Följ oss

Nyheter

Treasury Yields, Transaction Volumes, Flows at Year-Highs: What happened in crypto this week?

Publicerad

den

In this report, we walk you through the U.S. inflation data that came out last week and what they mean for crypto. We also explain the positive sentiments around Cardano and Polygon, who both have radical upgrades lined up.

In this report, we walk you through the U.S. inflation data that came out last week and what they mean for crypto. We also explain the positive sentiments around Cardano and Polygon, who both have radical upgrades lined up.

Inflation Comes in Hot; Bitcoin Holds Steady at $52K

Consumer prices came in higher than expected and rose by 3.1% in the year through January. Stock prices plunged following the release. Over the past week, the S&P 500 and Nasdaq Composite declined by 0.42% and 1.28%, respectively. Often used to gauge future consumer prices, industrial indicators have also disappointed expectations. The Empire State Manufacturing Survey, conducted monthly by the Federal Reserve to give an outlook on general business conditions within the state, found that manufacturing activity in the state of New York shrank further to -2.4%; although shooting up by 41 points, the figure still indicates worsening conditions for manufacturers which often gets passed on to consumers. Measuring demand for goods and cost of services, the Producer Prices Index rose to 0.9% year-over-year, further dimming hopes for a rate cut in March.

In turn, the yields for two- and five-year treasury bills rose to year-to-date highs, indicating falling demand due to investors hedging their positions ahead of the upcoming FOMC meeting, whose minutes come out on Wednesday. Treasury yields are often used as a proxy for sentiment around alternative, risk-on investments, like crypto, which has been enjoying institutional flows thanks to the one-month-old spot Bitcoin ETFs trading in the U.S. Bitcoin moved tightly around the $52K over the weekend, while peaking in inflows to almost 18K BTC on February 14, as shown in Figure 1.

Figure 1: US Spot Bitcoin ETF Flows

Source: Glassnode

Cardano Aims at Further Decentralization and Higher Smart-Contract Functionality

After working on decentralization, smart contracts, and scaling, Cardano is finally preparing for its “Voltaire Era,” which focuses on governance. Landmarked by its Chang hard fork, Cardano’s Voltaire Era aims to fuel its further decentralization with new governance and treasury systems. Scheduled between Q1 and Q2 of 2024, the Chang hard fork will introduce the concept of minimum-viable community-run governance to the Cardano blockchain by instituting the capabilities for on-chain community consensus, governed by a constitution that is yet to be written and voted on by the end of this year.

In its current form, Cardano has a standard governance system where token holders simply have the right to vote on improvement proposals presented by the network’s management. However, with the Chang hard fork applied, token holders (now network participants) will also have the right to present improvement proposals – that’s the first feature. The second feature is full decentralization: the network participants will replace the management of Input Output HK (IOHK, the engineering company behind Cardano). To fund this evolution, a treasury system will extract a fraction of all transaction fees to provide funds for development activities undertaken following the voting process.

On the tech side, Cardano is currently trialing a third version of its programming language, Plutus, which is expected to boost smart contract functionality to facilitate governance controls, privacy-focused applications, and scaling solutions built on Cardano. That said, Plutus V3 is designed to make Cardano seamlessly interact with Ethereum and other blockchains as well as absorb an increasing volume of transactions, making the Cardano blockchain an even more attractive platform for developers. Excitement took Cardano by storm; ADA, Cardano’s native currency, jumped by 12.67% week-over-week. Transaction volume on Cardano has also almost reached its highest level this year, as shown in Figure 2.

Figure 2: Cardano’s Transaction Volume

Source: Messari, CoinMetrics

Polygon’s “AggLayer” Spurs Excitement, Rooting for Blockchain Interoperability

Similar to how the Internet Protocol, or TCP/IP, connects computer systems in a network, Polygon’s aggregation layer, or AggLayer, is an additional liquidity-focused layer that aims to unite a divided blockchain landscape of Zero-Knowledge-powered networks, providing a cohesive experience akin to a single chain, as illustrated in Figure 3. In theory, this move would ultimately improve interoperability between the chains connected to Polygon without taking a toll on each chain’s sovereignty.

Going live on mainnet on February 23, the AggLayer would set Polygon apart from other scaling solutions that have frameworks similar to Polygon’s Chain Development Kit (CDK), such as Optimism’s OP Stack and Arbitrum’s Orbit, which streamline building customizable networks connected to Ethereum. Chains plugged into Polygon’s AggLayer would be at an advantage due to the unified liquidity it brings, as opposed to the fragmented status quo. The AggLayer’s core objective is to combine the liquidity of various connected blockchains into an aggregated interface to improve capital efficiency and user experience with a more intuitive design, as well as boost network effects.

