697.3 mn USD of which +819 mn (net) were related to US spot Bitcoin ETFs alone.
The Grayscale Bitcoin Trust (GBTC) continued to see net outflows of around -927 mn USD last week. This was more than offset by net inflows into other US spot Bitcoin ETFs that were able to attract +1,746 mn USD in net inflows. BlackRock’s iShares Bitcoin Trust (IBIT) took in +883 mn USD last week and surpassed 3 bn USD in AuM.
On a positive note, the outflows from GBTC continued to slow down over the past 5 trading days and last Friday saw the lowest daily net outflow since trading launch on the 11/01.
Note that some fund flows data for US major issuers are still lacking in the abovementioned numbers due to T+2 settlement.
Apart from Bitcoin, we saw comparatively small flows into other cryptoassets last week.
Outflows from global Ethereum ETPs of around -22.2 mn USD were somewhat offset by inflows into other altcoin ETPs ex Ethereum that managed to attract +23.6 mn USD last week.
Thematic & basket crypto ETPs were more or less unchanged, with only +0.2 mn USD in net inflows, based on our calculations.
Besides, the beta of global crypto hedge funds to Bitcoin over the last 20 trading still remains low at below 0.8, implying that global crypto hedge funds still remain under-exposed to Bitcoin market risks. It appears as if crypto hedge funds are still waiting on the sidelines for new catalysts.
On-Chain Data
Core on-chain for Bitcoin remain somewhat mixed. For instance, active addresses as well as new addresses remain relatively low and also the number of addresses with non-zero balances has come off the recent highs. The same is true for the number of transactions on the core Bitcoin blockchain.
This happens amid a still relatively high count of inscriptions on the Bitcoin blockchain, implying that “pure” monetary transactions have been decreasing recently. The transaction count share of inscriptions had just recently reached an all-time high of 72% on the 28/01.
The share of inscriptions has reached around 61% this week as well. So, the share of inscriptions in Bitcoin transactions remains relatively high which is frequently a subject of discussion among the Bitcoin community. That being said, median transactions fees have declined significantly from their recent high from mid-December 2023 as have the share of fees in total BTC miner revenue which was between 5% and 15% last week.
Nonetheless, BTC miners continued to sell into their reserves last week which exerts some downward pressure on prices. Aggregate BTC miner reserves have reached the lowest level since July 2021.
However, in the grand scheme of overall exchange inflows, these exchange inflows are still comparatively small. Overall, exchange inflows remain very much dominated by ETF flows and whale deposits to exchanges (especially to Coinbase exchange).
All in all, net exchange transfers and deposits have recently been negative and BTC exchange balances have declined over the past week as a result. This implies overall increasing demand for Bitcoin. However, aggregate exchange balances have not reclaimed their multiyear lows yet.
In contrast, Ethereum exchange balances continue to drift lower and make fresh multiyear lows on a daily basis. This should provide a tailwind for the relative performance of Ethereum vis-à-vis Bitcoin.
Futures, Options & Perpetuals
BTC futures open interest declined somewhat last week while perpetual open interest moved sideways. There were no significant futures long or short liquidations compared to the week prior.
The 3-months annualized BTC futures basis declined somewhat to around 9.4% p.a. but BTC perpetual funding rates remained positive throughout the week across major derivatives exchanges.
BTC options’ open interest also remained relatively stable last week. Put-call open interest remains relatively low implying that most option traders are still engaged in calls and have a long bias. Put-call volume ratios also remained relatively low compared to the prior week implying that downside hedging activity has clearly levelled off.
That being said, BTC option traders have recently started to bid up the skew in favour of put options, implying renewed interest for downside hedges. At the time of writing delta-equivalent 1-month BTC put options have a 2%-points higher implied volatility than call options.
However, the declining trend in implied volatilities since early January 2024 also continued last week. At the time of writing, BTC ATM option implied volatility for 1-month options is around 39.6% which is significantly lower than the high of 71% reached on 07/01/2024.
Bottom Line
• Cryptoassets continued to recover despite a more hawkish guidance by the Fed
• Our in-house “Cryptoasset Sentiment Index” has stabilized and remains slightly bearish
• Despite the supposedly strong non-farm payrolls report last Friday, we see increasing evidence of a weakening labour market in the US
GENERAL DISCLAIMER
The information provided in this advertising material is for informative purposes only and does not constitute investment advice, a recommendation or solicitation to conclude a transaction.
