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In the Spotlight: PayPal Holdings (PYPL)

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In the Spotlight: PayPal Holdings (PYPL)

In the Spotlight: PayPal Holdings (PYPL) PayPal Holdings (NASDAQ: PYPL), a GSPIN constituent, is an online and mobile payment company that was spun off from eBay, Inc. (NASDAQ: EBAY). As an independent entity, it is expected that PayPal will have a greater degree of freedom to expand its technology platform, either through acquisition or investment, thus allowing it to better compete with the likes of Apple (NASDAQ: AAPL) and Google/Alphabet (NASDAQ: GOOG).

About SPUN

Market Vectors Global Spin-Off ETF (SPUN) seeks to replicate the Horizon Kinetics Global Spin-Off Index (GSPIN), a rules-based, equal-weighted index intended to track the performance of listed, publicly held spin-offs that are domiciled and trade in the U.S. or developed markets of Western Europe and Asia.

IMPORTANT INFORMATION

Please note that the information herein represents the opinions of the portfolio manager and these opinions may change at any time and from time to time. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Historical performance is not indicative of future results; current data may differ from data quoted. Current market conditions may not continue. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Van Eck Global.

If this material is distributed outside of your firm, you are responsible for ensuring that the distribution complies with applicable laws, rules, and regulations.

An investment in the Fund may be subject to risks which include, among others, risks associated with spun-off companies that may have limited liquidity, pricing inefficiencies, and may be more speculative in nature than established companies, all of which may adversely affect the Fund. Foreign investments, specifically those in Europe and Asia, are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, and changes in currency exchange rates which may negatively impact the Fund’s return. Small- and medium-capitalization companies may be subject to elevated risks. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

Market Vectors Global Spin-Off ETF (SPUN) is not sponsored, endorsed, sold or promoted by Horizon Kinetics, LLC. Horizon Kinetics, LLC makes no representation or warranty, express or implied, to the owners of Market Vectors Global Spin-Off ETF or any member of the public regarding the advisability of investing in securities generally or in Market Vectors Global Spin-Off ETF.

Fund shares are not individually redeemable and will be issued and redeemed at their Net Asset Value (NAV) only through certain authorized broker-dealers in large, specified blocks of shares called ”creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information call 888.MKT.VCTR or visit http://www.vaneck.com/market-vectors. Please read the prospectus and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor
666 Third Avenue
New York, NY 10017
800.826.2333

This message is intended only for the personal and confidential use of the designated recipient. If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution, or copying of this message is strictly prohibited. This communication is for informational purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Van Eck Global or any of its subsidiaries. Email transmissions cannot be guaranteed to be secure or error-free. Therefore we do not represent that this information is complete or accurate and it should not be relied upon as such. All information is subject to change without notice. All emails at Van Eck Global are, in accordance with Firm policy, to be used for Van Eck Global business purposes only. Emails sent from or to the Firm are subject to review by the Firm in accordance with the Firm’s procedure for the review of correspondence.

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Crypto market update: record liquidations amid tariff shock

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During and after the US market close on Friday, cryptocurrency markets experienced their largest liquidation event on record, with an estimated USD 19 billion in leveraged positions unwound across futures and perpetual swap markets.

During and after the US market close on Friday, cryptocurrency markets experienced their largest liquidation event on record, with an estimated USD 19 billion in leveraged positions unwound across futures and perpetual swap markets.

What Happened

The selloff began following President Trump’s announcement of an additional 100% tariff on Chinese imports, a move that triggered a sharp risk-off reaction across global markets. U.S. equities had their worst session since April, and with traditional markets closed for the weekend, crypto became the only major market still open for price discovery.

Nearly 90% of liquidations were long positions, underscoring how leveraged bullish sentiment had become across digital assets.

By asset:

• Bitcoin (BTC) saw over $5 billion in positions liquidated, falling roughly 12.5% intraday, from highs of ~$122,600 to lows near $107,000.

• Ethereum (ETH) recorded around $4 billion in liquidations, declining more than 20% from $4,400 to ~$3,500.

• Solana (SOL) experienced $1.8 billion in liquidations and dropped as much as 22% before recovering some ground.

While Bitcoin’s percentage price decline is in line with historical shocks, and only took the price back to where it was two weeks ago, it was a three-standard deviation move vs the past three years during which the asset saw broader institutional adoption. Moreover, the episode represents the largest forced liquidation event in crypto’s history in both size and concentration of long positions.

Liquidity Dynamics: The Perfect Storm

The scale of the move was amplified by fragile liquidity across both spot and derivatives markets. Order books were thin heading into the weekend, leaving markets especially vulnerable to shocks.

