The recent spike in market volatility following “Liberation Day” trade tariffs once again highlighted crypto’s unique performance profile. Despite an initial selloff, the Nasdaq Crypto Index™ (NCI™) rebounded sharply — up +8% over 30 days — while equities struggled. This follows similar patterns seen during the US banking crisis (Mar. ‘23) and the yen carry trade unwind (Aug. 24) — with crypto consistently outperforming traditional assets over 30-day windows.

1-Day Impact vs. 30-Day Performance across NCI™, S&P 500, and Gold :

April CIO Note – Crypto’s Current One-Two Punch: Bitcoin and Stablecoins

In his latest market commentary, our CIO Samir Kerbage explores the evolving investment thesis behind the two dominant crypto narratives today:

1. Bitcoin as Digital Gold

Increasingly behaving like a macro hedge and store of value, Bitcoin is gaining credibility in institutional portfolios—backed by on-chain data, long-term holders, and ETF-led access.

2. Stablecoins & Smart Contracts Infrastructure

With over $3T in annual volume, stablecoins like USDC and USDT are fueling real economic activity. Ethereum, Solana, and others are becoming core infrastructure layers for tokenization, payments, and financial innovation.

Together, these forces are accelerating the mainstream integration of crypto assets into the global economy.

Read the full article: Crypto’s current one-two punch: Bitcoin and stablecoins
Also read Samir’s interesting article published in April: Can Crypto Outperform Amidst the Current Market Turmoil?

Hashdex ETPs Performance – April 2025

As of 30/04/25 – Source: Hashdex and Bloomberg (USD returns)

Hashdex Nasdaq Crypto Index ETP (HASH/ HDX1)

• April: +11.6% | YTD: -9.5%

• Top contributor: Bitcoin

Monthly performance attribution chart (source Hashdex):

Hashdex Crypto Momentum Factor ETP (HAMO / HDXM)

• April: +6.6% | YTD: -17.1%

• Top contributors: Bitcoin Cash, Bitcoin and Solana

Monthly performance attribution chart (source Hashdex):

About our Multi-Crypto Index ETPs

Beta Index Exposure: Hashdex Nasdaq Crypto Index ETP (HASH)

• Tracks the Nasdaq Crypto Index™ (NCI™), a dynamic and evolutive, capitalisation-weighted index

• Exposure to BTC, ETH, SOL, XRP, ADA and more

• Largest crypto index ETP in Europe (approx $400m AUM)

• ISIN: CH1184151731 | Tickers: HASH (SIX, Euronext), HDX1 (Xetra)

• Links: Product Page / Factsheet / Index Methodology

• Current allocation (source Hashdex) :

• Smart-Beta Index Exposure: Hashdex Crypto Momentum Factor ETP (HAMO)

• Momentum-based allocation across 12 top-cap crypto assets

• Monthly rebalancing to capture trends

• ISIN: CH1218734544 | Tickers: HAMO (SIX, Euronext), HDXM (Xetra)

• Links: Product Page / Factsheet / Index Methodology

• Current allocation (source Hashdex) :

Melanion Capitals, det Parisbaserade oberoende alternativa investeringsförvaltningsbolaget, har meddelat att deras Melanion Bitcoin Equities UCITS ETF började handlas den 6 maj 2025 på Xetra, Tysklands huvudsakliga elektroniska handelsplattform under Bloomberg-tickern MBTC GY och ISIN-koden FR0014002IH8. För att markera tillfället ringde Melanion Capital i öppningsklockan på Deutsche Börse för att fira noteringen av deras ETF på Xetra och deras fortsatta expansion på den tyska marknaden.

Denna notering markerar första gången tyska investerare kan få tillgång till Bitcoin-ekosystemet genom en UCITS-kompatibel ETF som uppfyller europeiska regelverk. MBTC GY erbjuder aktiebaserad exponering genom att följa Melanion Bitcoin Exposure Index – en anpassad korg med 30 europeiska och nordamerikanska aktier utvalda för sin höga känslighet för Bitcoin-prisrörelser.

”Listningen av vår ETF på Xetra markerar en viktig milstolpe i Melanion Capitals strategiska expansion över hela Europa”, säger Jad Comair, VD för Melanion Capital. ”Tyskland är en central marknad för reglerade investeringslösningar, och vi är glada att kunna erbjuda investerare lokal tillgång till aktier kopplade till Bitcoin-ekosystemet genom ett UCITS-kompatibelt ramverk. Detta steg stöder vår bredare ambition att göra nischexponeringar, såsom Bitcoin-relaterade aktier, tillgängliga inom de standarder som förväntas av europeiska investerare.”

Melanion Bitcoin Exposure Index består av företag med högst känslighet för Bitcoins pris, viktade enligt denna känslighet. Beståndsdelarna granskas för likviditet innan de inkluderas och har en maximal vikt på 10 % för att säkerställa att indexet förblir diversifierat, investeringsbart och skalbart.

ETFen följer ett index av företag utvalda för deras operativa eller finansiella exponering mot Bitcoin-ekosystemet. Emellertid har ingen lägsta korrelationströskel fastställts, och indexet garanteras inte följa själva Bitcoin-priset, oavsett om det stiger eller faller.

Melanion Bitcoin Equities UCITS ETF noterades initialt på Euronext Paris, därefter Euronext Milan (Borsa Italiana), därefter Euronext Amsterdam och nu på Deutsche Börse Xetra.

Denna notering representerar ett av de steg som Melanion Capital tar för att expandera på europeiska marknader och ge investerare exponering mot Bitcoin-övergången, vilket refererar till övergången till en värld där Bitcoin och andra kryptotillgångar antas som en användbar och effektiv del av det bredare finansiella ekosystemet.

