Följ oss

Nyheter

Exploits, Liquidations, and What Lies Beneath the Surface

Publicerad

den

Liquidations Crypto’s market cap declined by 6% over the past month. The main reason for this drop is the market’s low volatility, following Curve’s $62M exploit on July 30, until August 17. A combination of events could have influenced this sell-off, including a possible upcoming interest rate hike, the Ripple case getting longer, and rumors about SpaceX liquidating its Bitcoin holdings. Bitcoin and Ethereum fell by 6.62% and 8.19%, respectively, over the past month. The largest decentralized exchange by total value locked (TVL), Uniswap, suffered the most in August, declining by 29.05%. On the other hand, Curve’s TVL rebounded, growing by 19.78% over the past month, indicating that the 65.9% recovered funds remain on-chain.

Crypto’s market cap declined by 6% over the past month. The main reason for this drop is the market’s low volatility, following Curve’s $62M exploit on July 30, until August 17. A combination of events could have influenced this sell-off, including a possible upcoming interest rate hike, the Ripple case getting longer, and rumors about SpaceX liquidating its Bitcoin holdings. Bitcoin and Ethereum fell by 6.62% and 8.19%, respectively, over the past month. The largest decentralized exchange by total value locked (TVL), Uniswap, suffered the most in August, declining by 29.05%. On the other hand, Curve’s TVL rebounded, growing by 19.78% over the past month, indicating that the 65.9% recovered funds remain on-chain.

Figure 1: Price and TVL Development of Major Crypto Sectors in August

Source: 21shares, CoinGecko, DeFi Llama. Data as of August 30 close.

5 Trends to Remember from August

• Declining market activity, FUD, and macro backdrop fueling the largest liquidations since FTX

In late August, the crypto market experienced approximately $1.04 billion in liquidations, with around $833 million from long positions. Various factors fueled the chain of liquidations, notably the Fed’s minutes emphasizing ongoing inflation and the potential for more interest rate hikes. This, combined with elevated US long-term bond yields and a hawkish Fed stance, prompted short-term risk aversion that impacted both the crypto and stock markets. This relationship is highlighted by Bitcoin’s renewed positive correlation with S&P 500 and Nasdaq, reaching 0.8 and 0.72, respectively, and implying that the three markets are once again moving in tandem.

The downturn was also exacerbated by erroneous reports of SpaceX liquidating its Bitcoin holdings. While many speculated about a potential sell-off, it’s important to note that write-downs are a standard accounting practice and do not necessarily imply that the investments have been sold or liquidated. In addition, global markets experienced a mild shock due to news of Evergrande’s bankruptcy filing under US Chapter 15, raising concerns about its impact on the global real estate market.

Finally, the SEC’s ability to appeal specific judgments about the Ripple case added to the negative sentiment, which we will briefly touch on next. Although August’s events pale in comparison to the gravity of the FTX debacle, Bitcoin’s annualized volatility recently hit its lowest level in over five years, which indicated an anticipated market breakout. That said, the market modestly rebounded on the news of a Federal Appeals Court ruling siding with Grayscale in their case against the SEC on converting GBTC into a spot ETF.

Figure 2: Liquidations Across the Crypto Market

Source: Coinglass (on August 17)

• Ripple Continues Saving Grace by Forging New TradFi Partnerships

On August 18, the SEC filed an interlocutory appeal against the inconclusive summary order in the Ripple case issued by Federal Judge Analisa Torres on July 13. The appeal primarily objects to the court’s view that the programmatic sales of XRP (on exchanges) are not considered securities, highlighting a disagreement among district courts regarding the controlling issues. In response, XRP fell by around 30% over the past month. Ripple has until September 1 to submit a response to the SEC’s appeal. There are no definite dates for the trial yet; Judge Torres suggested that the court would be in session later in the second half of 2024. Until then, we expect XRP to experience speculation to drive its price movement while Ripple continues to secure strategic partnerships to enforce its value proposition as a crypto-native software solution for players in traditional finance. In its latest move, Ripple is collaborating with fintech giant MasterCard and ConSensys, among others, to build a central bank digital currency (CBDC) program to support central banks and governments in pursuing a digital currency. The program will explore the design of CBDCs, interoperability, and limitations.

