David LaValle från Grayscale träffade Steve Darling från Proactive för att diskutera Bitcoins utveckling och även för Grayscale Future of Finance ETF (GFOF) under de senaste månaderna. LaValle gav insikter i GFOFs utveckling. Denna ETF har sett en ökning med cirka åtta procent under den senaste månaden, vilket överträffar riktmärken som S&P 500 och NASDAQ 100. Han tillskrev denna framgång till den strategiska positioneringen av GFOF, och liknade den vid investeringar i internetinfrastruktur i 1998.

LaValle betonade att GFOF fokuserar på digitala tillgångars infrastruktur, trots osäkerheter kring specifika vinnare i utrymmet. Innehav i företag som Coinbase och andra gruvbolag har bidragit väsentligt till GFOFs resultat. Han underströk vikten av den senaste utvecklingen inom det digitala tillgångsområdet, såsom introduktionen av Bitcoin ETFer i USA och upplistningen av Grayscale Bitcoin Trust, som har utökat diskussionerna med finansiell expertis och förmögenhetsförvaltare om att integrera digitala tillgångar i portföljer.

För att ta itu med den utvecklande uppfattningen om Bitcoin, noterade LaValle dess erkännande som en volatil men alltmer accepterad tillgångsklass. Han diskuterade Bitcoins potentiella roller i investeringsportföljer, allt från att ses som en störande teknik till att fungera som en digital värdebutik, besläktad med digitalt guld eller exponering för högväxande teknik. Sammantaget uttryckte LaValle optimism om framtiden för GFOF och digitala tillgångar i allmänhet, och lyfte fram deras potential att spela en betydande roll i diversifierade investeringsportföljer.

När Grayscale fortsätter att navigera i det dynamiska landskapet av digitala tillgångar, kan investerare förutse ytterligare innovationer och möjligheter för tillväxt i framtiden. Håll utkik efter fler uppdateringar eftersom Grayscale fortsätter att leda vägen inom investeringsområdet för digitala tillgångar.

Handla GF0F ETF

HANetf Grayscale Future of Finance UCITS ETF (GF0F ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Borsa Italiana, Deutsche Boerse Xetra och London Stock Exchange. Av den anledningen förekommer olika kortnamn på samma börshandlade fond.

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.

ARK Genomic Revolution UCITS ETF USD Accumulating (AAKG ETF) med ISIN IE000O5M6XO1, är en aktivt förvaltad ETF.

Den börshandlade fonden investerar i företag från hela världen som förväntas få intäkter från tekniska innovationer inom den genomiska hälsovårdssektorn. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

ETFen TER (total cost ratio) uppgår till 0,75 % per år. ARK Genomic Revolution UCITS ETF USD Accumulating är den enda ETF som följer ARK Genomic Revolution-index. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

Denna ETF lanserades den 12 april 2024 och har sin hemvist i Irland.

Fondsammanfattning

ARK Genomic Revolution UCITS ETF strävar efter att investera i globala aktierelaterade värdepapper från företag som är involverade i den genomiska revolutionen. Dessa är företag som är väsentligt fokuserade på eller drar nytta av att förlänga och förbättra kvaliteten på människors och andras liv genom att införliva teknisk och vetenskaplig utveckling, förbättringar och framsteg inom genomik i sin verksamhet, till exempel genom att erbjuda nya produkter eller tjänster som är beroende av genomisk sekvensering analys, syntes eller instrumentering.

Dessa företag kan inkludera sådana inom flera sektorer, såsom hälso- och sjukvård, informationsteknik, material, energi och konsumentfrågor. Dessa företag kan också utveckla, producera, tillverka eller i hög grad förlita sig på eller möjliggöra bioniska enheter, bioinspirerad datoranvändning, bioinformatik, molekylär medicin och jordbruksbioteknik.

De sjunkande kostnaderna för genomisk sekvensering och framväxten av multiomisk teknik låser upp oöverträffade möjligheter inom hälso- och sjukvården. Vår resa in i själva livets molekylära struktur förändrar vårt förhållningssätt till sjukdomar som länge har undvikit botemedel, särskilt sällsynta genetiska sjukdomar och cancer.

