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HANetfs co-VD uppdaterar om deras nya börshandlade fonder

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HANetfs medgrundare och co-VD Hector McNeil besöker Proactives studio i London för att prata med Thomas Warner om den senaste utvecklingen, deras nya börshandlade fonder, inklusive lanseringen av HANetf Future of Defense UCITS ETF utformad för att ge investerare exponering för de företag som kommer att dra nytta av stigande geopolitiska spänningar och en förväntad ökning av Nato-medlemmarnas försvarsutgifter. McNeil avslöjar att ETF redan har attraherat 3 miljoner dollar i investeringar på mindre än en månad.

HANetfs medgrundare och co-VD Hector McNeil besöker Proactives studio i London för att prata med Thomas Warner om den senaste utvecklingen, deras nya börshandlade fonder, inklusive lanseringen av Future of Defense UCITS ETF (ASWC)  utformad för att ge investerare exponering för de företag som kommer att dra nytta av stigande geopolitiska spänningar och en förväntad ökning av Nato-medlemmarnas försvarsutgifter. McNeil avslöjar att ETF redan har attraherat 3 miljoner dollar i investeringar på mindre än en månad.

Dessutom har HANetf samarbetat med Societe Generale för att skapa HANetf European Green Deal UCITS ETF Acc (ASWA ETF) , riktad till företag som drar nytta av gröna initiativ. Han menar att denna satsning också har fått ett imponerande upptag, med 14 miljoner euro investerade på bara två veckor.

Intervjun berörde också betydelsen av BlackRocks ansökan om en spot Bitcoin ETF i USA. McNeil ser detta drag som en spelomvandlare, mainstreaming av kryptotillgångsklassen och öppnar dörrar för fler investerare att betrakta kryptovaluta som en säkring i sina portföljer, och säger att ”hästen har bultat” när det gäller mainstream kryptoacceptans.

Han menar att kryptos teknologi möjliggör större ekonomisk frihet, trots kritik kring penningtvätt.

Handla ASWC ETF

Future of Defense UCITS ETF (ASWC) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange. Av den anledningen förekommer olika kortnamn på samma börshandlade fond.

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

Handla ASWA ETF

HANetf European Green Deal UCITS ETF Acc (ASWA ETF)  är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange. Av den anledningen förekommer olika kortnamn på samma börshandlade fond.

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

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SEC ends stablecoin lawsuit, tokenized fund milestone, and Goldman dives into tokenization

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The crypto markets had a bounce-back week, buoyed by strong performance over the weekend. Bitcoin (BTC) increased 4.9%, ether (ETH) rose 6.9%, and the Nasdaq Crypto Index (NCI) was up 5.9%. Zooming out over a longer period, BTC's price action continues to follow a sideways pattern within its consolidation range.

The crypto markets had a bounce-back week, buoyed by strong performance over the weekend. Bitcoin (BTC) increased 4.9%, ether (ETH) rose 6.9%, and the Nasdaq Crypto Index (NCI) was up 5.9%. Zooming out over a longer period, BTC’s price action continues to follow a sideways pattern within its consolidation range.

SEC ends Paxos stablecoin investigation, no enforcement actions recommended

The acting chief of the SEC’s crypto assets and cyber unit has informed Paxos he does not intend to recommend enforcement action. The news helps provide regulatory clarity, boosting market confidence and setting a favorable legal precedent, which could help encourage the growth and adoption of stablecoins by major companies and financial institutions.

BlackRock’s tokenized US Treasuries fund surpasses $500M within four months

The fund, BUIDL, is issued in partnership with Securitize and backed by US Treasuries. This is the first tokenized treasury product to reach this milestone, helping to serve as validation for the tokenization of real-world assets, highlighting the rapid adoption and acceptance of these financial products, and attracting institutional investors seeking low-risk instruments with stable yields.

Goldman Sachs to launch three tokenization projects by the end of 2024

The firm plans to launch three tokenization projects by the end of the year, targeting major institutional clients, according to a report from Fortune. The ongoing entrance of traditional financial services firms into the crypto space helps validate the asset class.

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ASUI ETP spårar kryptovalutan SUI

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21Shares Sui Staking ETP (ASUI ETP), med ISIN CH1360612159, är 100 % fysiskt uppbackad av SUI-tokens och spårar resultatet av SUI för att erbjuda ett enkelt, reglerat och transparent sätt för investerare att få exponering mot Sui-blockkedjan. Sui är designad för att tillhandahålla snabba, säkra och skalbara decentraliserade applikationer (dApps) med sitt utvecklarvänliga programmeringsspråk och innovativa sätt att behandla transaktioner. 21Shares Sui Staking ETP erbjuder ett enkelt, reglerat och transparent sätt att dra nytta av nätverkets växande användning.