• Did Tether’s Profit Surge Lure PayPal’s Venture into Stablecoins?

The issuer behind the biggest US-dollar stablecoin is now the 11th-largest holder of Bitcoin. Following their announced plans to convert profits into Bitcoin, Tether has amassed 55K BTC (~$1.6B). The latest attestation report shows a ~$800M rise in excess reserves in Q2, reaching $3.3B. This significant development enhances demand for Bitcoin’s role in corporate treasury management. Conversely, Tether should convert surplus BTC and profits into cash to fortify the company’s resilience against unforeseen issues. For context, Tether’s cash reserves dropped from $5.3B in December 2022 to $90M in Q2 23, a concern for an $85B stablecoin, despite access to liquid instruments like US treasuries, and REPOs. Finally, although not confirmed by Tether, the wallet holdings align with the issuer’s quarterly holdings. That said, Tether’s thriving business endeavor might have piqued the curiosity of traditional financial behemoths cautiously entering the stablecoin landscape.

Figure 3: Tether’s Potential BTC Holdings

Source: 21.co on Dune

On August 7, Paypal partnered with stablecoin issuer Paxos to launch their own USD-pegged stablecoin, PYUSD, built on Ethereum and fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents. According to the press release, eligible U.S. customers will be able to pay for their purchases using PYUSD in the same manner that Gnosis Pay announced it will empower European customers to pay for their purchases with Monerium’s euro-pegged stablecoin (EURe) via its Visa card, with a convergence mechanism running in the backend. This trend aims to boost mass adoption by solving two ailing issues stifling the industry, by providing users with a familiar user interface while being compliant to regulations. Moreover, onboarding more traditional players from the second generation of the internet shows the institutional appetite for the stablecoin subsector, whose market cap is valued at $125B, with USDT dominating by 66%. More traditional players, especially those with existing tools to their advantage, will likely follow suit, aiming to topple this dominance in their favor. In the grand scheme of things, the more regulated players in the space, the healthier the market.

• Coinbase Scores Two Points for Adoption

After a year in application, Coinbase won regulatory approval to offer crypto futures to its retail clients in the U.S. According to a recent study, 58.8 million Americans hold crypto, up 18% from the previous year. This move can bring more American retail investors into crypto, thanks to regulations, an essential element for mass adoption. The trading volume of the global crypto derivatives market represents almost 75% of the entire crypto market. The Coinbase Derivatives Exchange has established a deep liquidity pool with $4.7B worth of BTC and $2B worth of ETH futures traded in notional volume in 2023. We’re also seeing more adoption on the infrastructure level, with Coinbase’s scaling solution Base launching on Ethereum on August 9, attracting $226.59M in assets under management.

• Visa’s Experimentations to Abstract the Complexity of Crypto

After Visa initially announced their experiment utilizing Account Abstraction (AA) to streamline crypto native payments on top of Ethereum back in May, the financial services giant revealed the piloted project’s latest updates. Namely, leveraging the ERC-4337 standard, more commonly known as AA, Visa abstracted the process of paying gas fees in ETH using a credit card. As AA allows for asset conversion in the backend, users will not have to worry about holding the right native token to pay for transaction costs. Thus, users would be met with the flexibility of paying with their cards or any other ETH-based token, and the AA smart contract will simply trigger the conversion via what’s known as a paymaster smart contract that sponsors transactions on users’ behalf. That said, Visa’s experiment has the power and potential to transform the crypto native ecosystem and make them more accessible using the average users’ traditional financial instruments, and could, thus, catalyze the adoption of native blockchain applications without users necessarily becoming aware of the technical intricacies.

Figure 4: Visa’s Process to Abstract ETH Gas Fees

Source: Visa

What to Expect

• OP Stack Establishing its Presence and EVM Maintaining Dominance

Optimism’s modular framework, OP Stack, is maintaining its position as the leading scaling solution for Ethereum, with established players like Binance, Coinbase, Worldcoin and A16Z all opting to leverage the solution to build their customized networks. Coinbase launched public access to its scaling solution dubbed Base in August, leveraging the OP Stack. The scaling solution Base experienced tremendous growth, amassing close to ~$275M in AuM around two months and generating $3.2M in revenue, of which Coinbase will share 2.5% of the total amount with the OP Stack to help develop the broader Optimism ecosystem, while welcoming the deployment of some of DeFi blue chips like Uniswap, Aave, 1Inch and others.