År 2023 uppnådde det medicinska samfundet en milstolpe med de första godkännandena för genredigeringsbehandlingar för beta-talassemi och sicklecellssjukdom i både USA och Europa, vilket signalerade en ny gryning för patienter som belastas av dessa tillstånd. Under tiden, i Storbritannien 2022, fann en ung leukemipatient hopp genom en banbrytande T-cellsterapi, vilket markerade ytterligare ett steg framåt i vår kamp mot cancer.

Denna genomiska revolution, underbyggd av innovationer inom AI och automatisering, handlar inte bara om att utvidga gränserna för traditionell medicin; det handlar om att omforma vår förståelse av livet, hälsan och potentialen för helande på molekylär nivå. När vi står på gränsen till denna nya gräns är konsekvenserna för patientvård, biologiska vetenskaper och den bredare ekonomin djupgående och förutspår en framtid där behandlingen av en gång svårlösta sjukdomar blir verklighet för alla.

Handla AAKG ETF

ARK Genomic Revolution UCITS ETF USD Accumulating (AAKG ETF) är en europeisk börshandlad fond. Denna fond handlas på Deutsche Boerse Xetra.

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.

Börsnoteringar

Börs	Valuta	Kortnamn
XETRA	EUR	AAKG

Största innehav

Namn	ISIN	Vikt %	Valuta
CRISPR THERAPEUTICS AG COM CHF0.03	CH0334081137	7,29	USD
TWIST BIOSCIENCE CORP COM	US90184D1000	5,88	USD
EXACT SCIENCES CORP COM	US30063P1057	5,49	USD
RECURSION PHARMACEUTICALS INC	US75629V1044	5,07	USD
SCHRODINGER INC COM	US80810D1037	4,59	USD
IONIS PHARMACEUTICALS INC COM	US4622221004	4,14	USD
BEAM THERAPEUTICS INC COM	US07373V1052	3,93	USD
INTELLIA THERAPEUTICS INC COM	US45826J1051	3,93	USD
10X GENOMICS INC CL A	US88025U1097	3,83	USD
GINKGO BIOWORKS HOLDINGS INC COM USD0.0001	US37611X1000	3,59	USD

Innehav kan komma att förändras

• Cryptoassets rebound from losses sparked by geopolitical tensions amid Bitcoin Halving

• Our in-house “Cryptoasset Sentiment Indicator” has also rebounded from year-to-date lows

• Bitcoin Halving: In the past, most of the positive performance accrued after the Halving event
Chart of the Week

Performance

Last week, cryptoassets came under pressure on account of rising geopolitical risks in the Middle East that led to a general decline in risky assets across the board.

However, most major cryptoassets have already retraced most of these losses amid the highly anticipated Bitcoin Halving that has halved the block subsidy from 6.25 BTC per block to 3.125 BTC. The fourth Bitcoin Halving has occurred on the 20th April at 02:09:27 UTC.

We think that the positive performance effect of the Halving is not priced in and expect this effect to unfold after around 100 days after this event, i.e. around July 2024 onwards. The reason is that the supply deficit induced by the Bitcoin Halving only tends to accumulate over time and is rather insignificant in the very short term.

In general, it is important to note that most of the Halving related performance tends to accrue after Halving event dates which implies that Halving events have not been “front-run” by investors in the past. Besides, the performance differences post- and pre-Halving were so significant that the Halving effect is unlikely to be pure coincidence. Read more in our deep dive into the Bitcoin Halving here.

Along with the latest Halving, we saw a significant spike in transaction fees in the Bitcoin core network which has sparked renewed discussions around the viability of Bitcoin as a means-of-exchange. In fact, we saw a record-high in daily revenue for Bitcoin miners just yesterday of around 107 mn USD of which around 80 mn USD came from transaction fees alone.

The introduction of Runes, a new protocol that enables users to ”etch” and mint tokens on the Bitcoin blockchain, may be the cause of the fee increase. Speculators flocked to create tokens and trade meme coins as soon as Runes launched, which accelerated transaction volume and raised transaction fees.

At the time of writing, there were 3,700 Runes inscriptions total on the Bitcoin blockchain, according to data source Ord.io.

