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Rate Cuts and Bitcoin’s Scaling Potential: What Happened in Crypto This Week?

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Exciting Future for Bitcoin’s Scaling Potential BTC’s Rising Accumulation Meets a Growing Delta-Neutral Trading Strategy Rooting for Rate Cuts, Banking Crisis Looms in the U.S.

• Exciting Future for Bitcoin’s Scaling Potential

• BTC’s Rising Accumulation Meets a Growing Delta-Neutral Trading Strategy

• Rooting for Rate Cuts, Banking Crisis Looms in the U.S.

Rooting for Rate Cuts, Banking Crisis Looms in the U.S.

Benchmarks of monetary policy success are shifting around the world. The 2% inflation rate target is no longer within reach in the immediate term, while high interest rates seem to be doing more harm than good. On June 5, Canada was the first G7 country to lower its interest rate to 4.75% from the 5% it stuck to since July 2023. Despite its two-year high unemployment rate of 6.1% and an inflation rate of 2.7% in April, Canada’s move might have started the rate cut season.

Now, while Europe’s inflation has improved over the past six months, inching towards the 2% medium-term target, the European Central Bank (ECB) might have followed suit. For the first time since 2019, the ECB lowered interest rates to 25 basis points. Starting June 12, the EU’s key interest rate will be reduced to 3.75% from 4%, where it has been since September 2023. Realizing the 2% target is far from reach, European monetary policy seems to factor in a more realistic dimension. The ECB staff added 20 basis points to their annual inflation forecasts to be 2.5% in 2024 and 2.2% in 2025.

At the same time that 20 European countries will be celebrating the long-awaited rate cut, the U.S. will be rooting for a cool Consumer Price Index (CPI) print that would boost the Federal Reserve’s confidence that inflation is heading in the right direction. However, the labor market is showing mixed signs of recovery in May, with the unemployment rate increasing slightly above expectations at 4%. In contrast, nonfarm payroll employment increased to 272K, 50K higher than the monthly average. Average monthly earnings have also inched up from April’s reading, increasing by 0.4%. As seen, the delicate balance between inflation control and economic growth remains uncertain, which would definitely be reflected in the Federal Reserve policy decisions. Thus, crypto will remain sensitive to the different interpretations of macro data.

Specifically, volatility will be expected this week in anticipation of the Federal Open Market Committee statement scheduled to shed some light on the U.S. monetary policy on June 12. However, more macro data is coming out later in the week. As shown in the calendar at the end of this newsletter, we’ll know more about changes in wholesale prices on Thursday and conclude the week with the University of Michigan survey results around consumer sentiment, which should give a more complete picture of where the economy stands.

Moreover, the higher-for-longer approach is straining the banking sector in the U.S., with 63 banks declared to be sitting on $517B in unrealized losses, increasing by $39B in the first quarter. Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase. This is the ninth straight quarter of unusually high unrealized losses since 2022, when the Federal Reserve began raising interest rates.

How will this developing crisis affect BTC? Bitcoin usually stood strong amid banking crises, acting as a hedge against counterparty failure over the past few years. That was evident in March 2023, when Bitcoin jumped by 30% after the world experienced the most significant banking stress since 2008. Lack of transparency, mismanagement, and vulnerability towards a single point of failure led to the collapse of hundreds of banks between 2007 and 2012. These factors led to what is now known as the Great Recession, inspiring the creation of Bitcoin in the process. The network’s disciplined monetary policy, combined with its immutable nature and decentralization, became the antithesis of the failures of traditional finance.

On another but rather relevant note, global liquidity has experienced an uptick in the past month, reaching an all-time high of $94T, as shown in Figure 1. As we trace the two lines, we can deduce that Bitcoin is a big profiteer of the expanding global liquidity. Almost $3T has been added since Bitcoin’s all-time high of $69K in 2021. If the banking crisis persists in the U.S. and spreads worldwide, like last year, central banks will have to step in to make their banks whole, which will translate into the growth of their balance sheets even more. Higher liquidity reduces perceived uncertainty, encouraging investors to increase their risk-taking in assets like equities and crypto.

Figure 1 – Bitcoin’s Performance Against Global Liquidity

Source: IntoTheBlock

BTC’s Rising Accumulation Meets a Growing Delta-Neutral Trading Strategy

Last week, the Bitcoin ETF market sustained its recent momentum, mostly driven by the shifting sentiment around the global economy’s battle against inflation, as discussed in the previous section. This was symbolized by the ECB and Bank of Canada’s move to cut rates, which led Bitcoin to hit $72K while its open interest reached an all-time high of $32.02B. However, this was shortly met with a cascade of liquidations (~$400M) as the excitement was countered by the jobs report, which gave a troubling signal of the FED’s progress on taming inflation, leading the entire crypto market to drop by 4%.

That said, U.S. spot ETFs accumulated nearly 25,729 BTC over the last week, equivalent to eight weeks’ worth of new BTC supply entering the market from block rewards. Notably, the impressive recent inflows led to recording the second strongest day of inflows since late March, with more than 12K BTC absorbed via ETFs on June 4. Overall, ETFs now hold close to 5% of Bitcoin’s total supply while making up roughly 60% of Gold ETFs assets under management in the U.S. As we’ve emphasized over the past months, the impact of ETFs on the supply and demand dynamics of the BTC market shouldn’t be ignored. They continue to lay the groundwork for a supply shock that could occur in the medium to long term, especially as BTC on exchanges continues to reach the lowest point in over six years. Similarly, Bitcoin’s accumulation addresses (wallets that have received more than two transactions and have never spent their funds) saw an uptick in the last few weeks, as shown in Figure 2. This echoes our belief that long-term believers are unfazed by their short-term volatility and believe that Bitcoin still has more room to grow.