Figure 5: Coinbase Scaling Solution AuM

Source: 21.co on Dune

While the initial shift was prompted by a meme coin frenzy, the ongoing surge in user activity signifies enthusiasm for the Ethereum ecosystem. Moreover, Base holds significant growth potential due to Coinbase’s extensive 110M user base, which can seamlessly transition to the on-chain ecosystem through user-friendly interfaces. In line with this, Coinbase revealed “on-chain summer”, an initiative to introduce users to Base’s vibrant ecosystem and the network’s enhanced performance. The program was a success as Base logged close to 136K daily active users at peak, surpassing Optimism and Polygon. It remains to be seen whether Base can sustain its user base in the long run. However, it will certainly be a key network to look out for over the next few months.

Finally, the enthusiasm for the Ethereum ecosystem has also reverberated across the wider smart contract landscape. For instance, Fantom is considering building an optimistic-based rollup linking to Ethereum, while Celo proposed pivoting into an ETH scaling solution using the OPStack. Binance has similarly launched its own ETH scaling solution dubbed OpBNB, aligning its technical approach with Base. Conclusively, all three decisions stem from the desire to harness Ethereum’s network effects and its liquidity amidst the declining on-chain activity.

Figure 6: Daily Active Addresses of the Four Leading Ethereum Scaling Solutions

Source: Artemis.xyz

• Where Are Stablecoins Headed?

Coinbase is doubling down on the stablecoin space by taking an equity stake in Circle. While it may not immediately impact investors, as Circle will still be issuing USDC, the move speaks volumes of the level of consolidation the community has reached. The more competition heats up in this space, the tougher it will be for smaller stablecoins to shine, which – in theory – should filter out the ones with weak underlying technology or little added value. Contrarily, with a clear added value, PayPal’s new stablecoin will take some time to catch up with the rally, especially since 90% of the stablecoin’s supply is still in addresses that belong to its issuer, Paxos Trust.

More legal clarity on stablecoins in the U.S. is on the way, and it could be PayPal’s golden ticket to set sail. On August 28, representatives from the Financial Services Committee sent a letter to Federal Reserve Board Chairman Jerome Powell objecting to the Fed’s recent “Creation of Novel Activities Supervision Program,” published a day after PayPal’s PYUSD launch. The supervisory guidelines aim at monitoring stablecoin activities engaged by banks under the Fed’s jurisdiction. In the letter, the Committee wrote that the Fed’s move undermines Congress’ progress on legislation to establish a regulatory framework for payment stablecoins. We believe the Committee’s letter indicates a political will to reach legal clarity, just like the Fed’s move was a strong indicator that stablecoins will inevitably soar in mass adoption.

• The Debut of Friend.tech and the broader Social-Fi movement

Friend.tech, a novel social app launched on Base network, letting users tokenize and trade Twitter account shares. Share prices scale with availability; more shares mean higher prices with a 10% tax split—5% for the protocol and 5% for the Influencer, while shareholders access private chats, exclusive content and deepen social ties with their influencers.

Despite early glitches, Friend.tech’s arrival is noteworthy. It employs Base’s Account Abstraction tech for a smooth on-chain user experience, letting users join with web2 credentials, deposit without a wallet setup, and trade shares fee-free. A web app model also evades Apple/Google limits, facilitating mobile deployment. Finally, Friend.tech integrates finance into social networking, reshaping the relationship to offer both financial and social gains and reflecting what is known as Social Finance (SocialFi).

Impressively, Friend.tech surpasses rivals like Lens protocol, achieving significant visibility in the social vertical. In 10 days, it traded ~$60M worth of shares, with up to $3M in daily fees, exceeding smart-contract platforms in peak hype. Remarkably, at the depth of the bear market, the application drew nearly 127K users, although some were possibly driven by the prospect of an airdrop while being amongst the rare crypto apps capturing the attention of external figures. High-profile personalities like NBA player Grayson Allen, CEO of Y Combinator Garry Tan, and even gaming influencers like FaZe Banks all joined the platform.