Figure 3: Diagram showing how the AggLayer unifies liquidity

Source: Polygon

The AggLayer’s interoperability mechanism can be broken down into two functions: aggregating Zero-Knowledge proofs of liquidity transfers from all connected chains while ensuring safety for near-instant, atomic cross-chain transactions. As shown in Figure 4, Polygon’s unique active addresses reached an all-time high on February 18 as its native currency, MATIC, surged by 12.88% week-over-week.

Although this new primitive has already generated excitement around Polygon before even launching, the technology’s success is yet to be battle-tested in the coming months.

Figure 4: Polygon’s Unique Active Addresses Reached an All-Time High

Source: Polygonscan

This Week’s Calendar

Source: Forex Factory

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

Concerned about rising government debt? Bitcoin’s got you covered

Publicerad

den

Amid soaring US debt and Gold’s steady gains, Bitcoin has continued to deliver strong returns over the past 15 years. Its scarcity and decentralization make it a hedge that investors can’t ignore, providing new ways to pursue growth, security, and opportunity in an evolving financial landscape.

Amid soaring US debt and Gold’s steady gains, Bitcoin has continued to deliver strong returns over the past 15 years. Its scarcity and decentralization make it a hedge that investors can’t ignore, providing new ways to pursue growth, security, and opportunity in an evolving financial landscape.

Investors can’t ignore the corporate world’s big bet on Ethereum

Ethereum is stealing the spotlight, as public companies have accumulated over 4.4 million ETH, worth nearly $19 billion, in the past few months. This treasury boom is outpacing Bitcoin’s early adoption and redefining how Wall Street approaches digital assets.

The rise of Hyperliquid: DeFi’s record-breaking powerhouse

Hyperliquid is making waves in DeFi perpetuals by setting new records, leading trading volumes, and propelling its token to all-time highs. Backed by market volatility, high-performance infrastructure, and concentrated liquidity, the platform continues to draw investors and assert its market dominance.

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

Nyheter

N100 ETF följer det amerikanska Nasdaq 100 indexet

Publicerad

den

iShares NASDAQ 100 Swap UCITS ETF USD (Acc) (N100 ETF) med ISIN IE0001ZFMLN7, försöker följa Nasdaq 100®-indexet. Nasdaq 100®-indexet spårar ett urval av 100 aktier valda bland icke-finansiella aktier noterade på NASDAQ-börsen.

iShares NASDAQ 100 Swap UCITS ETF USD (Acc) (N100 ETF) med ISIN IE0001ZFMLN7, försöker följa Nasdaq 100®-indexet. Nasdaq 100®-indexet spårar ett urval av 100 aktier valda bland icke-finansiella aktier noterade på NASDAQ-börsen.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,20 % p.a. ETFen replikerar det underliggande indexets prestanda syntetiskt med en swap. Utdelningarna i ETFen ackumuleras och återinvesteras.

iShares NASDAQ 100 Swap UCITS ETF USD (Acc) är en mycket liten ETF med 4 miljoner euro under förvaltning. Denna ETF lanserades den 3 oktober 2024 och har sin hemvist i Irland.

Varför N100?

Exponering mot 100 av de största amerikanska och internationella icke-finansiella aktierna noterade på NASDAQ-börsen.

Exponering för företag inom stora industrigrupper inklusive hårdvara och mjukvara, telekommunikation, detaljhandel/grossisthandel och bioteknik.

Använd i din portfölj för att söka tillväxt på medellång till lång sikt även om fonden också kan vara lämplig för kortsiktig exponering mot index.

Investeringsmål

Fonden strävar efter att uppnå avkastning på din investering, genom en kombination av kapitaltillväxt och inkomst på fondens tillgångar, vilket återspeglar den totala nettoavkastningen för NASDAQ 100-indexet (”Indexet”).

Handla N100 ETF

iShares NASDAQ 100 Swap UCITS ETF USD (Acc) (N100 ETF) är en börshandlad fond (ETF) som handlas på London Stock Exchange.

London Stock Exchange är en marknad som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.

Börsnoteringar

BörsValutaKortnamn
Euronext AmsterdamUSDNASQ
London Stock ExchangeGBPN100

Största innehav

KortnamnNamnSektorVikt (%)ISINValuta
XNSXNASDAQ 100 GROSS INDEX IN USDOther99.34USD
FTNTFORTINET INCInformationsteknologi4.92US34959E1091USD
AMZNAMAZON COM INCSällanköpsvaror3.95US0231351067USD
EPAMEPAM SYSTEMS INCInformationsteknologi3.81US29414B1044USD
TSLATESLA INCSällanköpsvaror3.79US88160R1014USD
GDDYGODADDY INC CLASS AInformationsteknologi3.49US3802371076USD
PYPLPAYPAL HOLDINGS INCFinans3.32US70450Y1038USD
ADSKAUTODESK INCInformationsteknologi3.31US0527691069USD
NFLXNETFLIX INCKommunikation3.30US64110L1061USD
CDNSCADENCE DESIGN SYSTEMS INCInformationsteknologi3.28US1273871087USD