21Shares Sui Staking ETP (ASUI ETP), med ISIN CH1360612159, är 100 % fysiskt uppbackad av SUI-tokens och spårar resultatet av SUI för att erbjuda ett enkelt, reglerat och transparent sätt för investerare att få exponering mot Sui-blockkedjan. Sui är designad för att tillhandahålla snabba, säkra och skalbara decentraliserade applikationer (dApps) med sitt utvecklarvänliga programmeringsspråk och innovativa sätt att behandla transaktioner. 21Shares Sui Staking ETP erbjuder ett enkelt, reglerat och transparent sätt att dra nytta av nätverkets växande användning.

Fördelar

Snabb och skalbar blockkedja: Sui är en tillståndslös, proof of stake-driven Layer 1 blockchain designad för omedelbar avveckling, hög transaktionsgenomströmning och minskad latens i smart kontraktsimplementering. Den stöder ett blomstrande ekosystem av decentraliserade applikationer (dApps) inklusive DeFi och GameFi, vilket underlättas av dess unika förmåga att skala.

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

100 % fysiskt uppbackad: 21Shares Sui Staking ETP stöds till 100 % fysiskt av SUI som hålls i kylförvaring av en pålitlig förvaringsinstitut av institutionell kvalitet. Denna inställning säkerställer robust säkerhet och skydd och överträffar typiska förvaringsalternativ som är tillgängliga för enskilda investerare.

Handla ASUI ETP

21Shares Sui Staking ETP (ASUI ETP) är en börshandlad kryptovaluta (ETC) 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 AmsterdamUSDASUI NA
Euronext ParisEURASUI FR

Produktinformation

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

Handelssymboler

KortnamnASUI
Valor136061215
ISINCH1360612159
ReutersASUI.S
WKNA4AHQE
BloombergASUI BW

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Crypto Market Compass | 15 July 2024

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Crypto Market Compass 15 July 2024 Last week, cryptoassets outperformed significantly on account of increasing evidence of seller exhaustion and favourable tailwinds from US monetary policy and US political developments.

• Last week, cryptoassets outperformed significantly on account of increasing evidence of seller exhaustion and favourable tailwinds from US monetary policy and US political developments.

• Our in-house “Cryptoasset Sentiment Index” has reversed sharply and signals a slightly bullish sentiment again.

• Both increasing odds for an initial Fed rate cut in September and increasing odds of a Trump presidency have provided a significant tailwind for Bitcoin and cryptoassets more recently.

Chart of the week

Performance

Last week, cryptoassets outperformed significantly on account of increasing evidence of seller exhaustion and favourable tailwinds from US monetary policy and US political developments.

Most notably, the odds for a Fed rate cut in September have significantly increased following weaker-than-expected inflation readings in June that have paved the way for earlier rate cuts in September.

At the time of writing, Fed Funds Futures pencil in a 91% chance of a Fed rate cut in September.

In addition, Trump odds for the presidential election in 2024 have jumped to new highs following the failed assassination attempt over the weekend (Chart-of-the-Week).

Trump has reiterated his intention to speak at the Bitcoin conference in Nashville on the 27th of July despite the assassination attempt, which has buoyed market sentiment in Bitcoin.

The favourable developments were flanked by the fact that the German government entity has completed its sale of 50k BTC last week on Friday. This had been a constant source of selling pressure over the past weeks which has now subsided.

Meanwhile, we saw increasing buying interest from global crypto ETP investors as well as global hedge funds that appear to have increased their market exposure to Bitcoin as well.

Furthermore, market sentiment is currently supported by the anticipated trading launch of the US spot Ethereum ETFs which is expected to take place on the 18th of July this week, according to Bloomberg analysts.

In general, among the top 10 crypto assets, Cardano, XRP, and Shiba Inu were the relative outperformers.

Overall, altcoin outperformance vis-à-vis Bitcoin has significantly increased again compared to the prior week, with 85% of our tracked altcoins managing to outperform Bitcoin on a weekly basis. Ethereum also outperformed Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has reversed sharply and signals a slightly bullish sentiment again.

At the moment, 8 out of 15 indicators are above their short-term trend.

Last week, there were significant increases in the BTC Futures Shorts Liquidation Dominance and the crypto ETP fund flows.

The Crypto Fear & Greed Index currently signals a “Neutral” level of sentiment as of this morning. It had fallen to “Extreme Fear” readings last week.

Performance dispersion among cryptoassets has increased slightly again. This means that altcoins are becoming less correlated with the performance of Bitcoin again.

Altcoin outperformance vis-à-vis Bitcoin has also significantly increased compared to the week prior, with around 85% of our tracked altcoins outperforming Bitcoin on a weekly basis, which is consistent with the fact that Ethereum also 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 also continued to improve along with a significant increase in market-based monetary policy expectations, judging by our own measure of Cross Asset Risk Appetite (CARA).

Fund Flows

Fund flows into global crypto ETPs continued to be very positive and even accelerated compared to the prior week.

Global crypto ETPs saw around +1,852.5 mn USD in net inflows across all types of cryptoassets which is significantly higher than the +695.9 mn USD in net inflows recorded the prior week.

