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Year in Review: 2023
2023 was nothing short of an eventful year, most importantly marked by defining moments accelerating innovation and adoption in the crypto industry. While 2022 was labeled as the year of meltdowns, 2023 was the year of consolidation and resilience. At 21Shares, we are thrilled to share our Year In Review ahead of our Market Outlook 2024. One of the major challenges of this report is turning it into a coherent story summarizing the year and heading it toward the future. If we had to define the year 2023, it would be labeled by the following patterns:
- Grappling with Inflation
- Grayscale’s Regulatory Win: A Potential Spot ETF in the US
- The Burgeoning Use Cases of Bitcoin
- The Consolidation around Ethereum and Solana’s Resurrection
- Liquid Staking Solutions and Tokenization
- The Evolution of Interoperability
- The Year of Settlements and a New Precedent
Figure 1: Performance of the Cryptoasset Market in 2023
Source: CoinMarketCap, 21Shares
Grappling with Inflation
In the last month of 2023, the US dollar hit a 4-month low amid anticipation of rate cuts in 2024. The Fed’s balance sheet increased by ~$2B since August. Moreover, Moody signaled negative indicators for the U.S. economy, lowering the credit rating from stable to negative. With $33.7 trillion in debt, a government shutdown dodged, many are afraid a recession may be underway in the case that the U.S. fails to honor its debt. Although Bitcoin’s bull run (up by ~160% year-over-year) leading up to the end of the year could have been triggered due to speculation around a potential spot ETF in the U.S., the weakening of credit ratings and sticky inflation strengthens Bitcoin’s narrative as a hedge against currency debasement.
Figure 2: US Dollar Hit 4-Month Low
Source: Bloomberg
Still under the second-order effects of the Russo-Ukrainian war, the world was still grappling with soaring inflation in 2023, imposing rate hikes to keep consumer prices in order. In the eurozone, annual inflation cooled down to 2.4% in November, the lowest in 16 months. This cooling could be attributed to the easing of oil prices, as opposed to the oil crisis of 2022. In the U.S., inflation started the year above 6%, cooling down to 3.1% in November, with prices of products and goods (excluding food and energy) unchanged in two consecutive months from October and unemployment claims falling against predictions to 205K unemployment insurance applications on December 21. Still below the 2% benchmark, we’re not out of the woods yet. In other economies, however, inflation is not holding back. For instance, the inflation rate in Argentina soared by over 160% in November. On the back of the devaluation of the Argentine peso, the data indicates that Argentinians are resorting to Bitcoin and U.S.-backed stablecoins as a hedge against the debasement of their peso.
With three rate cuts expected in the US in 2024, elections in November, and an escalating war in the Middle East that has yet to impact oil prices, Bitcoin’s narrative has never been clearer to investors around the world as a hedge against wealth confiscation and counterparty risk.
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What’s happening in January?
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.
- 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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