Crypto trades around the clock and often responds quickly to market uncertainty. Bitcoin usually drops first during the market turbulence because it’s risky and easy to trade, just like tech stocks. Here’s how Trump’s tariffs are playing into that.

Stablecoins: The real powerhouse of crypto

Stablecoins are digital currencies tied to assets like the U.S. dollar, making them stable in price and easy to send worldwide instantly. They drive the crypto economy, moving billions, powering financial applications, and reshaping payments. From remittances to billion-dollar treasuries, explore how leading stablecoins like USDT and USDC are making it happen.

Why the memecoin mania isn’t a joke

A memecoin is a cryptocurrency inspired by internet memes or viral trends. Unlike traditional cryptocurrencies focused on utility (like Bitcoin or Ethereum), memecoins thrive on community engagement, humor, and speculative momentum. With low barriers to entry, they’re easy to create and trade, making them a go-to starting point for crypto newcomers.

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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A – Research commentaries from last week developments

1. Markets reacted to Trump tariffs – Bitcoin stands

Global markets fell sharply after President Trump’s new 25% tariffs on Chinese imports. Stocks led the decline – the Nasdaq 100 is now down -14% since the election, and the S&P 500 -12.3%. Crypto reacted too, but not uniformly:

• Altcoins such as SOL and ETH were hit hardest (down over 30% since November)

• Bitcoin and the Nasdaq Crypto Index (NCI) showed resilience, gaining +14.3% and +9.3%, respectively since Election

This kind of selloff tends to erase diversification — everything moves together. But it’s essential to take a longer view:

• Since Trump’s election, only three assets have consistently outperformed: Bitcoin, NCI, and gold.

• Last week, only gold outpaced BTC, confirming the role of digital assets as a strategic long-term allocation — even in volatile regimes.

2. Regulatory tailwinds are building

The next phase of crypto decoupling could come from policy. In the US, the signals are turning positive:

• The STABLE Act advanced in Congress, with Trump urging swift approval

• A tokenized fund paid $4.17M in dividends last month, proving blockchain’s real-world income potential

• The SEC has launched a review of past crypto guidance — a move toward clearer rules and broader institutional comfort

Bottom line: In a week where most assets fell, crypto stood out. That’s not a coincidence — it’s a signal.

B – CIO Monthly Notes – Crypto’s Political Tailwinds Are Blowing Hard

• Following a week in Washington, our CIO outlines how crypto is gaining bipartisan traction in DC.

• Key takeaway: regulatory clarity is coming faster than expected, and institutions are taking note.

C – March 2025 ETP performance overview

As of 31/03/25 – Source: Hashdex and Bloomberg. Performances in USD.

Hashdex Nasdaq Crypto Index ETP (HASH / HDX1) : March: -4.5% | YTD: -19%

Key drivers in March: Bitcoin and Ethereum

March Performance Attribution:

Hashdex Crypto Momentum Factor ETP (HAMO / HDXM): March: -8.5% | YTD: -22%

Key drivers in March: Litecoin, Ethereum and Solana

March Performance Attribution:

Hashdex Multi-Crypto Index ETPs

Hashdex Nasdaq Crypto Index ETP (HASH)

• Broad exposure to BTC, ETH, and major altcoins (SOL, XRP, ADA, etc)

• Quarterly rebalancing – evolutive, market cap-based allocation with no caps (weights and number of constituents)

• Largest crypto index ETP in Europe (+$300m AUM)

• ISIN: CH1184151731 | Tickers: HASH (SIX, Euronext) / HDX1 (Xetra)

• Tradable in USD, EUR, CHF, GBP
• Factsheet / Product page / Index Methodology

Hashdex Crypto Momentum Factor ETP (HAMO/HDXM )

• Momentum-based strategy with monthly rebalancing

• Designed to capture trends across large-cap crypto assets

• ISIN: CH1218734544 | Tickers: HAMO (SIX, Euronext) / HDXM (Xetra)

• Tradable in USD, EUR, CHF, GBP

• Factsheet / Product page / Index Methodology