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ETC Group Crypto Market Compass #25 2024

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ETC Group Crypto Market Compass #25 2024 Last week, cryptoassets underperformed traditional assets as risks to global growth are increasing

• Last week, cryptoassets underperformed traditional assets as risks to global growth are increasing

• Our in-house “Cryptoasset Sentiment Indicator” continues to fluctuate around neutral levels of sentiment

• Global growth expectations as priced by traditional financial markets have plunged to the lowest level since March 2023 which has negatively affected Cryptoasset Sentiment as well


Chart of the Week

Performance

Last week, cryptoassets underperformed traditional assets such as equities and bonds as risks to global growth are increasing.

In fact, global growth expectations as priced by traditional financial markets have plunged to the lowest level since March 2023 when Silicon Valley Bank collapsed. This has affected overall Cryptoasset Sentiment negatively as well (Chart-of-the-Week). This was accompanied by persistent net outflows from global crypto ETPs as well.

Nonetheless, major US equity indices continued to rallye to new all-time highs although the outperformance of both Bunds and gold vis-à-vis equities hints at some safe-haven demand.

One of the major reasons why global growth expectations are being revised downwards is the fact that US economic data have continued to underwhelm consensus expectations. The Bloomberg US ECO Surprise Index, which measures how important macro data releases have over- or underwhelmed expectations, has decreased to the lowest level since 2019. It appears as if the market is generally catching up to this worsening macro environment.

Although major equity benchmark indices like the S&P 500 have not shown any weakness, cyclical macro trades such as the AUD/JPY exchange rate, US cyclicals/defensives stock sectors, copper/gold are already signalling that the outlook for global growth is weakening.

A recent rise in French sovereign risks amid political developments in France is also contributing to higher macro uncertainty. French 5-year Credit Default Swaps (CDS) that insure against a default of the French government have increased to the highest level since May 2020 as the market is increasingly discounting the possibility of a so-called “FREXIT” – an exit of France from the EU and the Eurozone.

In this context, Bitcoin can be viewed as a hedge against sovereign default since it is a counterparty risk-free and censorship-resistant decentralized network. We have presented this kind of sovereign default hedge model in our latest Bitcoin Investment Case report as well.

Further repricing of global growth expectations to the downside amid increasing US recession risks could be a continuing headwind for Bitcoin and cryptoassets in the short term as there tends to be high correlation between our Cryptoasset Sentiment Index and changes in Global Growth Expectations (Chart-of-the-Week).

In this context, it is also important to highlight that changes in global growth expectations have been the most dominant macro factor over the past 6 months, explaining over 80% of the performance variation in Bitcoin over that period.

However, we continue to believe that the recent correction is not a cyclical top, but rather an intermediate correction in the bull market, which is why we suggest using any kind of macro weakness as an opportunity to add exposure ahead of very important developments in the coming months.

One of the main reasons is that we still expect the positive performance effects from the Bitcoin Halving to take effect from summer onwards as explained in one of our Crypto Market Espresso reports.

Moreover, recent comments by SEC chairman Gary Gensler imply that spot Ethereum ETFs in the US are likely going to be launched earlier than September. This is bound to support Ethereum’s performance as well as explained here.

In addition, the recent monetary policy actions by the ECB and Bank of Canada signal that the liquidity tide is already turning which is bound to be a very significant tailwind for Bitcoin and cryptoassets over the medium to long term as explained here. A likely US recession renders a U-turn in Fed monetary policy very likely as well.

Last but not least, the latest political developments in the US show that the political consensus is moving towards a mainstream acceptance of cryptoassets. For instance, Joe Biden’s presidential campaign has recently started to accept crypto payments for campaign financing as well.

Moreover, Joe Biden’s administration will attend a Bitcoin roundtable with congressional officials in DC in order to discuss how to keep Bitcoin and blockchain innovation inside the U.S.

These developments follow recent pledges by Trump to support Bitcoin mining in the US.

In general, among the top 10 crypto assets, Toncoin, XRP, and Ethereum were the relative outperformers.

Overall, altcoin outperformance vis-à-vis Bitcoin has rebounded significantly compared to the prior week, with around 60% of our tracked altcoins managing to outperform Bitcoin on a weekly basis. This is consistent with the fact that Ethereum outperformed Bitcoin by approximately 200 bps last week, which is generally a sentiment gauge for the overall altcoin market.

Sentiment

Despite the recent price correction, our in-house “Cryptoasset Sentiment Index” continues to fluctuate around neutral levels of sentiment.

At the moment, 5 out of 15 indicators are above their short-term trend.

Last week, there were significant reversals to the upside in the altseason index and in the BTC long futures liquidation dominance.

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

Performance dispersion among cryptoassets still remains very low. Most altcoins are still trading in line with Bitcoin.

Altcoin outperformance vis-à-vis Bitcoin has increased significantly compared to the week prior, with around 60% of our tracked altcoins outperforming Bitcoin on a weekly basis, which is consistent with the fact that Ethereum outperformed Bitcoin 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 outperformance could signal increasing appetite for risk at the moment.

Meanwhile, sentiment in traditional financial markets has plunged to the lowest level since November 2023, judging by our own measure of Cross Asset Risk Appetite (CARA).