Innehav kan komma att förändras

Fortsätt läsa

Nyheter

IncomeShares Monthly Investor Update – August 2025

Publicerad

den

IncomeShares passed three milestones in August. Assets under management climbed to almost $66 million, cumulative fund flows topped $72 million, and turnover across London and Xetra listings reached over $27 million. Palantir paid the highest annualised distribution yield at 57.11%. The sections below break the numbers down in more detail.

IncomeShares passed three milestones in August. Assets under management climbed to almost $66 million, cumulative fund flows topped $72 million, and turnover across London and Xetra listings reached over $27 million. Palantir paid the highest annualised distribution yield at 57.11%. The sections below break the numbers down in more detail.

Cumulative fund flows

Fund flows track how much money investors put into or take out of IncomeShares ETPs (exchange-traded products). Positive flows mean more money coming in than going out – a sign of demand for the products.

Flows have risen every month this year. In January, they stood at $13.7 million. By the end of August, they reached $72.4 million. That’s over $8 million of new money added in August alone – the biggest increase since May.

Trading turnover

Turnover is the total dollar value of IncomeShares ETPs bought and sold on the exchanges. Higher turnover means more activity and liquidity for investors.

Turnover reached $27.3 million in August – the highest on record and more than double January’s $13.0 million. London listings (USD and GBP combined) made up $14.2 million, with Xetra listings close behind at $13.1 million. Both exchanges have seen steady increases through 2025, showing rising interest in income options strategies across the board.

Note: Figures use IDC FX rates as of the August month-end to convert GBP and EUR into USD. We apply the same August rates to all prior months to compare turnover on a like-for-like basis.

Assets under management (AUM)

AUM is the total value of assets held across all IncomeShares ETPs. It grows when new investors buy in, or when the underlying assets rise in value.

AUM grew from $13.8 million in January to $65.8 million at the end of August. It was also $8 million more than in July. Steady inflows and consistent income distributions are helping the product range build scale.

Distribution yields

Distribution yields represent the annualised income paid to investors as a percentage of the current NAV (net asset value), based on the latest month’s yield. IncomeShares ETPs aim to generate this income from selling options. Yields change each month depending on strategy performance and market volatility.

Annualised August yields (ranked highest to lowest):

• Palantir Options ETP (PLTY): 57.11%

• Nasdaq 100 Options ETP (QQQY): 46.44%

• Coinbase Options ETP (COIY): 43.60%

• AMD Options ETP (AMDY): 41.43%

• Tesla Options ETP (TSLI): 40.97%

• Broadcom Options ETP (AVGY): 40.96%

• MicroStrategy Options ETP (MSTY): 37.61%

• Alibaba Options ETP (BABY): 35.90%

• S&P 500 Options ETP (SPYY): 32.95%

NVIDIA Options ETP (NVDI): 28.42%

Alphabet Options ETP (GOOI): 18.15%

Magnificent 7 Options ETP (MAGO): 16.87%

Apple Options ETP (AAPPY): 15.55%

20+ Year Treasury Options ETP (TLTY): 12.38%

Amazon Options ETP (AMZI): 12.00%

Silver+ Yield Options ETP (SLVY): 11.56%

Meta Options ETP (METY): 11.32%

Gold+ Yield Options ETP (GLDI): 6.74%

Microsoft Options ETP (MSFY): 6.54%

Our Palantir ETP topped the list with an annualised yield of 57.11% for August, up from 30.57% in July. The stock was volatile in August, trading between $142 and $190. That wider range increased option premiums, which boosted the ETP’s yield. The ETP sells put options on Palantir stock and holds shares – the strategy used for all our single stock ETPs and the Magnificent 7 product.

The Nasdaq 100 ETP paid an annualised yield of 46.44% in August, up slightly from 44.52% in July. At the other end, Gold+ and Microsoft stayed below 7%, reflecting relatively calmer conditions in their underlying assets.

The table below shows the annalised distribution yields for all IncomeShares ETPs so far this year. Note that the bottom eight ETPs launched in late June, so they only have yields for July and August.

Key takeaways

• Fund flows climbed to $72.4 million, with August adding more than $8 million.

• Turnover hit a record $27.3 million, split almost evenly between London and Xetra.

• Palantir topped the yield table at 57%, with Nasdaq 100 and Coinbase also paying above 40%.

Fortsätt läsa

21Shares

Prenumerera på nyheter om ETFer

* indicates required

21Shares

21Shares

Populära