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Bitcoin Resists FUD While Everyone Moves to Solana

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Moving to Solana Beach? Me Too! As inflation cooled in the U.S., consumer spending pulled the country’s economic growth to a record low. In the first quarter of this year, the GDP in the U.S. grew at the slowest rate since the reading of Q2 of 2022, increasing by 1.3% from last year. The main driver for this was consumer spending, decreasing by 0.35%, as shown in Figure 1. For the month of April, the Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditure (PCE), met expectations, increasing by 2.8% from last year while moving in this range for about five months now. Unless the next reading breaks the pattern, it will not be comforting for the Fed to move below the 23-year-high interest rates.

• Mixed Reactions to Macro Data Pose Uncertainty

• Bitcoin Resists the FUD

• Moving to Solana Beach? Me Too!

Mixed Reactions to Macro Data Pose Uncertainty

As inflation cooled in the U.S., consumer spending pulled the country’s economic growth to a record low. In the first quarter of this year, the GDP in the U.S. grew at the slowest rate since the reading of Q2 of 2022, increasing by 1.3% from last year. The main driver for this was consumer spending, decreasing by 0.35%, as shown in Figure 1. For the month of April, the Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditure (PCE), met expectations, increasing by 2.8% from last year while moving in this range for about five months now. Unless the next reading breaks the pattern, it will not be comforting for the Fed to move below the 23-year-high interest rates.

A key signal for cooling inflation came out on June 3, indicating that manufacturing activity and construction spending eased more than expected in May, as per the Manufacturing Purchasing Managers’ Index (PMI) reading. Although the stickiness has pushed some Federal Reserve officials to rethink and relax the classic 2% target, some Fed high ranks are even considering hiking interest rates even higher.

Figure 1 – Consumer Spending Pulled Down the GDP for Q1 2024

Source: SoFi, BEA, Bloomberg

This week, some indicators are coming out to test the waters of the labor market. Less competition for talent should bode well for the economy, as companies won’t need to raise their prices to cater to increasing payrolls. Leading to a slight decrease in the Consumer Price Index for April, the labor market increased by 175K jobs, about a third of the monthly average, marking the slowest job gains in six months. Bitcoin rallied shortly after the announcement on May 15, after a sustained period of low volatility the previous month.

As shown in the calendar at the end of this newsletter, the Job Openings and Turnover Survey, along with unemployment claims and rates, are expected to shape up the Fed’s decision on interest rates on June 12. With consumer spending cooling, bringing down both the GDP and manufacturing PMI, inflation seems to be headed in the right direction. However, uncertainty still clouds monetary policy expectations with consecutive stagnant PCE readings, which unfortunately impeded progress to control inflation. That said, the market expects a rate cut as early as September, according to the CME FedWatch tool, which would ease borrowing costs and stimulate investment in risk-on assets like stocks and cryptoassets.

With the first presidential debate just a few weeks away, cryptoassets are getting a lot more political than they have been in the past. The Biden administration fulfilled its promise to veto the bill nullifying the 121st Staff Accounting Bulletin (SAB121) of the Securities and Exchange Commission (SEC). However, the veto message also conveyed the President’s intention to work with Congress to reach “a comprehensive and balanced regulatory framework for digital assets.”

So, what’s next? The bill, titled H.J.Res. 109, returned to the House and further consideration of the veto message and joint resolution will be held on July 10, 2024. Although unlikely, Congress can override the veto and SAB121 can still be overturned if the bill gets a two-thirds majority vote. As covered in our monthly review, the purpose of nullifying SAB121 is to diversify crypto custodians. So far, only four custodians are servicing the 11 Bitcoin spot ETFs, a major concern for Congress. Although Bitcoin was unphased by the veto, SAB121 would have a deeper market impact on financial firms so far discouraged from holding crypto on behalf of their clients due to the capital expenses stipulated by the current regulatory landscape. The bill nullifying the bulletin would have otherwise posed an advantage for investors who’ve also been discouraged from holding crypto outside traditional frameworks.

