Nyheter
21Shares Monthly Review is Out! Insights and On-chain Metrics from Q1
March was a month packed with macro headwinds. The systemic contagion risk in the banking sector, instigated by the collapse of the 16th largest lender in the US, sent the crypto market cap in the opposite direction touching $1.2T in market value. Even with the regulatory crackdown on Coinbase and Binance in the US, the total crypto market cap increased by 10.83%. As shown in Figure 1, Bitcoin was the outlier this month, increasing by 20.66%, while Ethereum increased by 9.62%. Metis and Maker suffered the most from last month’s rally, decreasing by 23.15% and 25.76%, respectively.
Figure 1: Price and TVL Development of Major Crypto Sectors
Source: 21shares, Coingecko, DeFi Llama. Data as of March 31 close.
Key takeaways from this report
Despite adversary developments, the crypto market stands strong; Nasdaq eyes crypto custody and Microstrategy has bought over 6K BTC over the past month.
ETH withdrawals are about to go live on April 12, Account abstraction is now natively supported on Ethereum, and a new era of scalability solutions led by zkSync and Polygon is taking place.
Ticketing giant Ticketmaster allows Avenged Sevenfold, a popular metal band, to offer special access to concert and event tickets for eligible NFT owners.
Read the full report here
Spot and Derivatives Markets
Figure 2: Demand for Bitcoin options increases
Source: Coinglass
Investor appetite for Bitcoin options contracts has increased to levels we haven’t seen since 2021, recording a volume of $14.5B on March 30 alone, with Deribit enjoying the lion’s share of ~$12B. This could mean that investors resort to cryptoassets as a hedge against inflation and the default contagion risk going around in the banking sector. In terms of price movements, Bitcoin is yet to break through the major $29.5K resistance level, while $27.5K may be for the moment serving as a support. On the other hand, looking at the daily chart, Ethereum needs a breakout of the $1,850 key level. Otherwise, we would expect a revisit of $1,700.
On-chain Indicators
Figure 3: Ethereum balance on exchanges
Source: Glassnode
ETH balance on exchanges has reached an all-time low not seen since 2018. In fact, the trend amplified since the beginning of the year on the back of the collapse of FTX as users searched for safer venues to store their ETH. In addition, the move indicates that users have been migrating to non-custodial solutions like liquid-staking derivatives. They may also be getting ready for withdrawals by taking their ETH off exchanges to stake it, as the liquidity constraint concerns should be resolved following April 12.
We at 21Shares, released our Ethereum Withdrawal Simulator (EWS) to help investors gauge the waiting time to get their ETH back. In addition, we went one step further and built a dashboard so that the community could see the behaviors of all validators on the Ethereum network in real time.
Next Month’s Calendar
Source: 21shares, Forex Factory
Read full report here
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.
Dogecoin’s performance and staying power across multiple market cycles suggest it is not “just another one of those memecoins”.
Over the past decade, DOGE has outperformed even Bitcoin, delivering over 133,000% in returns, nearly 1,000x BTC’s gains in the same period. Despite deep drawdowns during bear markets, Dogecoin has shown remarkable structural resilience.
Following each major rally, it has consistently formed higher lows, a pattern of long-term appreciation and compounding strength.
Historically, Dogecoin has closely mirrored Bitcoin’s movements, often peaking a few weeks after. While 2024 saw Bitcoin dominate headlines following landmark ETF approvals, DOGE still followed its trajectory, though it has yet to stage its typical delayed breakout.
As macro uncertainty continues to fade and momentum returns to the market, retail participation is likely to accelerate, setting up conditions in which Dogecoin has historically thrived.
At the same time, regulatory clarity around Dogecoin has improved. The SEC recently confirmed that most memecoins are not considered securities, comparing them to collectibles. Additionally, they clarified that proof-of-work rewards, like those earned from mining DOGE, also fall outside that scope. These developments further legitimize Dogecoin’s role in the ecosystem, potentially setting the stage for its next paw up, especially as it now holds a firm base around $0.17, nearly 3x its pre-rally level before reaching a new all-time high in the last cycle.