We think that these increases in transaction fees will only accelerate the usage of more cost-effective Bitcoin Layer 2 solutions like the Lightning Network and or no material risk to Bitcoin. To the contrary, the increase in transactions fees as a percentage of the overall block reward should continue to incentivize Bitcoin miners to secure the network amid decreasing block subsidies going forward.

Meanwhile, Ethereum managed to outperform Bitcoin amid the stalling bull market rallye along with a general rotation into altcoins.

In general, among the top 10 crypto assets, Shiba Inu, Cardano, and XRP were the relative outperformers.

Overall altcoin outperformance vis-à-vis Bitcoin also picked up compared to the week prior, with around 65% of our tracked altcoins managing to outperform Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has rebounded from year-to-date lows that were induced by the rise in geopolitical tensions. The index is currently still signalling bearish sentiment.

At the moment, only 2 out of 15 indicators are above their short-term trend.

Based on the significant reduction in sentiment, we think that a short-term stabilization is very likely.

Last week, there were significant reversals to the downside in the global crypto hedge fund beta and BTC long futures liquidation dominance.

The Crypto Fear & Greed Index remains in ”Greed” territory as of this morning.
Besides, our own measure of Cross Asset Risk Appetite (CARA) has also decreased throughout the week which signals increased bearish sentiment in traditional financial markets.

Performance dispersion among cryptoassets has increased amid the recent correction. Overall performance dispersion still remains slightly elevated.

In general, high performance dispersion among cryptoassets implies that correlations among cryptoassets are low, which means that cryptoassets are trading more on coin-specific factors and that cryptoassets are increasingly decoupling from the performance of Bitcoin.

This is also consistent with the fact that altcoin outperformance vis-à-vis Bitcoin has recently picked up compared to the week prior, with around 65% of our tracked altcoins that have outperformed Bitcoin on a weekly basis. At the same time, there was a slight outperformance of Ethereum vis-à-vis Bitcoin last week.

In general, increasing altcoin outperformance tends to be a sign of increasing risk appetite within cryptoasset markets.

Fund Flows

Last week, we saw a pick-up in overall crypto ETP redemptions and net outflows amid a broad risk-off environment of around -239.7 mn USD (week ending Friday) based on Bloomberg data.

Global Bitcoin ETPs dominated with net outflows of -203.4 mn USD of which -204.6 mn (net) were related to US spot Bitcoin ETFs alone. The ETC Group Physical Bitcoin ETP (BTCE) also saw net outflows equivalent to -34.4 mn USD last week.

The Grayscale Bitcoin Trust (GBTC) continued to experience high net outflows of approximately -458.4 mn USD last week. However, other US spot Bitcoin ETFs even managed to attract +254 mn USD (ex GBTC).

Global Ethereum ETPs also saw significant net outflows last week of around -67.7 mn USD. Meanwhile, the ETC Group Physical Ethereum ETP (ZETH) had neither creations nor redemptions (+/- 0 mn USD). The same is true for the ETC Group Ethereum Staking ETP (ET32) last week.

Besides, Altcoin ETPs ex Ethereum again managed to attract net inflows of around +19.3 mn USD amid the rotation into altcoins last week.

Besides, Thematic & basket crypto ETPs also experienced net inflows of +11.9 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) also experienced net inflows of around +0.8 mn USD last week.

Besides, the beta of global crypto hedge funds to Bitcoin over the last 20 trading decreased significantly to around 0.64 which implies that global crypto hedge funds have significantly reduced their market exposure and are significantly underweight relative to the market.

On-Chain Data

Despite the recent sell-off towards 60k USD in Bitcoin, coins continue to be taken off exchanges on a net basis as BTC exchange balances have recently reached a new multiyear low. Likewise, Ethereum has seen a continued drawdown in exchange balances which should provide a tailwind for the smart contract platform.

That being said, the latest sell-off saw an increase in net BTC transfers to exchanges by larger wallet sizes (>10 mn USD) which is usually a bearish signal.

This is also corroborated by positive net BTC exchange inflows from whales (entities that control at least 1,000 BTC) over the past week.

Overall net buying volumes for Bitcoin have been negative over the past week as evidenced by negative cumulative volume delta (CVD) on exchanges. The cumulative volume delta (CVD), which measures the net difference between buying and selling trade volumes, was negative with around -261 mn USD in net selling volumes over the past week.

