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.
Företag som återköper egna aktier, vilket vanligtvis leder till att deras aktiekurs stiger. Denna praxis är laglig i de flesta länder och kommer från den amerikanska aktiemarknaden. Vinsterna behålls inom företaget och stärker därmed dess konkurrenskraft. Aktieägarna gynnas på två sätt: Priset per aktie ökar och de behöver inte betala källskatt på utdelningar som annars skulle delas ut.
För börsnoterade företag är information om återköpsprogram offentlig. Indexleverantörer använder denna information för att konstruera specifika index som kan fungera som ett alternativ till vanliga utdelningsstrategier.
I den här investeringsguiden hittar du alla ETFer som gör att du kan investera i företag med hög återköpsgrad. För närvarande finns det två olika index som spåras av tre ETFer tillgängliga. Den årliga förvaltningskostnaden på dessa börshandlade fonder ligger mellan 0,15 och 0,39 procent per år.
En sammanställning av ETFer som investerar i företag som återköper aktier
Förutom avkastning finns det ytterligare viktiga faktorer att tänka på när du väljer en ETF som investerar i företag som återköper aktier. För att ge ett bra beslutsunderlag hittar du en lista över alla ETFer som investerar i företag som återköper aktier med information om kortnamn, kostnad, utdelningspolicy, fondens hemvist och replikeringsmetod.
För mer information om respektive börshandlad fond, klicka på kortnamnet i tabellen nedan.
iShares STOXX Europe 600 UCITSETF (DE) EUR (Acc) (EXIE ETF) med ISIN DE000A2QP4B6, försöker följa STOXX® Europe 600-indexet. STOXX® Europe 600-indexet följer de 600 största europeiska företagen.
Den börshandlade fondensTER (total cost ratio) uppgår till 0,20 % p.a. ETFen replikerar resultatet av det underliggande indexet genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.
iShares STOXX Europe 600 UCITSETF (DE) EUR (Acc) är en stor ETF med tillgångar på 641 miljoner euro under förvaltning. Denna ETF lanserades den 24 februari 2023 och har sin hemvist i Tyskland.
Varför EXIE?
Exponering för ett brett utbud av företag från utvecklade länder i Europa
Direktinvesteringar till stora, medelstora och små företag
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.
People have long joined clubs and social circles to talk about sports, politics, business, and more. As the internet evolved, social networking began complementing these physical spaces, offering a more accessible, democratized way to connect and exchange ideas.
As social media gained influence, it began to leave its mark on the financial world. In 2012, an internet community called “Wallstreet Bets” started on Reddit, focusing on bold, high-risk stock trading. But it wasn’t until 2020 that the term “meme stocks” was first coined.
What is a meme?
A meme is an idea, image, phrase, or cultural reference that spreads rapidly across the internet, often humorous or satirical. Memes evolve through social sharing and adaptation, shaping online discourse and trends.
In January 2021, Reddit users in the Wall Street Bets forum generated hype about GameStop (ticker: GME), a struggling video game retailer that hedge funds were heavily shorting. The buzz on Reddit drove the stock price of GameStop from $4.42 to $483 at its (intraday) peak on January 28, 2021. Though the hype faded, GME remains up 414.48% from its pre-surge price, marking a turning point in retail investing and online market movements.
What is a memecoin?
A memecoin is a cryptocurrency inspired by internet memes or viral trends. Unlike traditional cryptocurrencies focused on utility (like Bitcoin or Ethereum), memecoins thrive on community engagement, humor, and speculative momentum. Their low barriers to entry make them easy to create, trade, and experiment with, serving as an accessible gateway for newcomers to the crypto space.
Traditionally, when a meme or trend went viral, platforms like Instagram, Twitter, or Reddit captured the economic value, while the creators and communities driving the momentum saw little in return. Crypto changed that dynamic. With infrastructure that enables native asset ownership and online trading, individuals and communities can now participate in the upside of the culture they create.
Imagine subscribing to a YouTube creator before they blew up—and actually earning a share of their rise. That’s the future memecoins are starting to unlock.
From meme to mainstream: The evolution of memecoins
In 2013, software engineers Billy Markus and Jackson Palmer created Dogecoin (DOGE) as a lighthearted parody of the cryptocurrency craze, inspired by the popular “Doge” meme featuring a Shiba Inu dog. Despite its origins as a joke, Dogecoin quickly gained a dedicated community and achieved a market capitalization in the billions. This success paved the way for numerous other meme coins, blending internet culture with digital assets.
The memecoin sector burst into the mainstream in late 2024 and early 2025, propelled by a frenzy of token launches on Solana and headline moments like Donald Trump releasing his own coin. But not all tokens are created equal. Many of these newcomers were short-lived, extractive plays—designed to capture attention, extract liquidity, and disappear.
While they’ve stress-tested blockchains with massive trading volumes, they shouldn’t be mistaken for more established memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). These tokens are different. They’ve endured not because of hype cycles but because they represent something deeper: tokenized internet culture, forged through shared humor, sentiment, and identity.
What gives memecoins their intrinsic value?
In a world where financial worth is usually tied to revenue, utility, or technological innovation, memecoins are the outliers. They don’t rely on complex protocols or multi-year roadmaps—they thrive on cultural relevance.
Memes are the internet’s native language: they carry emotion, identity, and connection across borders. DOGE, launched in 2013, transformed a lighthearted Shiba Inu meme into a symbol of optimism and generosity. SHIB, born in 2020 as a self-declared “Dogecoin killer,” evolved into an expansive DeFi and NFT ecosystem with a devoted, youthful base. PEPE, emerging in 2023, captured the raw, viral energy of the “Pepe the Frog” meme and quickly gained traction. What unites them all is their ability to embed themselves in the internet’s cultural fabric—turning memes into enduring digital assets.
In the end, memecoins are more than the tokens themselves—they’re a bold experiment in redefining value in a digital world. They harness not just capital but also culture. Their deeper impact lies in showing that relevance, community, and shared culture can be powerful forms of value in their own right.
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.