Figure 7: Total Trading Volume & # of Traders on Friend.tech

Source: @21co on Dune

In summary, Friend.tech could bring untapped web2 innovations into SocialFi, aligning with web3’s empowerment goals by converging social relationships with financial opportunities. However, pricing and wallet privacy need to be enhanced for trust. Vulnerabilities like linking wallets to Twitter emphasize the exigency for robust privacy safeguards within SocialFi applications to protect the technology’s integrity. Regulatory risks could also arise driven by expectations of user profits and revenue sharing. That said, Friend.tech’s is still worth monitoring as a blueprint for future crypto apps in terms of abstracting crypto’s complexity.

Bookmarks

• Exploits, Liquidations, and What Lies Beneath the Surface.

• Our researcher Tom Wan shared his insights in Blockworks’ webinar: Next-Level Web3 Data Strategies to Ride the Latest Trends.

• We published a dashboard tracking the post-mortem of the Curve exploit; check it out here.

• Have you heard of re-staking your staked ETH? EigenLayer is a new staking primitive that enables the reusing of staked ETH. We built a dashboard to track its progress and adoption. Check it out here.

Next Month’s Calendar

These are the top events we’re closely monitoring in September.

• September 20-22: Messari Annual Event

• September 30: Optimism Token Unlock (3.37%)

Source: 21shares, Forex Factory, CoinMarketCap

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.

Fortsätt läsa
Annons
Klicka för att kommentera

Skriv en kommentar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *

Nyheter

Crypto Market Compass | 22. July 2024

Publicerad

den

Last week, cryptoassets decoupled from traditional financial assets such as equities on account of the global IT infrastructure outage caused by the faulty CrowdStrike software update.

• Last week, cryptoassets decoupled from traditional financial assets such as equities on account of the global IT infrastructure outage caused by the faulty CrowdStrike software update.

• Our in-house “Cryptoasset Sentiment Index” has continued to climb and signals a slightly bullish sentiment.

• The global IT outage buoyed crypto market sentiment on account of the fact that major cryptoasset networks like Bitcoin continued to operate completely unaffected. This resulted in a decoupling of Cryptoasset Sentiment from Cross Asset Risk Appetite.

Chart of the Week

Performance

Last week, cryptoassets decoupled from traditional financial assets such as equities on account of the global IT infrastructure outage caused by the faulty CrowdStrike software update.

An estimated 8.5 million Microsoft Windows systems crashed and were unable to restart after an incorrect security software update was released by American cybersecurity company CrowdStrike on July 19. The biggest outage in the history of information technology was brought on by this, according to some reports.

This led to widespread global disruptions in transportation and financial sector operations that weighed on traditional financial markets. In contrast, the global IT outage buoyed crypto market sentiment on account of the fact that major cryptoasset networks like Bitcoin continued to operate completely unaffected. This resulted in a decoupling of Cryptoasset Sentiment from Cross Asset Risk Appetite (Chart-of-the-Week).

We think that this outage has made more investors aware of the meaning of a single-point-of-failure and the benefits of decentralized blockchain technology that underpin cryptoassets.

Moreover, although it has to be emphasized that this latest outage was not the result of a cyber attack, the IMF has just recently reiterated warnings that both the frequency and costs of cyber attacks has been rising globally which poses a threat to financial stability.

We think that Bitcoin and other cryptoassets may offer a pristine hedge against these kind of risks which is also supported by the latest outperformance.

Meanwhile, we saw a major announcement by incumbent president Biden to not pursue re-election in November which has led to a spike in election odds of current vice-president Kamala Harris relative to Trump. At the time of writing, betting markets price an election probability of 60% for Trump and 40% for Harris, according to PredictIt.

The market is awaiting further impulses from the speeches by both Trump and Kennedy Jr. at the upcoming Bitcoin Conference on the 27th of July.

Besides, a major focus this week will be the official trading launch of Ethereum spot ETFs in the US. Bloomberg analysts expect a launch to happen tomorrow (23rd of July) barring any unforeseeable last-minute issues. We expect a significant impact of these ETF flows on Ethereum’s performance post trading launch as outlined here.