The timing compounded the impact:

• The announcement hit just after the U.S. cash equity close and before a long weekend (Columbus Day), when liquidity naturally declines.

• With most global asset classes offline, crypto became the only outlet for risk repricing.

• As liquidity thinned, automated liquidations triggered a domino effect across exchanges.

Funding rates flipped sharply negative—particularly in Solana—signaling an abrupt pivot from leveraged longs to short positioning. In some altcoins, liquidity deteriorated so severely that price wicks reached near-zero levels before stabilizing.

Complicating matters, several major exchanges experienced infrastructure strain as trading volumes surged over 140% to ~$180 billion in a matter of hours. APIs froze, oracles glitched, and order books briefly went dark. This led to mispriced liquidations and system-wide stress, highlighting again that crypto’s operational fragility often lies not in blockchains themselves, but in the centralized trading infrastructure that sits around them.

What We’re Hearing from the Market

Market participants describe Friday’s events as a systemic deleveraging that caught even sophisticated funds off guard. Several leveraged traders and funds reportedly suffered heavy losses, and rumors persist of at least one major market maker being forced to unwind positions.

Some internal exchange estimates suggest total liquidations—including unreported DeFi exposures—could approach USD 30 billion once weekend trading is fully accounted for.

Volatility spiked dramatically, with Bitcoin implied volatility reaching levels not seen since the FTX collapse. While unsettling, such spikes are often short-lived and tend to normalize as market depth recovers.

Source: Glassnode

Looking Ahead

Despite the record size of liquidations, the price impact was moderate by historical standards, with Bitcoin’s drawdown smaller than those seen during prior major deleveraging events. Markets had been trading at all-time highs just days earlier, so a correction of this magnitude is not entirely unexpected.

So far, crypto markets appear to be stabilizing, though volumes remain light and sentiment cautious.

Key areas we’re watching in the near term include:

• Asian equity and futures markets as they reopen Monday, which may influence crypto sentiment.

CME futures basis and funding rates as indicators of capital flows and arbitrage activity.

• Ethereum staking queues, which could become further stretched if the selloff continues.

Historically, large-scale liquidation events have been followed by periods of consolidation lasting one to two months before recovery. The previous two major liquidation cycles saw drawdowns of 19–24% over ~60 days, with full recovery typically taking three to five months.

Currently, Bitcoin funding rates remain within normal ranges, suggesting arbitrage desks continue to operate efficiently. However, with Solana’s funding still deeply negative, we could see a short squeeze if sentiment turns and liquidity returns.

Our View

While last week’s events highlight ongoing structural fragilities—particularly in leverage and centralized infrastructure—they also demonstrate that core blockchain networks remained resilient throughout.

For investors, this underscores the value of crypto exposure via regulated, physically backed ETPs over leveraged trading venues, where forced liquidations and operational risks can amplify volatility.

Overall, we view the selloff as a healthy, if painful, reset of speculative excess. As macro uncertainty persists, disciplined position sizing and diversification across regulated products remain key.

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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Hur investera i Blockchain med hjälp av börshandlade fonder

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En blockkedja är en typ av datalagring där block av krypterad data baseras på varandra. Således är en oupptäckt manipulation av data inte längre möjlig vilket är en orsak till att investera i blockchain. Decentraliserad datalagring eliminerar behovet av central administration, vilket idag krävs för exempelvis värdepapper. Blockkedjeprincipen kan tillämpas på många branscher, processer och fall. Det är grunden för kryptovalutor som Bitcoin. Den kan också användas för kontrakt, för certifiering av äganderätter, inom logistik och för många andra ändamål.

En blockkedja är en typ av datalagring där block av krypterad data baseras på varandra. Således är en oupptäckt manipulation av data inte längre möjlig vilket är en orsak till att investera i blockchain. Decentraliserad datalagring eliminerar behovet av central administration, vilket idag krävs för exempelvis värdepapper. Blockkedjeprincipen kan tillämpas på många branscher, processer och fall. Det är grunden för kryptovalutor som Bitcoin. Den kan också användas för kontrakt, för certifiering av äganderätter, inom logistik och för många andra ändamål.

Om blockchain blir allmänt accepterad kommer det att ske stora strukturella förändringar i många sektorer av ekonomin. Detta är vad företag som är involverade i infrastruktur, processer och teknologier relaterade till blockchain räknar med.

I den här investeringsguiden hittar du alla ETFer som gör att du kan investera i blockchain. Vi har identifierat sju olika index som spåras av lika många börshandlade fonder. Den årliga förvaltningskostnaden ligger på mellan 0,45 och 0,75 procent.