Fund Flows

Last week, we saw a significant turnaround in net fund flows into global crypto ETPs with around -647.1 mn USD in net outflows.

Global Bitcoin ETPs saw net outflows of -637.1 mn USD last week, of which -580.6 mn USD (net) were related to US spot Bitcoin ETFs alone. Over the past 5 trading days, 4 days have shown negative net outflows.

Flows into Hong Kong spot Bitcoin ETFs were almost flat, with minor net inflows of around +0.3 mn USD, according to data provided by Bloomberg.

The ETC Group Physical Bitcoin ETP (BTCE) saw minor net outflows equivalent to -5.1 mn USD while the ETC Group Core Bitcoin ETP (BTC1) saw net inflows of +0.2 mn USD last week.

The Grayscale Bitcoin Trust (GBTC) saw accelerating net outflows with approximately -274.4 mn USD last week. Although iShares Bitcoin Trust (IBIT) continued to see net inflows (+41.6 mn USD) last week, other major US spot Bitcoin ETFs experienced significant outflows, e.g. FBTC with around -146.3 mn USD in net outflows.

Global Ethereum ETPs also saw a reversal in flows last week, with net outflows totalling -10.9 mn USD.

However, the ETC Group Physical Ethereum ETP (ZETH) continued to see net inflows of +0.2 mn USD last week. The ETC Group Ethereum Staking ETP (ET32) saw neither in- nor outflows last week (+/- 0 mn USD).

Altcoin ETPs ex Ethereum were the only investment vehicles that experienced net inflows of around +4.8 mn USD last week.

Lastly, Thematic & basket crypto ETPs continue to see minor net outflows of -3.9 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) defied negative market trends and managed to attract +0.4 mn USD in net inflows last week.

Meanwhile, global crypto hedge funds continued to trim down their market exposure to Bitcoin aggressively. The beta of global crypto hedge funds’ performance has declined to only 0.59 over the past 20 trading days.

On-Chain Data

Before last week, we observed that net buying volumes on Bitcoin spot exchanges was negative despite ongoing net inflows into global Bitcoin ETPs. The negative volumes have even accelerated last week with -810 mn USD more selling than buying volume on BTC spot exchanges.

While exchanges continue to see net outflows overall, whales have consistently transferred BTC to exchanges on a net basis which has certainly increased selling pressure from large investors.

Whales are defined as network entities that control at least 1,000 BTC. The absolute number of whales has also declined last week which also supports the observation that whales have been distributing coins. Nonetheless, overall exchange balances for both BTC and ETH continue to hover near multi-year lows.

Meanwhile, there is some evidence that BTC miners have also started distributing some coins. However, these distributions appear not to be happening via exchanges but over-the-counter (OTC). OTC daily miner selling volumes have recently spiked to the highest level since March according to data provided by CryptoQuant. There has also been in a minor uptick in BTC miner transfers to exchanges last week and BTC aggregate miner balances have reached the lowest level since April 2019 according to data provided by Glassnode.

The risk is that miner transfers could accelerate if the market continued to trade lower and decrease below many miners marginal cost of production.

In general, Bitcoin network hash rate is still around -8% lower than at the Halving on the 20th of April. So, Bitcoin miners still have not managed to increase their hash rate signalling ongoing economic headwinds. It is interesting to note that based on data provided by the Cambridge Center for Alternative Finance the average efficiency of the global Bitcoin mining fleet has significantly increased since the Halving as the energy consumption per hash has declined from around 80 Joules per terahash (J/Th) to around 26.4 J/Th.

This implies that miners have already shut off and replaced a significant proportion of inefficient mining hardware following the latest Halving which means that the risk of a significant miner capitulation are rather low.

Futures, Options & Perpetuals

Last week, both BTC futures and perpetuals open interest declined somewhat as traders pared down their derivatives exposure. Open interest on CME also declined significantly by around -10k BTC. Meanwhile, both short and long liquidations stayed relatively but the market swung from a dominance in long liquidations to a dominance in short liquidations in a very short period.

This reduction in open interest seems to be consistent with a decline in the Bitcoin futures basis by almost 200 bps compared to the week prior. Meanwhile, the weighted average of perpetual funding rates continued to be positive throughout the week which signals that the recent price correction has not yet induced any kind of short-term capitulation among BTC futures traders.

Bitcoin options’ open interest increased slightly over the course of last week. The slight increase in relative put-call open interest ratios implies that this increase was mostly driven by an increase in put open interest on a net basis. A put option gives the holder the right to sell the underlying at a specific price in the future. Relative put-call volume ratios also increased throughout the week which supports this observation. So, BTC option traders have overall increased their downside bets/hedges last week on a net basis.

The increase in the 25-delta BTC 1-month option skew also corroborates the view that there was increased demand for puts relative to calls.

However, BTC option implied volatilities decreased significantly last week. Implied volatilities of 1-month ATM Bitcoin options are currently at around 45.9% p.a.


Bottom Line

• Last week, cryptoassets underperformed traditional assets as risks to global growth are increasing

• Our in-house “Cryptoasset Sentiment Indicator” continues to fluctuate around neutral levels of sentiment

• Global growth expectations as priced by traditional financial markets have plunged to the lowest level since March 2023 which has negatively affected Cryptoasset Sentiment as well


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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