The crypto market traded sideways in a macro-heavy week, with some notable outperformers. All eyes were on the FOMC meeting on February 1 as the Fed hiked interest rates by 25 bps, as widely expected, while the UK government introduced a plan to regulate cryptoasset activities. Bitcoin registered a flat performance (-0.24%) week-over-week, while Ethereum rose by 3.09%. The scalability vertical was this week’s big outperformer, with Optimism registering a 36.62% price increase, followed by Boba (20.46%) and Polygon (9.37%). Cardano stood out amongst smart contract platforms with a TVL increase of 36.80% as Djed – Cardano’s first decentralized stablecoin – launched on January 31.
Figure 1: Weekly TVL and Price Performance of Major Crypto Categories
Source: 21Shares, CoinGecko, DeFi Llama. Data as of February 6 (close price).
Key takeaways
• UK government promises robust crypto regulation, Treasury and Bank of England detailed the groundwork for a potential CBDC launch this decade.
• Hamilton Lane launches an on-chain tokenized fund on Polygon, Rocket Pool voting to limit its growth.
• Roofstock onChain completed its second property sale on an NFT marketplace, with Teller Protocol providing on-chain leverage for the transaction.
Spot and Derivatives Markets
Figure 2 – BTC Perpetual Swap Open Interest / Market Cap
Source: Glassnode
Figure 2 shows BTC perpetual swapopen interest (the number of futures contracts open) relative to Bitcoin’s market cap. We can see that the number of contracts built up relative to the market size increased significantly in 2022 until the FTX collapse. Since then, we have observed a general deleveraging of the system. However, in the past two weeks, the ratio has increased slightly as BTC’s price has consolidated, suggesting that risk appetite is picking up among investors.
On-chain Indicators
Figure 3: Ethereum Spent Output Profit Ratio (SOPR)
Source: Glassnode
SOPR, or The Spent Output Profit Ratio, is a metric that can be used to visualize the rate of profit taking on a network at any given time. Looking at the period from January to December 2022, the purple line struggled to break out to the upside and was rejected at the 0 level, indicating that traders were very aggressive in liquidating their ETH. There is a slight change in behavior now, which signifies that traders are employing cautious risk-on behavior. SOPR bouncing off the support line of 0 suggests a positive sentiment from investors as they would be inclined to leaving their assets intact.
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.
Americans can now allocate Bitcoin and other cryptocurrencies within their 401(k) retirement plans, unlocking access to a $9 trillion market. Even a modest 5% allocation of contributions could generate $30–40 billion in annual inflows, building to $343 billion by 2035. For perspective, that’s more than six times the $52 billion US spot Bitcoin ETFs have attracted to date.
Ethereum’s summer surge is redefining the market
Ethereum is blazing a trail. With record active addresses, soaring ETF inflows, and growing corporate ETH purchases, the network keeps hitting milestone after milestone. As stablecoins surge under new US regulations, Ethereum’s position as the backbone of digital finance has never been stronger.
What is liquid staking, and why the SEC’s update matters for investors
The US Securities and Exchange Commission (SEC) recently ruled that certain liquid staking tokens are not securities. This is a major win for investors in the decentralized finance space, as historically, the SEC has often treated tokens as securities and claimed regulatory control over them.
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.
Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITSETF 1D (XB31 ETF) med ISIN LU2673523481, försöker följa Bloomberg MSCI Euro Corporate September 2031 SRI-index. Bloomberg MSCI Euro Corporate September 2031 SRI-index följer företagsobligationer denominerade i EUR. Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller mellan oktober 2030 och september 2031 i indexet (Denna ETF kommer att stängas i efterhand). Indexet består av ESG (environmental, social and governance) screenade företagsobligationer. Betyg: Investment Grade.
Den börshandlade fondens TER (total cost ratio) uppgår till 0,12 % p.a. Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITSETF 1D är den enda ETF som följer Bloomberg MSCI Euro Corporate September 2031 SRI-index. ETFen replikerar det underliggande indexets prestanda genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Ränteintäkterna (kupongerna) i ETFen delas ut till investerarna (Årligen).
Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITSETF 1D är en liten ETF med tillgångar på 69 miljoner GBP under förvaltning. Denna ETF lanserades den 8 november 2023 och har sin hemvist i Luxemburg.
Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.
Utdelningsavkastningen för IncomeShares ETP:er (börshandlade produkter) ändras varje månad, beroende på strategins resultat och marknadsförhållanden. Den här artikeln förklarar hur dessa avkastningar har förändrats hittills i år.
Vad är utdelningsavkastning?
IncomeShares ETP:er syftar till att tjäna månadsinkomster genom att sälja optioner på olika underliggande investeringar. När en ETP säljer en option betalar optionsköparen en ”premie” till ETP:n. Den premien är den inkomstkälla som ETP:n kan betala ut till investerare varje månad.
För att göra dessa utdelningar lättare att jämföra använder branschen ”årlig utdelningsavkastning”. Detta tar den senaste månatliga inkomstutbetalningen, multiplicerar den med 12 och dividerar den med ETP:ns nettotillgångsvärde (NAV) för den månaden.
Vi uttrycker resultatet som en procentandel med hjälp av formeln nedan:
Utdelningsavkastning (%) = (senaste månatliga utdelningsavkastning × 12) ÷ nuvarande NAV × 100
Eftersom formeln annualiserar endast en månads utbetalning kan utdelningsavkastningen variera kraftigt varje månad. Till exempel hade IncomeShares S&P 500 Options ETP en annualiserad utdelningsavkastning på 180,27 % i april 2025. Men i juli var den 39,86 %.
I det här exemplet berodde mycket av den avkastningsskillnaden på marknadsförhållandena. I april var SPY (ETP:ns underliggande investering) mer volatil än i juli. Högre volatilitet ökar vanligtvis efterfrågan på optioner, vilket höjer premierna – och därmed inkomstpotentialen för options-ETP:er.
Under de sju månaderna från januari till juli låg IncomeShares S&P 500 Options ETP i genomsnitt på 82,36 %.
Hur har IncomeShares utdelningsavkastning förändrats under 2025?
IncomeShares erbjuder för närvarande 19 ETP:er som syftar till att generera månatlig inkomst genom att sälja optioner på enskilda aktier, amerikanska aktiemarknadsindex, råvaror och amerikanska statsobligationer.
Av dessa 19 ETP:er har elva handlats under hela 2025. Tabellen nedan visar de årliga utdelningsavkastningarna som rapporterats varje månad i år (januari till juli) för dessa ursprungliga elva ETP:er:
De återstående åtta ETP:erna lanserades i slutet av juni – så de har bara en hel månad med utdelningar hittills (juli):