En jämförelse av ETFer för att investera i fonder för blockchain

Förutom avkastning finns det ytterligare viktiga faktorer att tänka på när du väljer en fonder för blockchain. För att ge ett bra beslutsunderlag hittar du en lista över alla börshandlade fonder för blockchain med information om kortnamn, kostnad, utdelningspolicy, fondens hemvist och replikeringsmetod.

För ytterligare information om respektive börshandlad fond, klicka på kortnamnet i tabellen nedan.

Namn
ISIN
KortnamnAvgift %Utdelnings-
policy
HemvistReplikerings-
metod
Invesco CoinShares Global Blockchain UCITS ETF Acc
IE00BGBN6P67
BNXG0.65%AckumulerandeIrlandOptimerad sampling
VanEck Crypto and Blockchain Innovators UCITS ETF
IE00BMDKNW35
DAVV0.65%AckumulerandeIrlandFysisk replikering
iShares Blockchain Technology UCITS ETF USD (Acc)
IE000RDRMSD1
CBUT0.50%AckumulerandeIrlandFysisk replikering
First Trust Indxx Innovative Transaction & Process UCITS ETF Acc
IE00BF5DXP42
LEGR0.65%AckumulerandeIrlandFysisk replikering
Global X Blockchain UCITS ETF USD Ackumulerande
IE000XAGSCY5
BLCH0.50%AckumulerandeIrlandFysisk replikering
Melanion Bitcoin Equities UCITS ETF
FR0014002IH8
BTC0.75%AckumulerandeFrankrikeOptimerad sampling
WisdomTree Blockchain UCITS ETF USD Acc
IE000940RNE6
WBKN0.45%AckumulerandeIrlandFysisk replikering

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XTMT ETF ger exponering mot aktier från Taiwan

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Xtrackers MSCI Taiwan UCITS ETF 1D Distribution (XTMT ETF) med ISIN LU2928641757, försöker spåra MSCI Taiwan 20/35 Custom-indexet. MSCI Taiwan 20/35 Custom-indexet spårar stora och medelstora företag från Taiwan. Vikten av den största beståndsdelen är begränsad till 35 % och vikten av alla andra beståndsdelar är begränsad till maximalt 20 %. En buffert på 10 % tillämpas på dessa limiter vid varje indexombalansering.

Xtrackers MSCI Taiwan UCITS ETF 1D Distribution (XTMT ETF) med ISIN LU2928641757, försöker spåra MSCI Taiwan 20/35 Custom-indexet. MSCI Taiwan 20/35 Custom-indexet spårar stora och medelstora företag från Taiwan. Vikten av den största beståndsdelen är begränsad till 35 % och vikten av alla andra beståndsdelar är begränsad till maximalt 20 %. En buffert på 10 % tillämpas på dessa limiter vid varje indexombalansering.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,29 % p.a. Xtrackers MSCI Taiwan UCITS ETF 1D Distribution är den billigaste ETF som följer MSCI Taiwan 20/35 Custom-indexet. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen delas ut till investerarna (Minst årligen).

Denna ETF lanserades den 4 december 2024 och har sin hemvist i Luxemburg.

Handla XTMT

Xtrackers MSCI Taiwan UCITS ETF 1D Distribution (XTMT ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

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

Börsnoteringar

BörsValutaKortnamn
XETRAEURXTMT
London Stock ExchangeUSDXTMT

Största innehav

ISINNamnVikt%Land
TW0002330008TAIWAN SEMICONDUCTOR MANUFACTURING32,92%Taiwan
TW0002317005HON HAI PRECISION INDUSTRY LTD6,74%Taiwan
TW0002454006MEDIATEK INC6,43%Taiwan
TW0002308004DELTA ELECTRONICS INC2,39%Taiwan
TW0002382009QUANTA COMPUTER INC2,29%Taiwan
TW0002881000FUBON FINANCIAL HOLDING LTD2,15%Taiwan
TW0002882008CATHAY FINANCIAL HOLDING LTD1,89%Taiwan
TW0002891009CTBC FINANCIAL HOLDING LTD1,88%Taiwan
TW0003711008ASE TECHNOLOGY HOLDING LTD1,63%Taiwan
TW0002303005UNITED MICRO ELECTRONICS CORP1,38%Taiwan
TW0002412004CHUNGHWA TELECOM LTD1,35%Taiwan
TW0002886009MEGA FINANCIAL HOLDING LTD1,32%Taiwan
TW0002357001ASUSTEK COMPUTER INC1,31%Taiwan
TW0002884004E.SUN FINANCIAL HOLDING LTD1,13%Taiwan
TW0002345006ACCTON TECHNOLOGY CORP1,12%Taiwan

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