Global Bitcoin ETPs saw net inflows of +1,749.9 mn USD last week, of which +1,047.7 mn USD in net inflows were related to US spot Bitcoin ETFs alone.

Last week also saw significant inflows into Hong Kong Bitcoin ETFs once again with +451.9 mn USD in net inflows.

Outflows from the ETC Group Physical Bitcoin ETP (BTCE) decelerated last week with net outflows equivalent to -15.0 mn USD while the ETC Group Core Bitcoin ETP (BTC1) saw positive net inflows of +0.9 mn USD.

The Grayscale Bitcoin Trust (GBTC) continued to see minor net outflows, with around -35.2 mn USD last week.

Meanwhile, global Ethereum ETPs also saw an acceleration in flows last week compared to the week prior with positive net inflows totalling +83.5 mn USD. Hong Kong Ethereum ETFs also attracted some capital last week (+4.2 mn USD).

The ETC Group Physical Ethereum ETP (ZETH) saw sticky AuM last week and the ETC Group Ethereum Staking ETP (ET32) showed slight net outflows last week (-0.7 mn USD in net outflows).

Altcoin ETPs ex Ethereum continued to attract capital of around +14.4 mn USD which was slightly lower than last week.

Thematic & basket crypto ETPs also continued to see positive net inflows of +4.7 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) also an increase in net inflows last week (+0.5 mn USD).

Meanwhile, global crypto hedge funds have continued to increase their market exposure even further. The 20-days rolling beta of global crypto hedge funds’ performance increased to around 0.72 (up from 0.66) per yesterday’s close.

On-Chain Data

Bitcoin on-chain data paint a picture of increasing seller exhaustion and accelerating buying interest.

Most notably, the German government entity has finished its sales of its 50k BTC last week on Friday, when its combined holdings reached 0 BTC according to data provided by Arkham. These sales had been a constant source of selling pressure previously which has now subsided.

Other major holders such as the US government or the Mt Gox trustee have not sold any bitcoins over the past week. That being said, any potential distribution from these entities still remains a risk for the market.

Both entities still control around 207k BTC and 139k BTC, respectively.
In our last report we wrote:

“On a positive note, this high degree of selling implies that sellers could become exhausted relatively soon, which would lead to a stabilization in prices.”

In fact, over the past week, we saw that net buying volumes on Bitcoin spot exchanges continue to gradually increase from oversold levels as selling pressure subsided and buying interest gradually accelerated as well. More specifically, net buying volumes on Bitcoin spot exchanges has increased to +353 mn USD over the past 7 days which is the highest level in 2 months.

Whale exchange transfers had reached the highest level since May 2023 last week in an increasing sign of whale capitulation and overall seller exhaustion. Whales are defined as entities that control at least 1,000 BTC.

In fact, whales realized the highest number of losses in USD-terms last week on Friday since July 2023. Whales are mostly comprised of short-term holders with a holding period of less than 155 days.

We think that this developments is particularly bullish and also adds to the evidence that a tactical bottom is likely as stated here.

Meanwhile, the Bitcoin mining hash rate has continued to stabilize since its low reached on the 28th of June and has increased by almost 50 EH/s since then. This is a sign of decreasing economic pressure on Bitcoin miners and decreases the risk of significant distributions.

In fact, the percentage of mined supply sold has decreased to the lowest level in 2024 to 95% over the past 30 days. This means that bitcoin miners have started to hold more than they mine on a daily basis. This has also decreased selling pressure on the market.

Futures, Options & Perpetuals

Last week, both BTC futures and perpetual open interest increased significantly in a sign of a return in risk appetite. More specifically, BTC futures and perpetual open interest increased by approximately +22k BTC and +17k BTC, respectively. This happened amid a spike in short futures liquidations to the highest level since mid-April 2024.

Perpetual funding rates remained positive throughout last week. 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 increased sharply from its recent lows to around 11.9% p.a.

BTC options’ open interest increased only slightly last week. Mostly driven by an increase in BTC call option demand as evidenced by the sharp drop in put-call open interest ratio.

This is consistent with the fact that the 1-month 25-delta option skew also declined significantly signalling a drop in relative demand for put options.
BTC option implied volatilities have generally declined over the past week. Implied volatilities of 1-month ATM Bitcoin options are currently at around 47.9% p.a.

Nonetheless, the term structure of volatility is still slightly inverted now, with short-dated options trading at significantly higher implied volatilities than options expiring in October. This could have something to do with the anticipated trading launch of Ethereum spot ETFs this week. The term structure of implied volatilities for Ethereum options shows a similar pattern, although less pronounced.

Bottom Line

• Last week, cryptoassets outperformed significantly on account of increasing evidence of seller exhaustion and favourable tailwinds from US monetary policy and US political developments.

• Our in-house “Cryptoasset Sentiment Index” has reversed sharply and signals a slightly bullish sentiment again.

• Both increasing odds for an initial Fed rate cut in September and increasing odds of a Trump presidency have provided a significant tailwind for Bitcoin and cryptoassets more recently.

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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