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Crypto Market Compass 24 June 2024

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Crypto Market Compass 24 June 2024 Last week, cryptoassets underperformed again as global crypto ETP flows experienced the 2nd highest weekly net outflows on record

• Last week, cryptoassets underperformed again as global crypto ETP flows experienced the 2nd highest weekly net outflows on record

• Our in-house “Cryptoasset Sentiment Indicator” has decreased and signals a slightly bearish sentiment

• Despite increasing bearishness in crypto markets, BTC options still imply an elevated level of complacency among crypto investors; an increase in risk aversion in BTC options could signal a more sustainable tactical bottom

Chart of the Week

Performance

Last week, cryptoassets underperformed traditional assets like equities and bonds as global crypto ETP flows experienced the 2nd highest weekly net outflows on record.

We have recently highlighted the increasing macro risks that could be one of the reasons for the increasing risk aversion in crypto markets.

That being said, although Cryptoasset Sentiment has indeed declined, there are still some “pockets” of complacency visible. Most importantly, BTC options still only signal a slight increase in risk aversion as implied volatilities and put-call volume ratios continue to be relatively low (Chart-of-the-Week).

BTC option indicators are one of the market segments we are watching to assess a more sustainable tactical bottom in Bitcoin and cryptoassets more broadly.

Meanwhile, major US equity indices continued to rallye to new all-time highs despite declining market breadth and deteriorating macro fundamentals.

In the context of macro fundamentals, the decline in lumber prices is particularly concerning as lumber prices are regarded as one of the high-frequency leading indicators for the US housing market and the overall US economy.

The continued decline in lumber prices implies that US housing data like building permits and pending home sales will likely continue to surprise to the downside.

Since these indicators are long leading indicators for the US economy as well, we think that US recession risks continue to increase significantly.

The reason why this is relevant for cryptoasset investors is the fact that changes in global growth expectations continue to be the dominant macro factor for Bitcoin’s performance and correlations between the S&P 500 and major cryptoassets like

Bitcoin and Ethereum continue to be relatively high at around ~0.4 over the past 3 months.

This implies that any kind of US equity market correction (on account of rising US recession risks) would most likely affect Bitcoin and cryptoassets negatively in the short term.

It is important to note that the positive news flow as so far failed to reverse global crypto ETP flows in general and Bitcoin ETF flows in the US in particular. For instance, we have seen increasing bullish news flow on the corporate adoption side for Bitcoin this week.

Microstrategy (MSTR) has announced that it has purchased additional 11,931 BTC for ~786 mn USD last week. Besides, a cryptic tweet by Dell’s founder Michael Dell has fuelled speculation that Dell – the company or the person – might already be acquiring bitcoins.

Because Cryptoasset Sentiment and global crypto ETP flows tend to be highly correlated with cross asset risk appetite, we expect that these two variables continue to stay weak until risk appetite returns to markets more broadly.

We reiterate our stance that we continue to believe that the recent decline is an intermediate correction in the bull market and not a cyclical peak.

For this reason, our advice is to use any macro weakness as an opportunity to increase exposure ahead of major events in the coming months.

One of the main reasons for this is that, as we mentioned in one of our Crypto Market Espresso reports, we continue to expect the bitcoin halving to have a positive impact on performance from the summer onwards.

Moreover, Bloomberg analysts expect US spot Ethereum ETFs to debut in early July already, earlier than expected, which could bring additional flows into cryptoassets again as outlined here. Big crypto investors like Pantera have already indicated to invest up to 100 mn USD into these new Ethereum products once they have been launched.

In addition, as recently noted here, monetary policy moves by the SNB, ECB, Bank of Canada suggest that the liquidity tide is already reversing, which will undoubtedly be a major tailwind for bitcoin and other cryptoassets in the medium to long term. A reversal in the Fed’s monetary policy is also highly plausible in the event of a likely US recession.

In general, among the top 10 crypto assets, TRON, XRP, and Bitcoin were the relative outperformers.

Overall, altcoin outperformance vis-à-vis Bitcoin has declined again compared to the prior week, with only 15% of our tracked altcoins managing to outperform Bitcoin on a weekly basis. This is consistent with the reversal in outperformance of Ethereum vis-à-vis Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has decreased and signals a slightly bearish sentiment.

At the moment, 4 out of 15 indicators are above their short-term trend.

Last week, there were significant reversals to the downside in the Crypto Fear & Greed Index and in the BTC long futures liquidation dominance.

The Crypto Fear & Greed Index signals ”Neutral” sentiment as of this morning.

Performance dispersion among cryptoassets has increased sharply from its recent lows. This means that altcoins have started to trade a bit differently than Bitcoin over the past week.

Altcoin outperformance vis-à-vis Bitcoin has declined again compared to the week prior, with around 15% of our tracked altcoins outperforming Bitcoin on a weekly basis, which is consistent with the fact that Ethereum underperformed Bitcoin slightly last week.

In general, increasing (decreasing) altcoin outperformance tends to be a sign of increasing (decreasing) risk appetite within cryptoasset markets and the latest altcoin underperformance could signal declining appetite for risk at the moment.

Sentiment in traditional financial markets has increased slightly but remains close to the lowest levels since November 2023, judging by our own measure of Cross Asset Risk Appetite (CARA).