Bitcoin Resists the FUD

The Bitcoin market has been wrestling with fear, uncertainty, and doubt (FUD), especially with Mt. Gox moving $9B – for the first time in five years – to an unknown address last week, as discussed in our monthly review. Unfortunately, this week is no different. Mixed interpretations of macroeconomic data within the Federal Reserve seem to have reflected on Bitcoin’s short-term price movement, with $66K acting as a key support level. Moreover, the fly in the ointment was the news about the Japanese exchange, DMM Bitcoin, getting stripped of 4,502.9 BTC. The breach is considered the eighth largest of all time and the largest the industry has suffered since November 2022, when the now-collapsed FTX got exploited for $477M. As shown in Figure 2, the news led to a sell-off that sent Bitcoin to a local low of around $66K before it bounced back to near the $70K mark on June 3.

Figure 2 – Bitcoin’s Weekly Performance Against Key Events

Source: TradingView, 21Shares

Nonetheless, Bitcoin’s newest support level is still improving from last month’s level of approximately $57K. As noted in Figure 2, Bitcoin’s support levels have propelled the asset and helped it survive the week’s FUD. We expect low volatility and the sideways market to continue until the FOMC statement clears out uncertainty on June 12, unless institutional inflows help Bitcoin break the resistance level around $70K.

Furthermore, Bitcoin continues to play an increasingly growing role in politics. In the most recent example, presidential candidate Robert F. Kennedy Jr. announced at Consensus last week his recent purchase of 21 BTC, including three for each of his kids. Earlier in April, Kennedy also announced his intentions to bring the entire U.S. budget on-chain if elected president. In addition, investing in Bitcoin’s mining industry has also been a growing trend in 2024, with the latest being Senator Ted Cruz buying three Bitcoin miners in Texas. Finally, Donald Trump’s move to accept donations via the Lightning network makes him the first-ever presidential nominee to support campaign donations in Bitcoin.

This political allegiance to crypto, even if it’s just performative, reflects the changing stance towards this asset class and its underlying technology to serve as a backbone for the country’s economy rather than compete with it, which was the political approach adopted not too long ago. This shift does not only concur that crypto is here to stay but that Bitcoin and its hardcoded, scarce nature could even be a savior to an economy burdened with sticky inflation and public debt.

Moving to Solana Beach? Me Too!

Following a trend seen in 2024 by industry leaders like Uniswap and Aave, Solana has passed the proposal SIMD-0096 to revamp its fee structure. This critical shift was voted on in favor of 77% of voters and allocates 100% of priority fees to validators instead of the previous 50/50 split to burn half of the fee. While the change awaits mainnet implementation, it opens the door to revisit discussions on proposals like SIMD-0123 and SIMD-0109, which focus on block reward distribution and native tipping mechanisms. Regardless of the outcomes of these two proposals, the fee switch will significantly impact validator dynamics and the broader Solana economy.

A key reason behind the proposal is to address validators making “side deals” with users, inadvertently bypassing the fee structure. For context, users would previously need to double their priority fee to outbid a tip in the Solana ecosystem. This is because validators receive the full off-chain maximal extractable value (MEV) tips and, therefore would prefer processing these transactions over others. The proposal aims to fix this issue by giving validators the full priority fee, curbing their reliance on off-chain deals, and shifting their intentions from making financially beneficial deals to processing on-chain transactions, ultimately enhancing network security.

Solana’s activity this year may offer a glimpse into the potential impact of the fee switch proposal. The early 2024 memecoin boom saw a record of 2 million active addresses, boosting validator income, which peaked on March 18 with $5M in daily fees. However, the surge came at a cost, as network congestion caused roughly 70% of transactions to fail, as shown in Figure 3, which is not sustainable or acceptable for a protocol aiming to establish itself as a leading solution.

Figure 3 – Network Congestion Led to ~70% of Transactions to Fail

Source: 21co on Dune Analytics

While memecoins brought Solana much-needed attention, more mature projects are now being implemented on the network. For instance, stablecoins have seen a rise in activity, following a nearly 2-year hiatus post-FTX, with $3B locked as shown in Figure 4. On this front, PayPal deployed its USD stablecoin on Solana, PYUSD, leveraging the protocol’s Token Extensions to facilitate unique features like Confidential Transfers, allowing the e-commerce leader to maintain confidentiality of transaction amounts while keeping other details visible for regulatory compliance. Their endorsement of Solana is massive for the network, given their status; however, it is not standalone! Recently, Visa piloted Solana stablecoins, Shopify integrated Solana Pay as a payment solution, and Stripe began accepting Solana USDC payments, underscoring the growing appetite for Solana as a settlement layer.