In general, among the top 10 crypto assets, Solana, Avalanche, and Dogecoin were the relative outperformers.

Overall, altcoin outperformance vis-à-vis Bitcoin has decreased again compared to the prior week, with only 10% of our tracked altcoins managing to outperform Bitcoin on a weekly basis. Ethereum also underperformed Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has continued to climb and signals a slightly bullish sentiment.

At the moment, 9 out of 15 indicators are above their short-term trend.

Last week, there were significant declines in the BTC 25-delta option skew and BTC relative put-call volume ratios which tend to be bullish signals.

The Crypto Fear & Greed Index has also reversed sharply and currently signals a “Greed” level of sentiment again as of this morning.

Performance dispersion among cryptoassets has increased slightly again but remains at low levels. This means that altcoins are still very much correlated with the performance of Bitcoin.

Altcoin outperformance vis-à-vis Bitcoin has declined again compared to the week prior, with only 10% of our tracked altcoins outperforming Bitcoin on a weekly basis, which is consistent with the fact that Ethereum also underperformed 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 underperformance is a signal of decreasing appetite for risk at the moment.

Meanwhile, sentiment in traditional financial markets as measured by our in-house measure of Cross Asset Risk Appetite (CARA) worsened and decoupled from the improving Cryptoasset Sentiment as shown in our latest Chart-of-the-Week.

Fund Flows

Fund flows into global crypto ETPs continued to be very positive but decelerated slightly compared to the prior week.

Global crypto ETPs saw around +1,393.1 mn USD in net inflows across all types of cryptoassets which is still very positive but somewhat lower than the +1,852.5 mn mn USD in net inflows recorded the prior week.

Global Bitcoin ETPs saw net inflows of +1,304.9 mn USD last week, of which +1,197.8 mn USD in net inflows were related to US spot Bitcoin ETFs alone. US spot Bitcoin ETF net inflows accelerated a bit compared to the prior week.

Last week saw a significant deceleration in net inflows into Hong Kong Bitcoin ETFs to only +18.4 mn USD after +451.9 mn USD in net inflows in the prior week.

Outflows from the ETC Group Physical Bitcoin ETP (BTCE) continued to decelerate last week with net outflows equivalent to -14.3 mn USD while the ETC Group Core Bitcoin ETP (BTC1) once again saw positive net inflows of +1.0 mn USD.

The Grayscale Bitcoin Trust (GBTC) continued to see some net outflows, with around -56.1 mn USD last week.

Meanwhile, global Ethereum ETPs also saw a slight deceleration in net inflows last week compared to the week prior with positive net inflows totalling +65.6 mn USD. Hong Kong Ethereum ETFs also attracted some capital last week (+14.5 mn USD).

The ETC Group Physical Ethereum ETP (ZETH) saw minor outflows last week (-0.5 mn USD) while the ETC Group Ethereum Staking ETP (ET32) showed a very significant increase in net inflows last week (+5.1 mn USD).

Altcoin ETPs ex Ethereum also an increase in net inflows of around +21.4 mn USD which was higher than last week.

Thematic & basket crypto ETPs continued to see only minor flows with only +1.2 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) saw neither in- nor outflows last week (+/- 0 mn USD).

Meanwhile, global crypto hedge funds continued to increase their market exposure even further. The 20-days rolling beta of global crypto hedge funds’ performance increased to around 0.80 (up from 0.72) per yesterday’s close.

On-Chain Data

Bitcoin on-chain data have continued to improve at the margin over the past week.
Whale net exchange transfers have declined significantly to only ~4k BTC over the past week, down from a peak of 30.8k BTC reached on the 10th of July. This has significantly decreased selling pressure on Bitcoin exchanges. Whales are defined as network entities that control at least 1,000 BTC.

In fact, net buying volumes on bitcoin spot exchanges continued to be positive although they have decelerated again more recently. However, overall net transfers to bitcoin exchanges still remained relatively high over the past week implying significant transfers to exchanges by smaller investors.

This is one of the reasons why BTC exchange balances have continued to stay elevated near year-to-date highs according to data provided by Glassnode. In contrast, ETH exchange balances have moved mostly sideways over the past week.