This document (which may be in the form of a press release, social media post, blog post, broadcast communication or similar instrument – we refer to this category of communications generally as a “document” for purposes of this disclaimer) is issued by ETC Issuance GmbH (the “issuer”), a limited company incorporated under the laws of the Germany. This document has been prepared in accordance with applicable laws and regulations (including those relating to financial promotions). If you are considering investing in any securities issued by ETC Group, including any securities described in this document, you should check with your broker or bank that securities issued by ETC Group are available in your jurisdiction and suitable for your investment profile.
Exchange-traded commodities/cryptocurrencies, or ETCs, are a highly volatile asset and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETCs will vary and they do not offer a fixed income. The value of any investment in ETCs may be affected by exchange rate and underlying price movements. This document may contain forward looking statements including statements regarding ETC Group’s belief or current expectations with regards to the performance of certain asset classes. Forward looking statements are subject to certain risks, uncertainties and assumptions, and there can be no assurance that such statements will be accurate and actual results could differ materially. Therefore, you must not place undue reliance on forward-looking statements.
This document does not constitute investment advice nor an offer for sale nor a solicitation of an offer to buy any product or make any investment. An investment in an ETC that is linked to cryptocurrency, such as those offered by ETC Group, is dependent on the performance of the underlying cryptocurrency, less costs, but it is not expected to match that performance precisely. ETCs involve numerous risks including among others, general market risks relating to underlying adverse price movements and currency, liquidity, operational, legal and regulatory risks.
ETC Issuance GmbH, incorporated under the laws of Germany, is the issuer of any securities described in this document, under the base prospectus dated 23 November 2021, and previously the the base prospectus dated 14th January 2021 and prospectus dated 4 June 2020,, and various sets of final terms (in relation to BTCE, ZETH and other series of securities issued under that base prospectus), in each case as supplemented from time to time, and approved by BaFin. Any decision to invest in securities offered by ETC Group (including products and amounts) should take into consideration your specific circumstances after seeking independent investment, tax and legal advice. You should also read the latest version of the prospectus and/or base prospectus before investing and in particular, refer to the section entitled ‘Risk Factors’ for further details of risks associated with an investment. These prospectuses and other documents are available under the “Resources” section at etc-group.com. When visiting this website, you will need to self-certify as to your jurisdiction and investor type in order to access these documents, and in so doing you may be subject to other disclaimers and important information.
IF YOU ARE IN THE UK, US, OR CANADA
Information contained in this document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering in the United States or Canada, or any state, province or territory thereof, where neither the issuer nor its products are authorised or registered for distribution or sale and where no prospectus of the issuer has been filed with any securities regulator. Neither this document nor information in it should be taken, transmitted or distributed (directly or indirectly) into the United States.
PUBLICATIONS & SOCIAL MEDIA DISCLOSURE
Social media posts (including, but not limited to, LinkedIn and Twitter) of ETC Group and its subsidiaries (“Social Media”) are not, and should not be considered to be recommendations, solicitations or offers by ETC Group or its affiliates to buy or sell any securities, futures, options or other financial instruments or other assets or provide any investment advice or service. ETC Group makes all reasonable efforts to ensure that the information contained on Social Media is accurate and reliable; however, errors sometimes occur. You should note that the materials on Social Media are provided “as is” without any express or implied warranties. ETC Group does not warrant or represent that the materials on Social Media are accurate, valid, timely or complete.
RISKS OF CRYPTOCURRENCIES
Cryptocurrencies are highly volatile assets and are known for their extreme fluctuations in prices. While there is potential for significant gains, you are at risk of losing parts or your entire capital invested. The value of the ETCs is affected by the price of its underlying cryptocurrency. The price of cryptocurrencies can fluctuate widely and, for example, may be impacted by global and regional political, economic or financial events, regulatory events or statements by regulators, investment trading, hedging or other activities by a wide range of market participants, forks in underlying protocols, disruptions to the infrastructure or means by which crypto assets are produced, distributed, stored and traded. The price of cryptocurrencies may also change due to shifting investor confidence in future outlook of the asset class. Characteristics of cryptocurrencies and divergence of applicable regulatory standards create the potential for market abuse and could lead to high price volatility. Amounts received by Bondholders (i) upon redemption of the Bonds in USD, in cases where Bondholders are prevented from receiving cryptocurrency for legal or regulatory reasons; or (ii) upon sale on the stock exchange depend on the price performance of the relevant cryptocurrency and available liquidity.
For a detailed overview of risks associated with cryptocurrencies and specifically associated with the ETCs, please refer to the prospectus and base prospectus available at the issuer’s website at www.etc-group.com.
• $TRUMP & $MELANIA: The launch of both memecoins dominated headlines, with $TRUMP reaching a $73B fully diluted valuation. These launches are indicative of a late-stage bull market, often characterized by speculative exuberance.