Figure 4 – Rise in Solana Stablecoin Supply

Source: 21co on Dune Analytics

Other major implementations include the interoperability protocol LayerZero, with additional projects like Pendle, GMX, and Aave set to follow suit and move to Solana. As the network continues to attract high-profile projects and transaction volumes rise, ensuring the network’s scalability to handle increased activity is crucial. With the number of validators down to 1850 from 2850 in early 2023, SIMD-0096 could incentivize more validators to join, boosting capacity for its ambition to establish itself as a “retail” smart-contract platform and rival Ethereum’s dominance.

As more validators are incentivized to join the network amid the rise in activity, the fee switch proposal becomes even more critical for validator revenue. With more people staking Solana, the staking rewards earned by each validator will likely decrease. Currently, the staking yield, based on token issuance, makes up 95% of validator income but is gradually shrinking, as shown in Figure 5. This decrease highlights the importance of transaction fees as a future revenue stream for validators. By making transaction fees more attractive to validators, SIMD-0096 can help ensure strong network security in the future, as the enhanced revenue could help offset the declining staking yield, incentivizing validators to stay active over a longer time horizon.

Figure 5 – Breakdown of Validator Rewards

Source: 21co on Dune Analytics

Solana’s approved proposal overhauls its fee structure by giving validators 100% of priority fees, aiming to appropriately incentivize validators to process transactions and potentially attract more validators, which is especially timely as Solana implements more mature projects. The fee switch incentivizes long-term network security, as priority fee rewards are doubled, which represent a growing portion of validator revenue. That said, the proposal does challenge Solana’s inflation management. Previously, burning half of the priority fees helped control the token’s supply, and the Solana Foundation may need new solutions to prevent excessive inflation to ensure long-term sustainability. The potential impact of the fee switch on SOL’s inflation rate will be monitored given the long-term investor impact. Nevertheless, SIMD-0096 is set to be a crucial milestone for Solana to position itself as a significant player in the crypto industry, and the aforementioned associated proposals will also be closely followed as they play a key role in growing Solana’s validator activity.

This Week’s Calendar

Source: Forex Factory, 21Shares

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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Bitcoin Survives Bear Trap

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Bitcoin has witnessed some heavy price turbulence after breaking the $71K mark in early June. Since then, it lost almost 21% in value scraping the key level of $55K in the first week of July.

Bitcoin has witnessed some heavy price turbulence after breaking the $71K mark in early June. Since then, it lost almost 21% in value scraping the key level of $55K in the first week of July.

Figure 1 – Bitcoin Price

Source: Glassnode

However, since last Friday, Bitcoin has gained $7K and is now trading around the $64K mark. But why has it been such a turbulent time for Bitcoin?

Factors Contributing to the Selling Pressure

• Bitcoin Miner Activity

• German Government Sell-Offs

• Mt. Gox Repayment Program & Bitcoin Exchange Liquidity

Bitcoin Miner Activity

The BTC selling pressure was earmarked by miner activity, after selling 30K BTC in June. This sell-off marked miners’ BTC reserves at the lowest in a decade, just over 1.8K BTC.

Figure 2 – Bitcoin Miner Balance’

Source: Glassnode

Miners have however reduced their activity on-exchange, which should calm fears further. In June, miners were moving an average of around 50 BTC or just under $3M per day to exchanges, which has now slowed down, as shown below.

Figure 3 – Bitcoin Transfer Volume from Miners to Exchanges

Source: Glassnode

On top of that, on-chain data shows the 30-day moving average of Bitcoin’s hash rate is starting to close the gap with the 60-day moving average, for the first time since May. This indicates miners are experiencing lower income stress, which typically signals a market bottom.

Figure 4 – Bitcoin’s Hash Ribbon Indicator

Source: Glassnode

As a result, miner reserves have slowly started to pick back up, as shown in the first figure. This could indicate that the miner sell-offs post-halving, due to reduced profitability, have tapered off which is another reason to be cautiously positive.