That being said, both realized profits and losses have significantly declined since the beginning of July.

Besides, the transfers by the Mt Gox trustee wallets to Kraken did not affect selling pressure on exchanges meaningfully, yet. We also don’t expect the distribution of these bitcoins to be a significant drag on performance over the coming weeks since we only expect a small percentage of those coins to be liquidated.

The Mt Gox trustee balance has fallen to 89.8k BTC more recently, down from approximately 139k BTC in a sign of imminent redistribution of those coins to former holders.

Other large holders such as the US government have not distributed more bitcoins recently. However, a potential distribution still remains a risk over the short- to medium term since they had already distributed some bitcoins on the 25th of June. At the time of writing, the US government still controls around 207k BTC.

The overall hash rate in the Bitcoin network continued to recover in a sign of decreasing economic pressure on Bitcoin miners.

However, we have seen a notable decline in aggregate BTC miner balances more recently as miners sold the most bitcoins since January 2023 into the most recent rallye.

Continuing BTC miner distribution could also exert some downside pressure on the market in the short term.

Futures, Options & Perpetuals

Last week, both BTC futures and perpetual open interest continued to increase in a sign of a return in risk appetite. Futures liquidations were dominated by short liquidations as prices generally moved up.

Perpetual funding rates increased to a 1-month high which also signals increasing risk appetite. When the funding rate is positive (negative), long (short) positions periodically pay short (long) positions. A positive funding rate tends to be a sign of bullish sentiment in perpetual futures markets.

The 3-months annualized BTC futures basis rate also continued to increase to around 12.8% p.a.

Besides, there was a very significant increase in BTC options’ open interest which was mostly driven by an increase in BTC call option demand as evidenced by the continued drop in put-call open interest ratio.

This is consistent with the fact that both relative BTC put-call volume ratios as well as the 1-month 25-delta option skew also declined significantly signalling a drop in relative demand for put options.

Meanwhile, BTC option implied volatilities have increased significantly following the continued rallye. At the time of writing, implied volatilities of 1-month ATM Bitcoin options are currently at around 65.1% p.a.
Bottom Line

• Last week, cryptoassets decoupled from traditional financial assets such as equities on account of the global IT infrastructure outage caused by the faulty CrowdStrike software update.

• Our in-house “Cryptoasset Sentiment Index” has continued to climb and signals a slightly bullish sentiment.

• The global IT outage buoyed crypto market sentiment on account of the fact that major cryptoasset networks like Bitcoin continued to operate completely unaffected. This resulted in a decoupling of Cryptoasset Sentiment from Cross Asset Risk Appetite.

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

Fortsätt läsa

Nyheter

CSDA ETP spårar priset på kryptovalutan Cardano

Publicerad

den

CoinShares Physical Staked Cardano (CSDA ETP) med ISIN GB00BNRRF659, spårar värdet av kryptovalutan Cardano. Den börshandlade produktens TER (total cost ratio) uppgår till 0,00 % p.a. CoinShares Physical Staked Cardano är det billigaste ETN som följer Cardano-indexet. Denn ETN replikerar resultatet av det underliggande indexet med en skuldförbindelse med säkerheter som backas upp av fysiska innehav av kryptovalutan.

CoinShares Physical Staked Cardano (CSDA ETP) med ISIN GB00BNRRF659, spårar värdet av kryptovalutan Cardano. Den börshandlade produktens TER (total cost ratio) uppgår till 0,00 % p.a. CoinShares Physical Staked Cardano är det billigaste ETN som följer Cardano-indexet. Denn ETN replikerar resultatet av det underliggande indexet med en skuldförbindelse med säkerheter som backas upp av fysiska innehav av kryptovalutan.

CoinShares Physical Staked Cardano är en mycket liten ETN med 13 miljoner euro under förvaltning. Denna ETN lanserades den 11 mars 2022 och har sitt säte i Jersey.

Upptäck Cardano

Cardano är en tredje generationens Proof-of-Stake, peer-reviewed, hållbar, verifierbar, applikationsutvecklingsplattform. En distinkt egenskap är dess kommersiellt fokuserade metadata-tillgängliga blockchain-plattform, med kärnanvändning i Afrika.