Fund Flows

Last week, we saw significant net fund outflows from global crypto ETPs with around -745.3 mn USD in net outflows which was the second highest weekly net outflow on record.

Global Bitcoin ETPs saw net outflows of -739.0 mn USD last week, of which -544.1 mn USD (net) were related to US spot Bitcoin ETFs alone. Outflows from Hong Kong Bitcoin ETFs also picked up with -121.5 mn USD which contributed to the global rout as well.

The ETC Group Physical Bitcoin ETP (BTCE) saw increasing net outflows equivalent to -30.0 mn USD while the ETC Group Core Bitcoin ETP (BTC1) saw sticky AuM last week.

The Grayscale Bitcoin Trust (GBTC) saw less intense net outflows compared to the week prior but still recorded -152.6 mn USD in net outflows last week.

Meanwhile, net outflows from global Ethereum ETPs also accelerated last week with net outflows totalling -135.2 mn USD. This was partially due to accelerating outflows from Hong Kong Ethereum ETFs which recorded -68.9 mn USD in net
outflows.

However, the ETC Group Physical Ethereum ETP (ZETH) defied negative market trends and continued to see net inflows of +0.3 mn USD last week. The ETC Group Ethereum Staking ETP (ET32) also saw minor net inflows last week (+0.2 mn USD).

In contrast, altcoin ETPs ex Ethereum continued to experience net inflows of around +8.0 mn USD last week.

The same is true for Thematic & basket crypto ETPs which saw a very significant reversal in net inflows of +120.8 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) saw neither in- nor outflows last week.

Meanwhile, global crypto hedge funds continued sail, the markets with an underweight exposure to Bitcoin. The beta of global crypto hedge funds’ performance stood at only 0.49 over the past 20 trading days.

On-Chain Data

Bitcoin on-chain continue to paint a rather bearish picture at the moment.

Net buying volumes on BTC spot exchanges continued to be negative, consistent with ongoing net outflows from global Bitcoin ETP and US spot Bitcoin ETFs. This is also evident in the widening negative Coinbase premium, which measures the price difference between Bitcoin prices on Coinbase and Binance. Since Coinbase tends to be dominated by larger investors, a negative premium to retail-dominated exchanges like Binance tends to be sign, of institutional selling. On a positive note, net selling pressure on exchanges seems to be declining gradually, measured by the cumulative volume delta.

Overall BTC exchange balances also increased over the past week on account of increasing whale exchange transfers. This has been holding up selling pressure on exchanges and is also consistent with the previous observations. Whales are defined as network entities that control at least 1,000 BTC. That being said, the absolute number of whales has stabilized last week, which is a positive sign.

However, OTC desk balances have surged significantly in a sign that institutional investors have transferred large amounts of bitcoin to OTC desks which also increases selling pressure. Some analysts have attributed this increase to increased transfers by BTC miners amid declining revenues post-Halving but aggregate BTC miner wallets continued to move sideways over the past 2 weeks which does not imply huge liquidations from miners.

Meanwhile, ETH exchange balances continue to drift lower and make fresh multi-year lows. Ethereum L2 metrics also continue to surprise to the upside with the number of weekly active users hitting a new all-time high last week.

Futures, Options & Perpetuals

Last week, both BTC futures and perpetuals open interest increased into declining prices, which implies that futures have been adding shorts on a net basis as long futures liquidations dominated.

In this context, the perpetual funding rate across BTC exchanges briefly turned negative last week Friday in a sign that positioning in perpetual futures is becoming lopsided which would be an approaching sign of an imminent tactical bottom.

However, perpetual funding rates have not turned negative in a way that would qualify to be a reliable signal.

The Bitcoin futures basis rate also continued to decline throughout the week. At the time of writing, the basis rate stands at 10.1% p.a. which is still like levels last seen in mid-May.

Although the signals in favour of a tactical floor are increasing, BTC options still only signal a slight increase in risk aversion as implied volatilities and put-call volume ratios continue to be relatively low (Chart-of-the-Week).

BTC option indicators are one of the market segments we are watching to assess a more sustainable tactical bottom in Bitcoin and cryptoassets more broadly.

Bitcoin options’ open interest increased slightly over the course of last week. Since the put-call open interest ratio remained flat during that time frame, this implies that option traders have both added calls and put options proportionally last week.

The 25-delta BTC 1-month option skew continued to drift higher but is still lower than the levels seen in May or April where we saw a short-term bottom.

BTC option implied volatilities were relatively unchanged last week. Implied volatilities of 1-month ATM Bitcoin options are currently at around 46.4% p.a.

Bottom Line

• Last week, cryptoassets underperformed again as global crypto ETP flows experienced the 2nd highest weekly net outflows on record

• Our in-house “Cryptoasset Sentiment Indicator” has decreased and signals a slightly bearish sentiment

• Despite increasing bearishness in crypto markets, BTC options still imply an elevated level of complacency among crypto investors; an increase in risk aversion in BTC options could signal a more sustainable tactical bottom

To read our Crypto Market Compass in full, please click the button below:

This is not investment advice. Capital at risk. Read the full disclaimer

© ETC Group 2019-2024 | All rights reserved

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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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