German Government Sell-Offs

The German Goverment had been in the process of completing the sale of 50K BTC seized from a pirating website, Movie2k, which was worth approximately $3B when the sell-offs started.

Figure 5 – German Government Holdings

Source: @obchakevich on Dune Analytics

Bitcoin had a shaky June and July. However, in the week Germany sold almost 80% of their holdings, 40K BTC or $2.2B worth, Bitcoin’s price remained fairly resilient, a testament to its strength in adverse market conditions. That being said, according to data from Arkham Intelligence, the German Government engaged via OTC trades, to minimize potential slippage and market impact.

Figure 6 – Bitcoin Price (7 July – 14 July)

Source: Glassnode

Nevertheless, the conclusion of these sell-offs is positive for Bitcoin, as it removes a significant dark cloud from the market, and demonstrates the asset’s resilience.

Mt. Gox Repayment Program

However, Bitcoin faces selling pressure due to the upcoming Mt. Gox repayment program. Starting in July 2024, Mt. Gox began repaying approximately $9B worth of assets to its creditors, who have been waiting for over a decade since the exchange’s collapse in 2014.

Figure 7 – Mt. Gox Holdings

Source: @21co on Dune Analytics

Of the approximate 142K BTC held by Mt. Gox, 139K BTC is left to be reimbursed, equating to approximately 2% being paid back as of today, indicating a slow sale rate. However, yesterday Mt. Gox shuffled almost 96K BTC between their wallets, which contributed to the renewed FUD, as they prepare to distribute the reimbursements. While the repayment sum is very large, it is unlikely that these creditors will sell off their BTC immediately, given their long-term belief in the crypto industry given their involvement a decade ago, and the potential capital gains tax implications associated with the asset. The selling pressure is further diluted by the fact that reimbursements will likely occur on different days across different exchanges.

Bitcoin Exchange Liquidity

Despite, Bitcoin’s apparent survival. Let’s take a closer look at how the remaining BTC could affect the market. 139K BTC or $8.93B worth remains for Mt. Gox to restore to creditors, who may end up selling their assets. To gauge the market impact of this, it may help to look at Bitcoin’s liquidity on exchange. Presuming they aim to sell their BTC, the sell-offs will likely occur by trading with a fiat pair (BTC/USD) or a stablecoin pair (BTC/USDT or BTC/USDC). The top 5 most liquid exchanges are listed below, with their respective liquidity depths in dollar and BTC terms (assuming July’s average price of $59K).

Figure 8 – Centralized Exchange % Depth

Source: Coingecko

As to not mitigate the market impact, the sell-offs are likely to occur across several exchanges. The five most liquid exchanges need around $72M outflows, on a given day to have a 2% downward price swing. The potential sell-offs are contingent on creditors finally receiving their assets from Mt. Gox, which is happening very slowly. Furthermore, it is doubtful that once received, they will sell all their BTC immediately, and as such any price action is largely resulting from the negative market sentiment associated with this event.

On-Chain Metrics

Despite the negativity surrounding the market, looking on-chain could help uncover dynamics that might make investors feel positive, and we propose 3 different indicators to look at.

The Market Value to Realized Value Ratio (MVRV) is a metric that assesses Bitcoin’s market valuation relative to its realized value, helping identify market tops and bottoms.

    A high MVRV indicates overvaluation and a potential market top, while a low score indicates undervaluation and a potential market bottom.

    Figure 9 – Bitcoin MVRV Score

    Source: Glassnode

    The current MVRV is around levels seen at the end of December 2020, just before Bitcoin rallied from $11K to around the $60K mark. This is also similar to the levels seen towards the end of last year, before the ETF craze which drove Bitcoin to a new all-time high of $75K in early March. Given these historical precedents, this MVRV level suggests a potential for significant upside, making it an opportune time for investors to consider entering the market.

    Net Unrealized Profit/Loss (NUPL) indicates the difference between investors’ unrealized profits and losses to assess market sentiment, with positive values suggesting profit-dominant sentiment and negative values indicating loss-dominant sentiment.

      This metric is another reason for positivity. Currently, Bitcoin’s NUPL is in the optimism/denial phase, indicating moderate unrealized profits among investors. This suggests that market sentiment is cautiously optimistic, after recent price stagnations led NUPL to drop, and belief to be wiped away. That being said, this is a healthy consolidation for the asset and potentially allows it to spur on.

