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Crypto Regulations Brew as Bitcoin Surges in Institutional Adoption: What Happened in Crypto This Month?

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Crypto Regulations Brew in May As Elections Inch Closer Lots of Institutional Demand, Bitcoin to Climb Mt. Gox Ethereum’s Watershed Moment

• Crypto Regulations Brew in May As Elections Inch Closer

• Lots of Institutional Demand, Bitcoin to Climb Mt. Gox

• Ethereum’s Watershed Moment

• Chainlink Continues Powering Tokenization

Crypto Regulations Brew in May As Elections Inch Closer

With the first presidential debate scheduled for June 27, regulating crypto is becoming an increasingly inevitable hot topic in the lead-up to the elections. The competition heats up again, reminiscent of the 2020 race. However, this time, it’s Joe Biden who is defending his presidency, and both candidates are even represented on Solana’s blockchain with meme tokens in their names. Republicans have been fiercely embracing crypto in Congress, achieving bipartisan agreement for the first time. Once a skeptic himself, Donald Trump has recently vouched for the industry, leaving the Biden administration in limbo with regard to pending crypto regulations.

Restrictions on crypto custody may be easing, encouraging financial institutions in the U.S. to hold crypto on behalf of their clients. The House passed a bill on May 8, nullifying the Securities and Exchange Commission’s (SEC) 121st Staff Accounting Bulletin. SAB 121 requires banks holding customers’ cryptoassets to present a liability on their balance sheet to reflect their obligation to safeguard them, potentially leading to substantial capital expenses. On May 16, the Senate approved the bill before it landed in the White House, which vocalized its intention to veto it as it would allegedly undermine the SEC’s work to protect investors. The Biden administration has until June 3 to veto. However, if SAB 121 is overturned, it would diversify crypto custodians, only four of which are currently servicing the 11 Bitcoin Spot ETFs, a major concern for Congress. Moreover, the bill would be advantageous for investors who are discouraged from holding crypto outside traditional frameworks.

For years, the distinction between the SEC’s jurisdiction over crypto and that of the Commodities and Futures Trading Commission (CFTC) has been blurry. The Financial Innovation and Technology for the 21st Century Act (FIT21) would provide the CFTC with new jurisdiction over digital commodities and clarify the SEC’s jurisdiction over digital assets offered as part of an investment contract based on the degree of decentralization of a crypto network. The bill has also laid out five conditions for a “decentralized system:”

  1. No one person can control the network or prevent others from using it. This means that no one can solely decide how it works or who can use it.
  2. No entity should own more than 20% of its native cryptoasset.
  3. The decentralized system’s code should be open-source and can’t be majorly modified by a single person. Unless it’s to fix vulnerabilities and improve security, consensus on code updates should be reached through a decentralized governance system.
  4. No one from the founding team or anyone affiliated with the network should promote its cryptoasset to the public as an investment.
  5. The cryptoassets minted over time, through the programmatic functioning of the blockchain, should be distributed to the end-user, not a select few.

This sets a new precedent. It’s the first time decentralization enters the legal conversation in that context as a priority, a gauge for how close an asset is to a commodity. Although still pending the green light from the Democrat-controlled Senate, FIT21 has already forged the path for networks to work actively toward achieving sufficient decentralization.

We believe that regulatory clarity is bound to be reached, especially with these two bills brewing in Congress. Many drew parallels between FIT21 and Europe’s iconic crypto framework ratified earlier this year, Markets in Crypto Assets (MiCA). Both legislations suggest conducting a study to better understand and, in turn, better regulate the burgeoning realm of decentralized finance. That said, crypto is still an inevitable topic of discussion in Europe. The European Securities and Markets Authority (ESMA) invited investors, and trade associations, among others, for consultation to assess possible benefits and risks of its Undertakings for Collective Investment in Transferable Securities (UCITS), gaining exposure to cryptoassets and 18 other asset classes. ESMA has until August 7 to gather input. UCITS funds are generally considered safe, well-regulated investments sustaining €12T in market valuation. Thus, the funds are vital for crypto as UCITS accounts for 75% of all collective retail investments in the EU. Thus, if the conclusions of this consultation are in favor of adopting crypto, it would attract an influx of investors and bring more regulated accessibility to this asset class. Moreover, although still under consultation, ESMA’s deliberation adds more credibility to crypto, considering its renowned strict regulatory standards.

