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
- Nearly 50% of U.S. investors plan to invest in crypto ETFs: Charles Schwab survey
- a16z crypto report finds cryptocurrency activity and usage at all-time high
- Bitcoin ETF daily inflow hits $556M as BTC appears primed for a breakout
- Political shift to Republicans drives $407 million in weekly inflows to crypto funds, CoinShares says
- Ripple expands custody business to offer ‘bank-grade’ service to crypto firms
- Grayscale looks to turn multi-token fund into ETF
- OKX goes live in UAE, targeting TradFi institutions, retail market
- MicroStrategy soars to 25-year high, with ‘NAV premium’ the widest since 2021
- Mt. Gox postpones repayment deadline to 2025, allaying concerns of Bitcoin selling pressure
- Arkham Intelligence plans to launch a derivatives exchange next month: report
- Trump’s crypto project claims 100K signups ahead of token sale
- Uniswap announces Unichain L2
- Former President Trump leads Harris by 10 points – Polymarket
- Tether CEO says company exploring commodities trading and TradFi opportunities
- Deutsche Bank to provide foreign exchange services for crypto market-making firm Keyrock
- Blockstream raises $210M in convertible note financing round
- Tesla moves its remaining estimated $770 million Bitcoin stockpile to multiple new addresses
The Shift List
- Stacked Bitcoin and Gold ETF launches with the goal of shielding investors from inflation and currency debasement
- Canary Capital plots Litecoin ETF just days after XRP proposal
- ‘Network State’ project Praxis secures $525 million to build crypto-friendly city
- Australia’s first ETF directly holding Ether goes live
- US Agriculture Dept approves blockchain-based certification system
Tinkering with Tokenisation
- Ethena picks BlackRock’s BUIDL, Mountain, Superstate and Sky’s USDS for $46M tokenised RWA investment
- Securitize, Zero Hash enable USDC-to-USD conversion for BlackRock’s BUIDL Fund
- Drex Brazilian CBDC pilot will work on privacy, DeFi in phase 2
- UAE stablecoin issuer gets nod from central bank
- First DLT Pilot Regime system gets green light: CSD Prague
- BNP Paribas invests in tokenisation startup Kriptown, DLT Pilot Regime applicant
- Citi Token Services for Cash goes live
- State Street Global Advisors on tokenisation: Bonds soon, real estate further off
- Ripple names exchange partners for stablecoin RLUSD, awaits NYDFS approval
- Paxos debuts new stablecoin payment platform with Stripe
- RWA tokenisation startup Plume Network says it has $100 million in solar assets available to users keen to earn yield
- DTCC launches digital asset sandbox
- Banco Central do Brasil opens second call for DREX CBDC pilot participants
Macro and Regulatory Environment
- Sen. Hagerty’s stablecoin regulation draft aims for clarity, echoes House bill framework
- NYDFS chief’s advice for crypto firms: ‘Never surprise your regulator’
- Kamala Harris speech offers no further details on crypto ‘regulatory framework’
- Ripple plans ‘cross-appeal’ in SEC case
- African nation of Eswatini releases design for tokenised retail CBDC
- SEC files lawsuit against crypto market-maker Cumberland DRW
- SEC again delays decision on spot Ethereum ETF options
- Binance exec Tigran Gambaryan denied bail in Nigeria
- Crypto companies paid $19B in settlements to US regulators in 2024
- British man sues council for $647 million over lost Bitcoin in landfill
- Ripple co-founder donates $1 million in XRP to Harris campaign
- Coinbase escalates SEC fight over the agency’s inside chatter on ETH
- Italy to raise capital gains tax on crypto to 42% from 26%: Report
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.