ADA används för transaktioner och insatser. Insats gör det möjligt för användare att tjäna belöningar för sitt deltagande i att upprätthålla nätverkets säkerhet och integritet. Genom att satsa sina tokens stödjer användarna nätverket samtidigt som de tjänar ytterligare ADA.

Hur Staking fungerar med CoinShares

På CoinShares tror vi på att göra investeringar i digitala tillgångar så säkra, tillgängliga och givande som möjligt. Våra insatta ETP:er gör det möjligt för investerare att tjäna insatsbelöningar utan risker och krångel med självvård. Vi samarbetar med Blockdaemon för att säkert satsa din investering i riktig ADA och på ett transparent sätt dela insatsbelöningar med dig, vilket ger en konstant avkastning och en noll procents förvaltningsavgift för kryptosatsning ETP – en första i branschen.

Toppmodern Cardano krypto-ETP

Hur bekvämt som helst: CoinShares ETPer är tillgängliga precis som alla aktier eller ETFer, direkt genom din favoritmäklare eller bank. Hantera din investering enkelt på ett ställe och få alla fördelar med att äga kryptotillgångar, utan bördan och riskerna med självvård.

Fysiskt, för högsta säkerhet: För varje investering i CoinShares Physical Staked Cardano ETP köps samma summa i riktig ADA. I Komainus förvar – ett joint venture mellan CoinShares, Nomura & Ledger – drar din ADA-investering nytta av en av branschens säkraste lagringsstandarder.

0 % förvaltningsavgifter och ytterligare insatsbelöningar: 0% förvaltningsavgifter och ytterligare insatsbelöningar En första i krypto-ETP-branschen. CoinShares ETPer är byggda för att göra det möjligt för Emittenten att dela insatsbelöningar med investerare. Insatta mynt flyttas inte från den säkra förvaringsinstitutet där de lagras, och ETPen förblir 100 % fysiskt backad hela tiden. Och förvaltningsavgifterna sänks också till 0 %p.a.

En pålitlig aktör: CoinShares är börsnoterat på Nasdaq Stockholm, vilket innebär rigorös efterlevnad av regler, noggranna externa revisioner och transparens genom kvartalsrapportering. Med produkter som handlas på Europas största börser är CoinShares kontinentens ledande krypto-ETP-leverantör.

Handla CSDA ETP

CoinShares Physical Staked Cardano (CSDA ETP) n europeisk börshandlad kryptovaluta. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

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

BörsValutaKortnamn
SIX Swiss ExchangeUSDADAS
XETRAEURCSDA
gettexEURCSDA

Fortsätt läsa

Nyheter

De största naturgasföretagen i världen

Publicerad

den

Naturgas har gått från att vara en oönskad biprodukt av oljekällor till en efterfrågad bränslekälla. Konsumenterna hyllar naturgasens lägre pris och renare utsläpp jämfört med traditionell olja. CFD-handlare använder råvarans säsongsmässiga volatilitet och ökade globala efterfrågan för att hjälpa dem att försöka förutsäga rörelsen för naturgasterminer. Många handlar emellertid även med de största naturgasföretagen i världen för att få en större utväxling på sin trading.

Naturgas har gått från att vara en oönskad biprodukt av oljekällor till en efterfrågad bränslekälla. Konsumenterna hyllar naturgasens lägre pris och renare utsläpp jämfört med traditionell olja. CFD-handlare använder råvarans säsongsmässiga volatilitet och ökade globala efterfrågan för att hjälpa dem att försöka förutsäga rörelsen för naturgasterminer. Många handlar emellertid även med de största naturgasföretagen i världen för att få en större utväxling på sin trading.

Detta fossila bränsle utvinns ur marken, vilket gör det ingen överraskning att etablerade oljebolag är produktionsledare inom naturgasindustrin. Detta beror på deras tillgänglighet till den teknik och utrustning som behövs för effektiv utvinning av dessa efterfrågade resurser som är fångade djupt under jordens yta.

Största naturgasföretag

Naturgasindustrin består av ett stort ekosystem som prospekterar, utvinner, förädlar och levererar bränsle till slutanvändare och kraftproduktionsanläggningar.

