Markets have reacted in a polarized manner to the debt ceiling standoff in the US, as regulators scurry to reach an agreement this week. Bitcoin and Ethereum fell by 1.31% and 0.09%, respectively, over the past week, while Ethereum rose in TVL by 2.18%. The biggest winners of last week’s rally were Cardano, Polygon, and Aave. However, the increase in TVL on the last two protocols could be attributed to a bug on Aave v2 on Polygon that left over $100M stuck in smart contracts, which is due to the ReserveInterestRateStrategy smart contract deployed on Ethereum’s scalability solution, according to BlockSec. The bug is slated to be fixed after the vote on a proposal within the Aave ecosystem is complete.
Figure 1: 7-Day Price and TVL Developments of Cryptoassets in Major Sectors
Source: 21Shares, CoinGecko, DeFi Llama. Close data as of May 22, 2023.
Key takeaways
• Ripple jumps by almost 8% over the past week because of legal wins in its long battle with the US securities regulator. Also acquires Swiss fintech Metaco to weather regulatory headwinds in the US.
• Visa deploys two smart contracts on Ethereum to test a new technology designed to help the network become more user-friendly.
• Tether to buy more BTC with net profits, Galaxy Digital Executes the First Fully Onchain Options OTC Trade on Ethereum.
• Ubisoft reminds Web3 of its confidence in the space with Assassin’s Creed NFTs on Polygon.
Spots and Derivatives
Figure 2: Futures Long Liquidations Dominance
Source: Glassnode
Liquidations of long futures contracts have been dominant over the past week as investors look to realize profits in fear that Bitcoin’s price would drop in light of the macro headwinds led by the debt ceiling standoff and its implications on the banking industry.
On-chain Indicators
Figure 3: Lido’s Upgrade Echoes Success
Source: 21shares on Dune Analytics
Celsius withdrew over $800M from Lido last week, right after the staking protocol’s upgrade. With Lido being the largest DeFi app on Ethereum, our dashboards show that the staking protocol executed the staked ETH withdrawals flawlessly to avoid putting additional stress on the activation queue or exit queue using the buffer they had from the execution layer reward/daily deposits/partial withdrawals. As shown in Figure 1, Lido has performed the worst among its top peers within DeFi over the past week; this could be attributed to the drop in Ethereum’s price and additional speculation around Lido’s recent governance proposal, which we go into detail in the DeFi section later in this report.
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.
Den totala kostnadskvoten uppgår till 0,75 % p.a. Denna ETC replikerar utvecklingen av det underliggande indexet med en skuldförbindelse med säkerheter som backas upp av fysiska innehav av ädelmetallen. Xtrackers Physical Silver EUR Hedged ETC har tillgångar på 116 miljoner euro under förvaltning. ETC är äldre än 5 år och har sin hemvist i Jersey.
Investeringsstrategi
Silverspotpriset är priset på silver i amerikanska dollar. Valutasäkrad till euro (EUR).
Handla XAD2 ETC
Xtrackers Physical Silver EUR Hedged ETC (XAD2 ETC) är en europeisk börshandlad produkt. Denna ETC handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange. Av den anledningen förekommer olika kortnamn på samma börshandlade produkt.
Det betyder att det går att handla andelar i denna ETC genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnetoch Avanza.
Den totala kostnadskvoten uppgår till 0,55 % p.a. Fonden replikerar resultatet för det underliggande indexet genom att köpa ett urval av de mest relevanta indexbeståndsdelarna (samplingsteknik). iShares MSCI World GBP Hedged UCITSETF (Acc) har tillgångar på 205 miljoner GBP under förvaltning. IGWD ETF är äldre än 5 år och har sin hemvist i Irland.
Direktinvesteringar i ett brett spektrum av industriföretag
Internationell marknadsexponering och exponering utanför GBP säkras tillbaka till GBP månadsvis
Investeringsmål
Fonden strävar efter att spåra resultatet för ett index som består av företag som också säkrar varje valutaexponering i indexet tillbaka till GBP på månadsbasis.
Investeringsstrategi
MSCI World (GBP Hedged)-index spårar aktier från 23 utvecklade länder över hela världen. Valutasäkrad till brittiska pund (GBP).
Anthony Ginsberg från HAN-GINS Cloud Technology ETF ansluter sig till Natalie Stoberman i Proactive-studion för att diskutera hur molnteknikindustrin har tagit ny fart, till stor del till den artificiella intelligensbranschens blomstring. Han pratar bland annat om de senaste trenderna på AI-marknaden.
HAN-GINS Cloud Technology Equal Weight UCITSETF (5XYE) är en UCITS-kompatibel börshandlad fond med hemvist i Irland. Fonden följer Solactive Cloud Technology Equal Weight Index och strävar efter att ge likaviktad tillgång till företag med betydande exponering mot moln datorteknik. Detta kommer att omfatta företag från tre underteman, infrastructure as a service, platform as a service och software as a service.