Finally, June’s calendar is almost blocked for many anticipated events that would forecast the continued trend of shifting policy. Due to increasing political pressure, we may see inactive bills resurface in the Senate. For example, the bipartisan support for FIT21 could bring back pending bills such as Clarity for Payment Stablecoins and Keep Your Coins. However, this renewed legislative activity alone could not exclusively impact the financial landscape, as macroeconomic headwinds still deeply affect crypto. The next monetary policy meeting will be held on June 12, which will pave a clearer path for rate cuts, with inflation data coming out right before. Following the same sentiment, the U.S. Treasury’s buyback program, which started on May 29, will buy back $2B in weekly bond repurchases. This reduces outstanding debt while increasing overall liquidity, potentially allowing capital to flow into riskier assets.

Lots of Institutional Demand While Bitcoin Climbs Mt. Gox

May was an exciting month for crypto, with institutional interest in Bitcoin growing and inflows increasing after a quiet April, as shown in Figure 1. The 13F filing deadline on May 15 revealed significant institutional exposure to Bitcoin. By the end of Q1, 937 professional investors owned $11B in U.S. Bitcoin Spot ETFs, about 20% of the ETFs’ total assets. In contrast, Gold ETFs had only 95 professional investors in their first quarter post-launch, representing less than 10% of Bitcoin ETFs’ reach. The adoption of Bitcoin is unsurprising given the accessibility that Bitcoin ETFs offer traditional institutions through a regulated investment vehicle. The full breakdown of Bitcoin ETF adoption can be found here.

Figure 1 – U.S. Bitcoin Spot ETF Flows (USD)

Source: Glassnode

Bitcoin’s role as a safe haven was reinforced in Japan, where economic pressures led Metaplanet to adopt Bitcoin as a strategic reserve asset, acquiring over $7M since April. International interest in Bitcoin continued, with the approval and launch of BTC and ETH exchange-traded notes (ETNs) in the U.K. for professional investors, showcasing the growing appetite for the asset class.

Despite the optimism surrounding Bitcoin’s institutional adoption, the market is expected to face a headwind due to a decade-old exploit. Mt. Gox, once handling nearly 70% of all Bitcoin transactions, was hacked in 2014, losing 750K BTC, with 200K later recovered. Reparation initiatives were instituted to reimburse creditors with 142K BTC, 143K BCH, and 69B Japanese yen by October 31. Recent observations reveal that wallets associated with the exchange transferred approximately $9B of assets to a single address, likely part of the reimbursement plan. This rendered Bitcoin unable to break the resistance level at $70K due to the fears of potential sell-offs. However, since investors affected by Mt. Gox are early adopters who likely still believe in the asset class, selling pressure may be milder than expected. Once repayments are completed, another looming market uncertainty should be lifted, allowing Bitcoin to finally move on.

Figure 2 – Mt. Gox BTC Balance in BTC and USD

Source: 21co on Dune

Ethereum’s Watershed Moment

The most significant takeaway from May was the SEC’s approval of Ethereum Spot ETFs’ 19b-4 filings on May 23, marking a crucial milestone for the crypto industry. While the approval does not explicitly designate Ethereum as a commodity, it is implied by classifying these ETFs as “commodity-based trust shares.” These products are not tradable until the agency approves the S1 filings, which could take weeks or months; hence, investors must be patient to see the impact of these ETFs. Nevertheless, this moment signals a growing acceptance of Ethereum within regulated investment frameworks, potentially opening the market to significant inflows from Registered Investment Advisors and the local ETF market, with the latter valued at $8T.

Nevertheless, investors should exercise caution in the lead-up to the U.S. ETH ETF launch, given the “buy the rumor, sell the news” phenomenon observed after the BTC ETF launch, where Bitcoin’s price retraced 18% before rallying 90%, as shown in Figure 3. This phenomenon is already occurring, with Ethereum catching up to Bitcoin’s performance when news of the approvals broke. However, the impact of ETH ETFs might differ due to the asset’s distinct attributes.