      Figure 10 – Bitcoin Net Unrealized Profit/Loss

      Source: Glassnode

      1. Fear and Greed Index measures market sentiment, with values ranging from 0 (extreme fear) to 100 (extreme greed). It helps investors gauge whether the market is overly bearish or bullish, indicating potential buying or selling opportunities.

      Figure 11 – Bitcoin Fear and Greed Index

      Source: Glassnode

      The Bitcoin Fear and Greed Index was often in the ‘Fear’ region during June and early July. However, this was a positive sign, as it was near levels we had not seen since September 2023, when the asset was trading at $26K, which preceded a historical price rally. Over the weekend, the Fear and Greed Index sprung to Greed levels, suggesting we might be on track for another parabolic run.

      Conclusions

      • Bitcoin’s turbulence has stemmed from significant selling pressures, particularly the Mt. Gox repayment program.

      o The impact of these sell-offs is moderated by Bitcoin’s strong exchange liquidity and potential ETF inflows.
      • The dark cloud of the German Government sell-offs is out of the way.

      • On-chain metrics suggest the potential for a bullish reversal, indicating now might be an opportune time for investors to consider entering the market.

      For investors looking to invest in Bitcoin via a regulated investment vehicle, the following ETPs are available on the European market:

      Figure 12 – Top 10 European Bitcoin Products by Assets Under Management Product Ticker

      Source: Bloomberg, Data as of July 16th, 2024.

      Avg. Daily Spread 20D (bps): refers to the best daily average bid/ask spread over the last 20 days across European exchanges.

      This Week’s Calendar

      Source: Forex Factory, 21Shares

      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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      00X0 ETC investerar i industrimetaller och hedgas i euro

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      WisdomTree Industrial Metals - EUR Daily Hedged (00X0 ETC) är en fullständigt säkerställd, UCITS-godkänd Exchange Traded Commodity (ETC) utformad för att ge investerare en total avkastningsexponering mot Industrial Metals terminskontrakt som valutasäkras i EUR.

      WisdomTree Industrial Metals – EUR Daily Hedged (00X0 ETC) är en fullständigt säkerställd, UCITS-godkänd Exchange Traded Commodity (ETC) utformad för att ge investerare en total avkastningsexponering mot Industrial Metals terminskontrakt som valutasäkras i EUR.

      Denna ETC syftar till att replikera Bloomberg Industrial Metals Sub Euro Hedged Daily Total Return Index (BUINDET) genom att spåra Bloomberg Industrial Metals Sub Euro Hedged Daily Excess Return Index och tillhandahålla ränteintäkterna justerade för att återspegla avgifter och kostnader förknippade med produkten. Till exempel, om Bloomberg Industrial Metals Sub Euro Hedged Daily Total Return Index stiger med 1 % under en dag, kommer ETC att stiga med 1 %, exklusive avgifter. Men om Bloomberg Industrial Metals Sub Euro Hedged Daily Total Return Index faller med 1 % under en dag, kommer ETCen att falla med 1 %, exklusive avgifter.

      Index

      Bloomberg Industrial Metals Subindex Euro Hedged Daily Total Return, indexet är utformat för att återspegla rörelsen i priset på terminskontrakten för industriella metallråvaror (som kontinuerligt rullas enligt ett förutbestämt rullande schema) som används i Bloomberg Commodity IndexSM samt att införliva en valutasäkring mot rörelser i EUR/ USD växelkurs. Valutasäkringen ombalanseras dagligen.

      Ett terminskontrakt är ett avtal om att köpa en vara till ett överenskommet pris, där leverans och betalning ska ske vid en bestämd tidpunkt i framtiden. Terminskontrakt avyttras i allmänhet strax innan kontraktets löptid löper ut och nya kontrakt ingås för att undvika att ta emot faktisk leverans av varan i fråga (en process som kallas ”rullande”), så att kontinuerlig exponering för råvaran upprätthålls.

