The overall cryptoasset market tumbled by almost 5% over the past month to rest at $933.7B. Bitcoin and Ethereum declined by 3% and 14% over the past month. This month’s winners were Solana and Uniswap, which jumped by 6% and 5% respectively. Optimism performed better than its peers within the major L2s in terms of total value locked (TVL). The figure below shows the performance of the top cryptoassets within the major categories, month over month.
Figure 1
Source: 21Shares, Coingecko, DeFi Llama
Key takeaways from this report
• Bitcoin under-levered for the first time this year
• Stablecoins and proof-of-work mining have been the talk of regulators
• The Merge settled, boosting development in Ethereum’s scalability solutions
• OpenSea and Decentraland introduce innovations to the NFTs industry
Spot and Derivatives Markets
Figure 2
Source: Glassnode, Swissblock Technologies
The figure above plots this year’s meetings of the Federal Open Market Committee (FOMC) against spot and derivatives 28-day rolling volume. The chart reveals that Bitcoin is under-levered for the first time this year, which in itself is a sign of true capitulation.
On-chain Indicators
Figure 3: Ethereum’s NUPL ratio
Source: Glassnode
On September 30, Ethereum’s NUPL ratio was at -0.09, which means that the second-largest cryptoasset by market capitalization is still at the capitulation zone. The current level is similar to levels seen in December 2016 when ETH was at $8.4, with a market cap of $626M, a few months before it jumped within the belief and euphoria levels for a little over a year.
Figure 4: Ethereum’s Network Value to Transaction Signal
Source: Glassnode
The NVT Signal (NVTS) is a modified version of the original NVT Ratio, using a 90-day moving average for transaction volume instead of the raw daily transaction volume, making it function better as a leading indicator. NVTS in Figure 4 indicates that ETH’s ratio reached the same level as the prior bear market around June 2018. At that time, ETH was valued at $73.9B which is currently 45% of today’s value while the daily number of transactions on the number today is 1.5x as much as the last crypto winter. In other words, ETH value increased significantly more than its fundamentals.
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.
Janus Henderson Global Research-Engineered Equity Active Core UCITSETF USD Acc (JGBL ETF) med ISIN IE000Y3FZEN4, strävar efter att överträffa indexreferensvärdet på lång sikt genom att investera i en aktivt förvaltad portfölj av aktier och/eller depåbevis utfärdade av globala företag.
Den nuvarande tillgångsstorleken är 8 miljoner USD. Den börshandlade fonden är aktivt förvaltad.
Den börshandlade fondens TER (total expense ratio) uppgår till 0,30 % per år. ETFen replikerar det underliggande indexets resultat fysiskt. Utdelningarna i ETFen ackumuleras och återinvesteras.
Denna ETF lanserades den 21 oktober 2025 och har sitt säte på Irland.
Investeringsprocess
Fonden kommer att investera minst 80 % av sina tillgångar i aktier eller depåbevis utfärdade av globala företag på utvecklade marknader. Den kan också investera upp till 15 % av sina tillgångar i aktier och/eller depåbevis från företag på tillväxtmarknader.
Fonden kan investera i företag av alla storlekar inom alla branscher. Den kommer vanligtvis att ha 125–275 innehav (och förväntas inte ha färre än 125 innehav).
Fonden kan också inneha kontanter. Den kan använda derivat i syfte att säkra/riskreducera.
Fonden kan tillfälligt investera utanför dessa riktlinjer vid hantering av teckningar, inlösen, för likviditetshantering eller i defensiva syften, inklusive att navigera i ovanliga marknadsförhållanden.
Investeringsmål
ETFen kombinerar expertinsikter från Janus Hendersons analysteam med benchmarkmedveten portföljkonstruktion. Våra mycket erfarna analytiker utför djupgående fundamental forskning och samarbetar i stor utsträckning inom sina sektorteam för att generera investeringsinsikter. Dessa insikter matas in i en portföljoptimeringsprocess som är utformad för att betona aktieurval och minimera oavsiktlig risk. Processen innefattar även robusta ESG-exkluderingar och en allokering på minst 15 % till hållbara investeringar (SFDR artikel 8). Resultatet är en diversifierad och i stort sett sektorneutral portfölj, med ett mål för spårningsfel på 1,25–1,75 % i förhållande till MSCI World Index.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.
What is Bitcoin and should you invest? In this video, Dan from 21shares breaks down the 4 things every investor needs to know about Bitcoin – including what it is, why people buy it, how it fits in a portfolio, and how to get exposure.
Whether you’re new to Bitcoin or exploring it for the first time as part of your investment strategy, this beginner-friendly guide covers everything in plain English.
If you have any questions or want to discuss a product in detail, please visit our website at www.21shares.com
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.
BNP Paribas Easy MSCI USA UCITSETF USD Acc (ESAQ ETF) med ISIN IE000CPT8DH7, syftar till att följa MSCI USA-indexet. MSCI USA-indexet följer de ledande aktierna på den amerikanska marknaden.
Den börshandlade fondens totala kostnadskvot (TER) uppgår till 0,04 % per år. ETFen replikerar det underliggande indexets utveckling genom fullständig replikering (genom att köpa alla indexkomponenter). Utdelningarna i ETFen ackumuleras och återinvesteras.
BNP Paribas Easy MSCI USA UCITSETF USD Acc är en mycket liten ETF med 15 miljoner euro i förvaltningstillgångar. Denna ETF lanserades den 14 januari 2026 och har sitt säte i Irland.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.