De största företagen i detta ekosystem är producenter. Även om de har den största investeringen i förskott, såsom prospektering, borrning och utvinning, blir allt de pumpar ur sina brunnar deras tillgång.

Detta ses genom värdet av världens främsta producenter, som ryska Gazprom, som står för 12 % av den globala produktionen. Detta följs av Exxon, China National Petroleum (CNPC), Royal Dutch Shell, BP, Chevron och Total.

Handel med CFDer för de största naturgasföretagen

Du kan handla CFDer på några av de största naturgasföretagen, inklusive:

• Exxon (XOM) – är den största olje- och gasproducenten i USA med ett börsvärde på nästan 189 miljarder dollar i januari 2020.

RoyalDutch Shell (RDSA-L)– Royal Dutch Shell äger hela livscykeln för anläggningar och hanterar prospektering, utvinning och leverans, inklusive butiker. I juni 2020 var Royal Dutch Shells börsvärde nära 128 miljarder dollar.

BP (BP-L) – London-baserade BP har global verksamhet dedikerad till prospektering och utvinning av naturgas och olja. Deras börsvärde i juni 2020 uppgick till cirka 74,4 miljarder dollar.

Chevron (CVX) – Med olje- och naturgasfält i Asien, Australien, Afrika, Europa, Latinamerika och Nordamerika hanterar Chevron utvinning och produktion av smörjmedel, petroleumbaserade produkter och bensin. Deras börsvärde var värt uppskattningsvis 172 miljarder dollar i juni 2020.

Total (FP.PA) – Ett franskbaserat integrerat gasbolag (sköter produktion genom slutanvändarleverans), som driver utvinningsfält i Europa, Mellanöstern, Ryssland och utanför. Deras börsvärde i juni 2020 var värt nära 101 miljarder dollar.

Som med alla branscher är dessa tillverkares aktiekurs beroende av deras förmåga att köpa ny teknik och leverera dem till sin marknad till ett lönsamt pris.

Till exempel, om du tror att Exxons aktiekurs kommer att stiga, kan du öppna en köpposition på Exxon-aktie-CFDer för att gå lång och se vinster från prisskillnaden mellan din ursprungliga köpkurs och det högre stängningspriset. Men om priset skulle falla skulle du drabbas av en förlust.

Å andra sidan, om du tror att priset på Exxons aktier kommer att falla på grund av globala, ekonomiska eller andra faktorer, kan du öppna en säljposition på Exxons CFDer. Detta gör att du kan redovisa vinsten från skillnaden mellan öppningspriset och ett lägre stängningspris. Men om priset stiger efter att du öppnat en säljposition kommer du att drabbas av en förlust.

Vinst och tillväxt för naturgas- och oljebolag är överlåtna på marknaden. Eftersom deras värden till stor del är direkt knuten till värdet på de varor de har, devalverar låga olje- och naturgaspriser företag och avskräcker produktion.

Denna kombination av fluktuerande tillgångsvärden och omsatta aktier introducerar potentiell prisvolatilitet. CFD-handlare kan öppna positioner på en akties rörelse, oavsett om aktiens värde stiger eller faller.

När naturgasindustrin ändrade sin produktion under 2006, har omsättbara terminer, optioner och aktier visat sig vara volatila och ibland oförutsägbara, vilket ger unika möjligheter för förberedda handlare.

Handla naturgasföretagen hos CMC Markets

CMC Markets är ett globalt företag med en handelsplattform för onlinetrading av finansiella derivatinstrument, i huvudsak handel med CFD:er på aktier, index, råvaror, ETF, valutor och kryptovalutor. Till CMC Markets.

Handla naturgasföretagen hos AvaTrade

AvaTrade är en valutahandels- och contract for difference-mäklare med säte i Dublin, Irland. Genom dess handelsplattformar och mobilappar, erbjuder företaget handel på många olika marknader, inklusive valutor, råvaror, aktieindex, aktier, börshandlade fonder, bitcoin samt obligationerTill AvaTrade .

Handla naturgasföretagen hos IG

Även IG erbjuder emellertid handel med naturgasföretagen . Till IGs hemsida.

Fortsätt läsa

21Shares

Prenumerera på nyheter om ETFer

* indicates required

Populära