      Kontrakten som köps kan vara dyrare än kontrakten som säljs, vilket skulle få en investerare i råvaruterminer att göra en ytterligare förlust. Denna marknadstrend kallas ”contango”. Alternativt kan kontrakten som köps vara billigare än de som säljs, vilket skulle resultera i en ytterligare vinst, känd som ”backwardation”. Denna prisskillnad kallas vanligtvis ”rullavkastning”. Eftersom rullavkastningen ingår i beräkningen av indexvärdet kan det därför ha en positiv eller negativ inverkan på indexets värde beroende på om det finns contango eller bakåtgång. ETC kommer också att påverkas eftersom dess värde baseras på indexets värde.

      Handla 00X0 ETC

      WisdomTree Industrial Metals – EUR Daily Hedged (00X0 ETC) är en europeisk börshandlad råvara. Denna ETC handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Borsa Italiana. Av den anledningen förekommer olika kortnamn på samma börshandlade fond.

      Det betyder att det går att handla andelar i denna ETP genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

      Börsnoteringar

      BörsValutaKortnamnISIN
      Borsa ItalianaEUREIMTJE00B78NPW60
      XetraEUR00X0JE00B78NPW60

      Största innehav

      RåvaraVikt %
      COMEX Copper35.60%
      LME Aluminium26.60%
      LME Zinc17.50%
      LME Nickel13.68%
      LME Lead6.62%

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      AINJ ETP spårar INJ och skapar staking intäkter

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      21Shares Injective Staking ETP (AINJ ETP) med ISIN CH1360612134 är 100 procent fysiskt uppbackad. 21Shares Injective Staking ETP (AINJ) spårar prestanda för INJ samtidigt som den skapar staking intäkter som återinvesteras i ETP för förbättrad prestanda. Medan blockchain-nätverk vanligtvis är siloförsedda, stöder Injective Protocol sömlösa interaktioner över stora nätverk, vilket möjliggör ett unikt utbud av finansiella produkter och tjänster. 21Shares Injective Staking ETP erbjuder ett enkelt, reglerat och transparent sätt att dra nytta av nätverkets växande betydelse inom decentraliserad finans (DeFi).

      21Shares Injective Staking ETP (AINJ ETP) med ISIN CH1360612134 är 100 procent fysiskt uppbackad. 21Shares Injective Staking ETP (AINJ) spårar prestanda för INJ samtidigt som den skapar staking intäkter som återinvesteras i ETP för förbättrad prestanda. Medan blockchain-nätverk vanligtvis är siloförsedda, stöder Injective Protocol sömlösa interaktioner över stora nätverk, vilket möjliggör ett unikt utbud av finansiella produkter och tjänster. 21Shares Injective Staking ETP erbjuder ett enkelt, reglerat och transparent sätt att dra nytta av nätverkets växande betydelse inom decentraliserad finans (DeFi).

      Fördelar

      Innovativ teknik: Injective erbjuder ett avancerat DeFi-ekosystem med funktioner som noll gasavgifter och omedelbar slutgiltig transaktion, vilket förbättrar användarupplevelsen på finansiella kryptoapplikationer.

      Staking med lätthet: Med AINJ kan investerare få tillgång till r med fördelen av professionell riskhantering samtidigt som de undviker behovet av att direkt låsa tillgångar.

      100 % fysiskt uppbackad: 21Shares Injective Staking ETP är 100 % fysiskt backad av den underliggande INJ och förvaras i kylförvaring hos ett institutionellt förvaringsinstitut, vilket erbjuder ett bättre skydd än depåalternativ som är tillgängliga för enskilda investerare.

      Nyckelinformation

      Handla AINJ ETP

      21Shares Injective Staking ETP (AINJ ETP) är en börshandlad kryptovaluta (ETP) som handlas på Euronext Amsterdam.

      Euronext Amsterdam är en marknad som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.

      Börsnoteringar

      BörsValutaKortnamn
      Euronext AmsterdamUSDAINJ NA
      Euronext ParisEURAINJ FR

      Produktinformation

      Namn21Shares Injective Staking ETP
      Lanseringsdatum9 juli 2024
      Emittent21Shares AG
      Förvaltningsarvode2,5%

      Handelssymboler

      KortnamnAINJ
      Valor136061213
      ISINCH1360612134
      ReutersAINJ.S
      WKNA4AHQC
      BloombergAINJ BW

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