• Solana Continues to Outperform: Solana reached an all-time high of $286, cementing its role as the leading blockchain for retail activity due to its high performance, low costs, and user-friendly ecosystem.
• Solana Remained Robust: Despite congestion and the rate of failed transactions rising by 20%, the network remained stable compared to prior years, avoiding outages even under unprecedented demand.
• Bitcoin Quietly Hits ATH: Ahead of the inauguration, Bitcoin surged to a new ATH just shy of $109K, largely under the radar amidst the memecoin frenzy.
• DeFi Momentum Builds: Trump’s World Liberty Fund continued its aggressive crypto accumulation, totaling $350M in cryptoasset holdings. This signals potential regulatory leniency for DeFi under the new administration.
• A New Crypto Era Dawns: With crypto-friendly cabinet nominees, initiatives such as the Bitcoin Strategic Reserve (BSR), a Presidential Crypto Council, an SEC-driven crypto task force, and moves to simplify regulations, the administration signals its intent to foster innovation while solidifying the U.S.’s leadership in the cryptoasset industry.
The crypto market surged in anticipation of Trump’s inauguration, especially following the launch of his official memecoin, $TRUMP, in the early hours of Saturday. The token’s fully diluted valuation soared to $73B, attracting around 850K holders and significantly boosting Trump’s net worth in Solana-based assets. Following this, First Lady Melania Trump introduced her own memecoin, $MELANIA, on Sunday. It briefly reached a market cap of approximately $2B before experiencing a 75% retracement, as seen below in Figure 1. The frenzy surrounding these tokens propelled Solana to reach an ATH of around $286 as investors rushed to buy the asset and participate in the ecosystem. However, it’s important to remember that this level of market exuberance typically signals the late stages of a bull market, warranting a more strategic approach from investors. Nevertheless, while vigilance is called for, it’s crucial to recognize that markets still have room for growth, particularly as asset prices often exhibit explosive upside movements in the latter stages of a bull market.
Figure 1: TRUMP & MELANIA Price Performance
Source: 21Shares, Dune
Despite $TRUMP’s questionable tokenomics and potential risks for inexperienced investors, its launch likely signals a shift toward a more crypto-friendly regulatory environment under the new administration. Further, the token’s controversial success highlights memecoins’ role as an effective tool for onboarding crypto newcomers. Unlike complex blockchain projects, memecoins offer a simpler entry point into the crypto world. They can serve as a ”trojan horse,” attracting retail investors with their accessibility and cultural appeal. This initial engagement can then potentially lead users to explore more sophisticated aspects of the crypto ecosystem, including decentralized finance (DeFi) applications and AI-based projects.
That said, their extreme volatility poses significant risks as inexperienced traders may suffer losses from the tokens’ wild price swings, potentially discouraging them from further engaging with crypto.
Despite the mixed short-term and long-term effects, last week’s events revealed a clear beneficiary: Solana. Thanks to its high performance and low costs, the network has now cemented its position as the go-to platform for retail activity. Despite intense usage over the weekend, it avoided typical outages seen in 2022 and 2023, demonstrating improved stability. While some applications, like Coinbase and Phantom, faced challenges with unprecedented demand, causing temporary transaction failures to increase by almost 20%, as seen below, Solana’s network remained robust compared to previous years. What’s worth remembering is that Solana’s resilience during this surge of activity, marked by zero outages, bodes well for its ambitious goal of becoming the ”NASDAQ on the Blockchain.”
Figure 2: Solana Failed Transaction Rate
Source: 21Shares, Dune
It’s worth noting that Solana’s robust performance during this activity surge, handling up to $45B in transactions on January 20 without any outages, demonstrates the network’s progress towards their North Star of becoming ”NASDAQ on the Blockchain.” This feat is particularly impressive when compared to Nasdaq’s average daily volume of $120B, underscoring Solana’s growing capacity to handle significant financial throughput.
As depicted below, even with a significant fee increase, Solana maintains cost-effectiveness, reinforcing its appeal to retail users. However, it’s crucial to look beyond its association with speculative activities. The network is now making significant inroads in diverse sectors, demonstrating its versatility and real-world utility. Notable examples include Decentralized Physical Infrastructure (DePIN) projects like Helium, Render, and HiveMapper; AI initiatives such as Griffain and Ai16z; and tokenization efforts supported by traditional financial institutions, including Franklin Templeton, Hamilton Lane’s SCOPE, and Ondo Finance. This broad spectrum of applications underscores Solana’s potential as a robust platform for innovation across multiple industries.