ETFen investerar inte direkt i Bitcoin eller andra kryptotillgångar, utan i aktier i företag med affärsmodeller relaterade till Bitcoin-ekosystemet. Precis som med alla investeringar i internationella aktier är ETFen exponerad för marknadsrisk, valutarisk och andra risker som beskrivs i fondens regulatoriska dokumentation.

Markets are moving fast and keeping up with what this means for your portfolio can be tough. VanEck’s Asset Allocation Committee recently gave an update on market trends and shared how these factors are shaping our core allocation models, the VanEck Wealth Builder Portfolios.

Watch the Webinar Replay Here

Key Highlights

• Gold typically outperforms during the second half of the inflation regime as investors seek protection from social, geopolitical, and financial instability.

• Bitcoin has been the best performing asset class in 8 out of the past 11 years and we strongly believe it deserves a place in investors’ strategic asset allocation.

• Semiconductor valuations have reset: It may be time to reengage after a major repricing since last summer.

• India is one of the most compelling structural growth stories in the market, and the recent India correction is a buying opportunity.

Gold is the Second Half Team (9:33)

Government spending accounts for a whopping one-third of U.S. GDP. Deep spending cuts will likely trigger a recession – which would increase U.S. deficits and cause more inflation. And the risk isn’t just inflation—it’s fragmentation. These cuts are happening amid a trade war, which makes everything more expensive, more uncertain, and more fragile.

This market backdrop, characterized by inflation, war, uncertainty and growing financial instability, is built for gold. Historical data shows that commodities outperform during the first half of the inflation regime, while gold typically outperforms during the second half of the inflation regime as investors seek protection from social, geopolitical and financial instability.

Dividing the Bull Market into Two Halves

Source: Bloomberg, VanEck. “Commodities” represented by the Bloomberg Commodity Index. Past performance is no guarantee of future results. Any projections, forecasts and other forward-looking statements are not indicative of actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice.

Bitcoin Deserves to be Owned (12:47)

Unlike traditional assets, Bitcoin is decentralized—not controlled by any single government or central bank. It is much more volatile than gold and should not be confused as a risk-off asset. Expect prices to remain under pressure in the near term. However, Bitcoin is well-positioned to rally in the future and continue its strong run of performance.

Bitcoin Has Been the Best Performing Asset Class in 8 Out of the Past 11 Years

Source: Morningstar. As of March 2025. “Bitcoin” represented by MVIS CryptoCompare Bitcoin Index; “US Equities” represented by S&P 500 Index; “Gold” represented by S&P GSCI Gold Spot; “EM Equity” represented by Fidelity Emerging Markets Index; “Real Estate” represented by the NASDAQ Global Real Estate Index; “US Bonds” represented by Bloomberg US Aggregate Bond USD; “Treasuries” represented by Bloomberg Aggregate Bond Treasury Index; “Commodities” represented by Bloomberg Commodity Index. Index definitions included at the end of this presentation. Digital assets are subject to significant risk and are not suitable for all investors. Not intended as an offer or recommendation to buy or sell any assets referenced herein. Past performance is not indicative of future results.

Finding Opportunity in the Chaos: Semiconductors and India (13:34)

Market volatility often triggers a flight to safety, but for astute investors, it can also open the door to compelling opportunities. When asset prices move sharply in response to fear, uncertainty, or liquidity pressures, dislocations can emerge—creating mispricings that don’t reflect underlying fundamentals. Two of our favorite areas are in semiconductors related to AI and India—as the U.S. economy slows, global stimulus efforts are accelerating elsewhere, and India remains a top conviction idea.

Comprehensive Model Portfolio Solutions: From Core to Thematic (17:32)

VanEck’s model portfolio solutions span from comprehensive asset allocation to thematic offerings. Our Wealth Builder Plus Portfolios provide core exposure to equities and fixed income with a strategic allocation to real and digital assets. Security selection, which marries the elements of both active and passive strategies, allows the portfolio to adapt to changing markets. Its systematic investment approach focuses on maximizing diversification and monitoring risk to optimize performance over the long term.

To learn more about market trends and portfolio positioning, listen to the full discussion here.

To receive more Model Portfolio insights, sign up in our subscription center.

Article authored by David Schassler

IMPORTANT DISCLOSURES

This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the speaker(s), but not necessarily those of VanEck or its other employees.

The models are not mutual funds or other types of securities and will not be registered with the Securities and Exchange Commission as investment companies under the Investment Company Act of 1940, as amended, and no units or shares of the models will be registered under the Securities Act of 1933, as amended, nor will they be registered with any state securities regulator. Accordingly, the models are not subject to compliance with the requirements of such acts.

Investments in bitcoin and other digital assets are subject to significant risk and are not suitable for all investors. It is possible to lose your entire principal investment.

An investment in the Strategy may be subject to risks which include, but are not limited to, risks related to small- and medium-capitalization companies, emerging market issuers, foreign securities, foreign currency, equity securities, credit, interest rate, floating rate, commodities, underlying funds, derivatives, non-diversification, sector, market, economic, political, regulatory, world event, index tracking, cash transactions, operational, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, issuer-specific changes, and index-related concentration risks, all of which may adversely affect the Strategy. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Small- and medium-capitalization companies may be subject to elevated risks. Derivatives may involve certain costs and risks such as liquidity, interest rate, and the risk that a position could not be closed when most advantageous.

Please note that any content generated by an Artificial Intelligence (AI) system has not been subject to a human review, and thus no assurance can be made as to its accuracy. Please exercise caution when using AI systems and verify the content produced through such systems wherever possible.

No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.

All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future results.

© Van Eck Associates Corporation.