Figure 2: Total Number of Bitcoin Accumulation Addresses

Source: Glassnode

However, one notable trend to monitor though is the emergence of a cash-and-carry trade, as depicted in Figure 3. This strategy involves investors purchasing Bitcoin on the spot market through ETFs, while simultaneously shorting it on the CME Group exchange to capitalize on the arbitrage opportunity. This phenomenon helps rationalize why the buying pressure from ETFs was being offset by the shorting activity on the futures market. In that sense, it provides a more comprehensive understanding of the surge in Bitcoin’s open interest while potentially explaining why BTC wasn’t able to break through its major resistance at $72K.

Figure 3: The Net Positions of Different Investors on CME Exchange

Source: TheBlock

Exciting Future for Bitcoin’s Scaling Potential

Moving on, Bitcoin’s fundamentals received a significant boost last week. Starknet, the developer of one of Ethereum’s leading scaling solutions, announced its plans to expand to Bitcoin. The company aims to integrate its Zero-Knowledge technology, which powers its Layer 2 platform, to scale Bitcoin without requiring any hard forks. According to Starknet’s founder, the solution will be designed to allow applications to settle transactions on both Bitcoin and Ethereum simultaneously, enhancing Bitcoin’s competitiveness as a settlement platform for a broader landscape of transactions. That said, the key to making this integration a reality lies in the potential soft fork upgrade known as OP_CAT, which could unlock new possibilities for Bitcoin’s scripting language.

For context, OP_CAT is a decade-old script from the Satoshi era that enabled a more feature-rich programming language that paves the path for smart contracts on top of Bitcoin. However, Satoshi removed it as it was feared that it could introduce more security risks into the network, which we’ll break down later. Nevertheless, the function is now making a resurgence as certain segments of the Bitcoin community are looking for different ways to scale the network. This is inspired by the innovation spurred by Ordinals last year, which was enabled on the back of the 2021 soft fork upgrade called the Taproot upgrade.

In line with this, reintroducing OP_CAT could significantly benefit Bitcoin. It can simplify the creation and management of assets’ metadata, thereby laying the groundwork for asset tokenization. It can also enable secure vaults to safeguard against unauthorized access to users’ wallets through advanced multi-signature setups. Additionally, OP_CAT can support escrow wallets, which is crucial for financial use cases that involve locking BTC in a smart contract for yield-generation purposes or using it as collateral for money markets. Lastly, OP_CAT will play a pivotal role in enabling expressive smart contracts, such as trustless bridges, essential for the emergence of Layer 2 solutions, which Starknet aims to capitalize on replicating Ethereum’s scaling success on Bitcoin.

On the other hand, the concerns that led Satoshi to avoid OP_CAT remain pertinent today. The reintroduction of this function could create large scripts that consume significant resources, potentially leading to vulnerabilities such as Denial of Service (DOS) attacks that could cripple Bitcoin’s usage. DOS involves flooding and overwhelming a system with a massive number of requests and messages to bring it down to a halt and make it impossible to process transactions. The function could also introduce unforeseen security threats that weren’t relevant a decade ago, while it could result in a hard fork if certain node operators don’t support the upgrade.

Thus, given the network’s value proposition as the oldest and most secure blockchain, the trade-off between modifying the network’s codebase to add more features, which increases its complexity, versus leveraging external solutions that transform the network’s utilization is contentious. This explains why the functionality has been hotly debated for years but has never been implemented. Nevertheless, it is noteworthy that OP_CAT was formally designated as BIP420 in April, leaving the decision to implement the upgrade to the community for consideration and debate.

In conclusion, the emergence of various scaling solutions for Bitcoin is a significant development. This includes Stacks’ approach utilizing sidechain technology, BitVM enabling rollups similar to Ethereum’s Arbitrum and Optimism, Ordinals and Runes creating unique digital assets, and now the potential of OP_CAT. The diversity of these scaling methods is essential for fostering a robust and resilient ecosystem, as it ensures that Bitcoin is not limited to a single approach and can continue innovating if one solution becomes obsolete.

This is crucial because miners need a supplementary source of income to mitigate the decline in revenue resulting from block issuance and ensure the long-term sustainability of the network as the newly mined BTC supply continues to decrease. Similarly, the economic impact of Ordinals, BRC20, and Runes can’t be understated, as they play a sizable role in Bitcoin’s on-chain activity. For context, miners were able to generate close to 11K BTC, equating to $750M, in fees from processing transactions related to all three aforementioned primitives over the last year, as seen below in Figure 4. This underscores the necessity for scaling solutions to offset the diminishing revenue from Bitcoin’s decreasing block issuance by allowing an on-chain economy to emerge on the largest crypto network by market capitalization.

Figure 4: Revenue Generated from Bitcoin’s Ordinals, BRC20, Runes

Source: CryptoKoryo on Dune Analytics

Ethereum: The Future of Finance and the Internet Itself

The 12th issue of our State of Crypto is out! What’s Inside?
• An introduction to the Ethereum economy: ETH supply, smart contracts, and gas fees.

• A map of the Ethereum ecosystem of scalability solutions and decentralized applications.

• An explainer of Ethereum’s Staking and Re-Staking primitives and their associated risks.

• Our signature Ethereum valuation methodologies

You can download the report here.

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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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%

      Innehav kan komma att förändras

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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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