Figure 3: Solana Transaction Fees
Source: 21Shares, Dune
Similarly, Trump’s endorsed DeFi initiative, World Liberty Financial, has steadily expanded its cryptoasset holding over the recent weeks. In its latest round of acquisitions over the weekend, the project added $47M in ETH and WBTC and $4.7M each in Aave, LINK, TRX, and ENA to its portfolio. This takes the total amount of World Liberty’s holdings up to $350M worth of cryptoassets. It is worth noting that the yet-to-launch protocol is staking ETH with Lido, further echoing the idea that Trump is bullish on DeFi and that the industry will likely grow under his administration.
In this context, despite widespread anticipation, crypto was not mentioned in President Trump’s inaugural address or a leaked Republican policy document outlining national priorities. This omission contrasts with earlier speculation that crypto would become a central focus of the administration. However, it’s crucial to maintain a long-term perspective: Trump’s administration remains one of the most crypto-friendly globally, as evidenced by key pro-crypto appointments and proposed policies. In the following sections, we will explore these initiatives and their potential impact on the digital asset industry.
Bitcoin Strategic Reserve
While it may have gone under the radar, BTC also reached a new ATH, just shy of $109K, ahead of Inauguration Day. Relatedly, Trump’s administration has proposed creating a Bitcoin Strategic Reserve (BSR) to position Bitcoin as a critical financial and strategic asset, similar to gold reserves. The reserve would utilize approximately 80K Bitcoin seized by the U.S. Marshals, redirecting these assets into national holdings rather than auctioning them. Expanding the reserve to a rumored 1M BTC would require Congressional approval for market purchases or over-the-counter acquisitions, potentially funded by U.S. gold reserves.
Figure 4: Theoretical Bitcoin Strategic Reserve If 1M BTC Held Since 2016
Source: 21Shares, Coingecko
The BSR would classify Bitcoin as a strategic asset, held for at least 20 years and only sold to address U.S. debt. Advocates argue this could hedge against inflation, stabilize the dollar, and leverage Bitcoin’s appreciation to reduce national debt. Additionally, it could trigger a global race among nations to accumulate Bitcoin, driving its price higher and positioning the U.S. as a leader in the emerging digital economy. However, such a move would require significant regulatory changes and face challenges like volatility and opportunity costs.
Presidential Crypto Council
Trump’s administration plans to form a presidential crypto council of about 20 industry leaders, including CEOs and founders of major crypto companies. This advisory group would provide insights into the digital asset landscape and help shape innovation-friendly policies while addressing regulatory concerns. Rumored members include Michael Saylor (MicroStrategy), Brian Armstrong (Coinbase), Jeremy Allaire (Circle), Charles Hoskinson (Cardano/Ethereum), and Brad Garlinghouse (Ripple). The council aims to ensure crypto regulation reflects real-world challenges and opportunities, demonstrating the administration’s commitment to industry engagement and positioning the U.S. as a global blockchain leader.
SEC Repeal of SAB 121
A key rumored executive order from Trump’s administration involves repealing SAB 121, an SEC accounting rule requiring companies to treat client cryptoassets as balance sheet liabilities. This repeal would:
- Reduce operational risks for firms
- Encourage broader institutional participation
- Accelerate crypto service adoption in finance
- Signal a business-friendly regulatory approach
By easing regulatory friction, this move could enhance U.S. crypto firms’ competitiveness and position the country as a global leader in cryptoasset custody and management.
SEC and CFTC Joint Collaboration on Crypto Market Structure
Another key executive order reportedly under consideration by Trump’s administration involves directing the SEC and CFTC to collaborate on a crypto market structure bill, building on the foundation laid by the FIT21 framework. This initiative aims to establish a unified regulatory framework for digital assets, addressing long-standing jurisdictional ambiguities that have left cryptoassets caught between classifications as securities or commodities. The bill would create clear and consistent rules by fostering cooperation between these two agencies, reducing regulatory uncertainty, and fostering innovation.
Ending Operation Chokepoint 2.0: Restoring Banking Access for U.S. Crypto Companies
Trump’s administration plans to address the FDIC’s debanking of crypto companies and end ”Operation Chokepoint 2.0,” a controversial initiative that restricted banking access for the crypto industry with the likes of Kraken, Coinbase, Signature Bank, Paxos, and Binance.US all sharing a similar experience. The administration aims to restore fair treatment and financial access for crypto companies by instructing federal agencies to cease discriminatory practices. This move would provide stability, attract institutional players to the U.S. crypto market, and reaffirm the administration’s commitment to fostering a competitive financial environment.