Figure 3 – ETH and BTC Performance Since December 2023

Source: TradingView

U.S. ETH ETFs might follow the trend in Hong Kong, where their counterparts launched alongside BTC ETFs but attracted only about 20% of the latter’s assets under management, around $250M. Further, the absence of staking in the products removes a crucial component of Ethereum’s investment appeal. Investors purchasing these ETFs will miss out on staking rewards, which they could otherwise access by holding and staking ETH directly. On the positive side, the lack of staking features in the ETFs means the yield isn’t diluted for the wider community!

Additionally, ETH’s utility, as collateral in lending agreements or for minting NFTs, to name a few, is sacrificed when investing via ETFs. That said, many institutions accessing Ethereum through these ETFs have no option but to use regulated vehicles. Despite this, they are expected to generate excitement, opening a regulated investment avenue to the next-generation decentralized app store. This is especially significant with the network’s upcoming upgrade in Q1 of 2025. For additional details, refer to our breakdown, discussing some of the anticipated features.

Nonetheless, the SEC approval adds credibility to a broader range of cryptoassets, indicating that Bitcoin is not the only ’legitimate’ one in the eyes of regulators. With FIT21 developing, we could be heading to a future where a wider array of decentralized protocols could be integrated into the stock market, fostering and embracing technological innovation and adoption. Further, Ethereum’s approval represents a significant step forward, highlighting the value of its on-chain ecosystem of decentralized applications. Indeed, May was a landmark month, further solidifying mainstream acceptance, with the approval underscoring broader integration of cryptoassets within traditional financial markets, which could set the stage for tokenization, one of the most disruptive financial innovations in recent years.

Chainlink Continues Powering Tokenization

On May 17, the Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, which processed $3 quadrillion in securities in 2023, announced it completed a pilot project in collaboration with Chainlink and major financial institutions such as BNY Mellon and JP Morgan. The project builds upon the existing DTCC Mutual Funds Profile Service I (MFPS I), which is the industry standard for transmitting NAV data, such as fund price and rate. The pilot does not affect initial portions of the workflow, such as calculating fund data. The focus was to create a standardized way to disseminate fund information across different blockchains. That said, the project will likely expedite real-world asset tokenization, which has become an increasingly important industry segment, showcased by tokenized government securities growing 20x in assets under management since the start of 2023, from nearly $100M to almost $2B.

Figure 4 – Market Landscape of Tokenized Government Securities by Product

Source: 21co on Dune Analytics

In its existing model, the DTCC service handles the daily transmission of price and rate data for numerous mutual fund securities. The current NAV model connects funds and service providers to distributors, collecting and disseminating relevant data via message queues and file-based methods at regular intervals. On the other hand, Smart NAV extends the dissemination capabilities of MPFS I. Instead of data just being sent through existing channels, it is transformed into a modern data structure that is wrapped into a blockchain transaction, signed by DTCC’s private keys, and finally routed to Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This allows relevant fund data to be sent across almost any blockchain, private or public. Once the fund data is transmitted to these networks, a CCIP-based smart contract forwards the data to the Smart-NAV-specific smart contracts responsible for validating permissions and storing data for parties to consume.

That said, the project’s workflow is a significant improvement as it enables a more efficient way of sharing both real-time and historical information. It also spares experimenting institutions from the need to connect directly to each blockchain where tokenized assets are held, which would be challenging to manage independently. Thus, Chainlink’s role is crucial in creating a seamless cross-chain tokenized environment, which we believe represents the future. We are observing the early stages of this development as tokenized assets currently span across eight networks and are expected to proliferate further.

Although this project is in its pilot phase, we’ll closely monitor it due to its potential impact on the embryonic tokenization industry. It’ll also highlight how blockchain-based systems are superior in standardizing and distributing data, reducing the disruption to existing market practices, and simplifying access to historical data. Thus, we expect these advancements to enhance efficiency, automation, and innovation across various financial industries.

From Chainlink’s perspective, this integration could be crucial for enhancing the network’s economics, given the significantly larger market opportunity for interoperability compared to its other products like smart-contract automation, verifiable on-chain randomness, and data feeds. For context, Chainlink has generated $384M in revenue from price/data feeds versus $750K from CCIP, primarily because feeds have been Chainlink’s oldest and most established product. However, CCIP has the potential to generate much higher revenue, as the total addressable market for tokenization is expected to reach $10T by 2030. A key factor in achieving this will be the interconnectivity between different counterparties and the seamless onboarding of consumers, who won’t need to differentiate between various layers of infrastructure.

Next Month’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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