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digital asset
October 18, 2024
6 min read

DigitalX Weekly Crypto Update: Market Trends and Analysis

11-18 October 2024

This week's latest trends and insights in the digital asset market from our asset management team.

Market Commentary

The digital asset market has been experiencing a steady upswing, with Bitcoin surpassing the US$68,000 mark. With the U.S. presidential election fast approaching, digital asset prices appear to be replicating past trends seen in previous bull cycles. In a sign of growing institutional confidence, U.S. Bitcoin ETFs also saw record inflows of US$556 million, the highest in several months.

The STKD Bitcoin & Gold ETF launched during the week. The product is geared toward shielding investors against inflation and “currency debasement” in the future. The product will be managed by Quantity Funds, an asset manager co-owned by Newfound Research and Resolve Asset Management SEZC, and a part of a licensed brand called Stacked. Under the ticker symbol BTGD, it seeks to provide simultaneous exposure of gold and Bitcoin through Bitcoin futures and ETFs, as well as gold futures and ETFs. The fund offers retail investors a format so that every dollar invested in the ETF will provide 100% exposure to its Bitcoin and gold strategy.

Ethena invested US$46M into tokenised RWA investment using its Reserve Fund. The issuer behind the US$2.5 billion yield-generating USDe “synthetic dollar” token, Ethena has allocated these funds to BlackRock’s BUIDL, Sky’s USDS, Mountain’s USDM, and Superstate’s USTB. This strategic move will allow Ethena to earn yield on surplus funds generated from protocol revenues, which act as insurance during periods of negative funding rates. Ethena’s decision aligns with the growing trend of DeFi protocols allocating portions of their treasury assets to tokenised RWAs, aiming to capture yield from off-chain assets like U.S. short-term government bonds.

 

CRYPTO TOP 20 7 DAY PRICE CHANGE

*All figures throughout are in USD unless otherwise specified

 

Market Updates

The Shift List

Tinkering with Tokenisation

Macro and Regulatory Environment

 

About DigitalX

DigitalX Ltd (ASX:DCC) is a leading ASX-Listed Bitcoin and digital asset funds management business. The Company has a 9 year track record mining Bitcoin, blockchain and smart contract development. DigitalX Asset Management is the investment manager of digital asset investment products that provide qualified investors with highly secure and streamlined access to digital asset exposure. To learn more contact the team at [email protected] or visit our website https://digitalx.fund/.

 

Disclaimer:

The information in this document is prepared by DigitalX Asset Management Pty Ltd (ACN 629 653 121) (DigitalX).

DigitalX is a corporate authorised representative (CAR) (CAR No. 1270748) of Boutique Capital Pty Ltd (AFSL 508011) and True Oak Investments Ltd (AFSL 238184). Boutique Capital is the Trustee of the DigitalX Fund and the DigitalX Bitcoin Fund. True Oak Investments is the Trustee of the DigitalX Real World Asset Tokenisation Fund (RWAx). All three funds are open to wholesale investors only.

DigitalX is also a corporate authorised representative (CAR) of K2 Asset Management Ltd (ABN 95 085 445 094 AFSL 244 393) (K2), a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782). K2 is the Responsible Entity and Issuer of the DigitalX Bitcoin ETF (ASX: BTXX) (ARSN 650 945 216) which is open to retail investors. Offers to invest in the DigitalX Bitcoin ETF (BTXX) will only be made in the product disclosure statement (PDS) and this material is not intended to substitute the PDS which outlines the risks involved and other relevant information. You should also consider the Target Market Determination (TMD) issued when ascertaining if the product is appropriate for your needs. A PDS & TMD for BTXX can be obtained at https://www.digitalx.com/funds/bitcoin-etf/. You should consider the PDS & TMD before making a decision to acquire an interest in BTXX.

The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information. Past performance is not indicative of future performance.

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