SEC’s Shift in Stance Could Pave the Way for Expanded Crypto Spot ETPs
A revamped SEC under the new administration is set to redefine crypto regulations, legitimizing the industry and fostering innovation. Clear and fair rules would signal that the U.S. is open for business, attracting top talent and projects. This regulatory clarity is expected to unlock institutional capital as traditional finance gains the confidence to invest in digital assets with legal protections. The SEC’s progressive stance increases the likelihood of approving multiple spot crypto ETPs, enabling broader adoption and integration into traditional investment portfolios. This shift validates the crypto industry and positions the U.S. as a leader in financial innovation. Further, the newly established crypto-focused task force led by Commissioner Hester Pierce is designed to establish clear regulatory guidelines, practical registration paths, and sensible disclosure frameworks for crypto companies. Thus, this new body could help approve a broader range of ETPs.
Trump Cabinet Members
While Trump’s proposed appointees are yet to go through Senate approvals, here’s a quick overview of key pro-crypto members.
• Robert F. Kennedy Jr. (Secretary of Health and Human Services): A Bitcoin advocate who views it as the ”currency of freedom” and hedge against inflation, with most of his net worth invested in Bitcoin.
• David Sacks (Crypto and AI Czar): Early Bitcoin investor and backer of projects like Solana and dYdX, bringing deep expertise to blockchain innovation.
• Paul Atkins (Chair of the SEC): Former SEC commissioner with extensive experience helping crypto-native companies navigate regulatory compliance.
• JD Vance (Vice President): A Bitcoin supporter and venture capitalist with investments in blockchain startups and a crucial advocate for pro-crypto legislative initiatives.
• Elon Musk (Co-Head of D.O.G.E): A vocal supporter of blockchain innovation, holding Bitcoin, Ethereum, and Dogecoin, with Tesla’s $1.5B Bitcoin investment under his leadership.
• Vivek Ramaswamy (Co-Head of D.O.G.E): A vocal crypto advocate and co-founder of Strive Asset Management, Ramaswamy launched the Strive Bitcoin Bond ETF, proposed backing the U.S. dollar with Bitcoin, and champions clear regulations and wallet protections to drive innovation and financial freedom.
• Howard Lutnick (Secretary of Commerce): CEO of Cantor Fitzgerald, managing Tether’s U.S. treasury portfolio while acquiring a 5% stake, and holds personal Bitcoin investments worth hundreds of millions.
• Scott Bessent (Secretary of the Treasury): Founder of Key Square Group, Bessent advocates for balanced crypto regulations and has made sizable personal investments of $250K–$500K in Bitcoin ETPs.
For a deeper dive into their backgrounds and potential impact, check out our full breakdown on our latest blog.
All in all, while Trump did not address crypto in his inauguration speech or through executive orders, he has already begun appointing key figures supportive of the industry. Thus, he is starting to follow through with his promises. It seems he’s headed towards fostering a pro-crypto environment that provides a clearer path for companies to operate within the U.S.
Nevertheless, with the exuberant market activity we’ve seen in the last few days, it’s an opportune time for investors to stay mindful and ensure their positions remain aligned with their long-term objectives and risk tolerance.
What’s happening this week?
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.
Trump 2.0: The Art of the Crypto Deal
Börshandlade produkter som ger exponering mot AAVE
UIW1 ETF ger exponering mot socialt ansvariga företag i Europa
Fidelity International-studie avslöjar att investerare förblir engagerade i ”E”, ”S” och ”G” men hinder kvarstår
I förra veckan gjorde SAVR årets första återbetalning av fondprovisioner
De mest eftersökta ETFerna i december 2024
Post-election rally cools at year end
De bästa ETFerna för värdeaktier
BlackRock slår rekord med lanseringen av bitcoin ETF
Hector McNeil kommenterar Trumps krav på Natos försvarsutgifter
-
Nyheter3 veckor sedanDe mest eftersökta ETFerna i december 2024
-
Nyheter2 veckor sedanPost-election rally cools at year end
-
Nyheter3 veckor sedanDe bästa ETFerna för värdeaktier
-
Nyheter3 veckor sedanBlackRock slår rekord med lanseringen av bitcoin ETF
-
Nyheter4 veckor sedanHector McNeil kommenterar Trumps krav på Natos försvarsutgifter
-
Nyheter3 veckor sedanBuffertstrategin på Nasdaq-100 med december 2024/2025 som ny målperiod
-
Nyheter4 veckor sedanValour PYTH SEK spårar priset på kryptovalutan PYTH
-
Nyheter2 veckor sedanHANetfs Tom Bailey om utsikterna för koppar och uran