Continuing negative US spot Bitcoin ETF fund flows were certainly a major driver of this selling volume.

In our latest report at the end of March, we wrote:

“Ongoing consolidation appears to be relatively likely in the short term despite the upcoming Bitcoin Halving in April. The reason is that the positive effects from the Halving only become visible around 100 days after the Halving according to our latest analyses.

If the market was trading lower, we should find support in Bitcoin near 55.4k USD as the short-term holder’s cost basis is around that price level. Short-term holders tended to capitulate whenever the price dipped below their cost basis which should provide a solid basis for a continuation of the bull market.”

We still expect this to be our base case although the significant decrease in Cryptoasset Sentiment Index has made a short-term stabilization very likely.

The spike in inscriptions induced network activity and fees in the Bitcoin network could also be a headwind in the short-term as active addresses have plunged to year-to-date lows recently.

This implies that high transaction fees are somewhat leading to lower usage of the Bitcoin network as users might be waiting for lower fess. Transaction fess are already becoming increasingly prohibitive for some users.

Futures, Options & Perpetuals

Last week, there was a general decline in both Bitcoin futures and perpetual open interest due to increased liquidations and a general de-risking in positioning.

Bitcoin futures open interest on CME also continued to decrease. Since the peak in open interest on the 20th of March, open interest in Bitcoin CME futures has already declined by -29k BTC.

Consistent with this development the Bitcoin futures basis also continued to decline. At the time of writing, the 3-months annualized Bitcoin futures basis rate is at around 10.0% p.a. which marks a significant decline from the highs observed at the end of March (~30.4% p.a.).

The Bitcoin perpetual funding rate also declined significantly and also went negative on Thursday last week.

In contrast, Bitcoin options’ open interest even increased slightly last week. The Put-call open interest went sideways last week. There was also no significant spike in relative trading volumes between puts and calls that you would normally expect during a sell-off like last week.

That being said, the 25-delta BTC 1-month option skew increased significantly as BTC options traders paid significantly higher volatility premia for puts than for delta-equivalent calls. Skews have normalized a bit more recently though.

Meanwhile, BTC option implied volatilities remained relatively elevated. Implied volatilities of 1-month ATM Bitcoin options are currently at around 69.7% p.a.

Bottom Line

• Cryptoassets rebound from losses sparked by geopolitical tensions amid Bitcoin Halving

• Our in-house “Cryptoasset Sentiment Indicator” has also rebounded from year-to-date lows

• Bitcoin Halving: In the past, most of the positive performance accrued after the Halving event

To read our Crypto Market Compass in full, please click the button below:

Disclaimer

Important Information

The information provided in this material is for informative purposes only and does not constitute investment advice, a recommendation or solicitation to conclude a transaction. This document (which may be in the form of a blogpost, research article, marketing brochure, press release, social media post, blog post, broadcast communication or similar instrument – we refer to this category of communications generally as a “document” for purposes of this disclaimer) is issued by ETC Issuance GmbH (the “issuer”), a limited company incorporated under the laws of Germany, having its corporate domicile in Germany. This document has been prepared in accordance with applicable laws and regulations (including those relating to financial promotions). If you are considering investing in any securities issued by ETC Group, including any securities described in this document, you should check with your broker or bank that securities issued by ETC Group are available in your jurisdiction and suitable for your investment profile.

Exchange-traded commodities/cryptocurrencies, or ETPs, are a highly volatile asset and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income. The value of any investment in ETPs may be affected by exchange rate and underlying price movements. This document may contain forward-looking statements including statements regarding ETC Group’s belief or current expectations with regards to the performance of certain asset classes. Forward-looking statements are subject to certain risks, uncertainties and assumptions, and there can be no assurance that such statements will be accurate and actual results could differ materially. Therefore, you must not place undue reliance on forward-looking statements. This document does not constitute investment advice nor an offer for sale nor a solicitation of an offer to buy any product or make any investment. An investment in an ETC that is linked to cryptocurrency, such as those offered by ETC Group, is dependent on the performance of the underlying cryptocurrency, less costs, but it is not expected to match that performance precisely. ETPs involve numerous risks including, among others, general market risks relating to underlying adverse price movements and currency, liquidity, operational, legal, and regulatory risks.

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