In addition to its long-term performance, Dogecoin stands out as an asset that behaves asymmetrically, offering investors a rare source of uncorrelated returns across both traditional and crypto portfolios. With an average correlation of just 15% to major assets, DOGE’s price action remains largely detached from broader macroeconomic trends, reinforcing its value as a true diversification tool.
Dogecoin demonstrates significant independence within the crypto market, with its correlation to Bitcoin at only 31% and to Ethereum at 37%. This divergence stems from unique capital flow dynamics, where higher-beta assets like DOGE tend to rally after blue-chip crypto assets reach major milestones.
While Bitcoin slowly evolves into a digital store of value and Ethereum powers decentralized infrastructure, Dogecoin remains largely a cultural asset, thriving on narrative momentum and crowd psychology, offering explosive upside when risk appetite surges.
For investors seeking an upside without mirroring the behavior of core holdings, Dogecoin offers a compelling case. Its ability to decouple from market trends while tapping into more speculative surges makes it a powerful, though unconventional, addition to a portfolio with wildcard potential.
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.
XENIX kommer att vara värd för XENIX ETF AWARDS för de nordiska länderna för tredje gången i maj 2025. Alla noterade ETFer och traditionella indexfonder som erbjuds nordiska privata investerare beaktas. XENIX ETF AWARDS Nordics är de ursprungliga nordiska ETF AWARDS för alla trackerfonder.
Datum: Tisdagen den 13 maj 2025
Tid: 16,30 till 20,30
Plats: Scandic Haymarket, Hötorget 13-15, 111 57 Stockholm
XENIX kommer att vara värd för ETF AWARDS för de nordiska länderna för tredje gången i maj 2025. Alla noterade ETFer och traditionella indexfonder som erbjuds nordiska privata investerare beaktas. XENIX ETF AWARDS Nordics är de ursprungliga nordiska ETF AWARDS för alla trackerfonder.
Baserat på en kvalitativ rating utvärderar XENIX ratingvinnarna i utvalda investeringskategorier, dvs. de bästa ETFerna och trackerfonderna. Dessutom uppmärksammas innovativa ETF-nykomlingar och index, och specialpriser delas ut för anmärkningsvärda bidrag till vidareutvecklingen av indexerings- och ETF-marknaden.
Talare
Henrik Norén, Nordicus
Dr. Markus Thomas, XENIX
Thomas Kettner, MarketVector Indexes
Roberto Gisy, Savr
Marco Antonio, Kaiko
Wieland Thyssen, XENIX
Christopher Kock, Virtune
Emelie Moritz, Safello
Ytterligare information kan fås på info@xenix.eu eller +49 151 17 83 52 93 där anmälan också kan göras.
Event Partners
The Dogecoin case study: How to value memecoins
MWOA ETF köper aktier i industriföretag
XENIX ETF AWARDS Nordics 2025, Stockholm
JLOD ETF investerar i lokala obligationer från emerging markets
ETF- och ETP-noteringar på Xetra den 30 april 2025
Bitcoin var den bäst presterande tillgången men…
Sju börshandlade fonder som investerar i försvarssektorn
Världens första europeiska försvars-ETF från ett europeiskt ETF-företag lanseras på Xetra och Euronext Paris
21Shares bildar exklusivt partnerskap med House of Doge för att lansera Dogecoin ETP i Europa
HANetfs Tom Bailey om framtiden för europeiska försvarsfonder
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Nyheter1 dag sedanBitcoin var den bäst presterande tillgången men…
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Nyheter4 veckor sedanSju börshandlade fonder som investerar i försvarssektorn
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Nyheter4 veckor sedanVärldens första europeiska försvars-ETF från ett europeiskt ETF-företag lanseras på Xetra och Euronext Paris
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Nyheter4 veckor sedan21Shares bildar exklusivt partnerskap med House of Doge för att lansera Dogecoin ETP i Europa
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Nyheter3 veckor sedanHANetfs Tom Bailey om framtiden för europeiska försvarsfonder
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Nyheter1 vecka sedanFastställd utdelning i MONTDIV april 2025
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Nyheter4 veckor sedanInvestera i Polen med börshandlade fonder
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Nyheter3 veckor sedanFranklin Templeton lanserar två nya kärn-UCITS-ETFer för europeiska investerare
