This week's latest trends and insights in the digital asset market from our asset management team.
Market Commentary
Bitcoin surged to new all-time highs this week, trading as high as $93,000 as U.S. markets opened on Wednesday, with the Coinbase Premium Index signalling strong institutional demand. Riding the momentum from Donald Trump’s recent election victory and the Fed cutting rates by 25bps, BlackRock’s iShares Bitcoin ETF (IBIT) ranked as the fourth-most traded ETF, achieving an impressive $1.2 billion in volume within the first hour. For the first time since their launch in July, Ether ETFs saw positive cumulative flows, reaching US$94.62 million, driven by five consecutive days of net inflows.
Canary Capital has filed with the SEC to launch a groundbreaking Hedera HBAR spot ETF, the first of its kind. This proposed fund aims to offer direct exposure to the value of HBAR, the native asset of the Hedera Network, without relying on derivatives, futures, or other financial instruments. In light of an anticipated pro-crypto shift under a Republican administration, Canary has also submitted registration statements for spot ETFs in Litecoin, Solana, and XRP—pioneering new fund structures for each of these cryptocurrencies.
The Reserve Bank of Australia (RBA) has launched Project Acacia, a three-year initiative aimed at advancing wholesale CBDCs and asset tokenization. Partnering with the Digital Finance Cooperative Research Centre (DFCRC), the RBA seeks to go beyond wholesale CBDCs to investigate private digital money forms, such as tokenized deposits. Following its assessment that a retail CBDC offers limited benefit and scope, Project Acacia will concentrate on enabling settlement of tokenized assets in wholesale markets. The RBA is inviting industry feedback and is encouraging trials for wholesale tokenization use cases set to begin in 2025, with plans to establish an Industry Advisory Group in the near future.
CRYPTO TOP 20 7 DAY PRICE CHANGE
*All figures throughout are in USD unless otherwise specified
Market Updates
- ‘There are no excuses’ to avoid Bitcoin, NYDIG research head says
- Bitcoin briefly breaks above $90,000 amid rally led by Trump’s victory
- Stablecoin supply expands by $5B since U.S. election as investors pile into crypto
- Crypto market cap could triple by end of 2026 with Republican sweep of US Congress: Standard Chartered analyst
- El Salvador’s Bitcoin stash rises above $500M, but Bhutan story might be even bigger
- Election delivers big win for crypto, economic freedom – Coinbase CEO
- Trump win could fast-track first staked Ether ETF – Nansen analyst
- Jack Dorsey’s Square to invest more in Bitcoin mining and shut decentralised ‘Web5’ venture
- HashKey Global to initially list HSK, the HashKey platform token
- Ethereum’s ENS identity system set to launch own layer-2 blockchain
- Dune launches dashboard tracking $2.5B lost to crypto hacks and phishing scams
- Coinbase brings Bitcoin to Solana, spurring high hopes for DeFi surge
- PayPal-backed Magic Labs and Polygon launch a new cross-chain network aiming to bust ‘blockchain silos’
- Ethereum developers roll out Mekong testnet to trial next year’s Pectra upgrade
- CEO of Canadian crypto holding returns safely after paying $720K ransom: report
- Polymarket said to tease token launch, stating ‘we predict future drops’
- Binance Labs ventures into DeSci with BIO Protocol investment
- ASIC maker Canaan’s stock surges 40% after signing order with HIVE Digital for Avalon A1566 miners
- MicroStrategy acquires another 27,200 Bitcoin for more than $2 billion
- Dune acquires a16z-backed smlXL to expand real-time blockchain data offering
- Sam Altman’s World project launches in Brazil
- Mt. Gox sends 2,500 BTC to unmarked wallets in fifth Bitcoin transfer this month: Arkham
- Kaiko acquires Vinter to secure lead in crypto indexing, analytics
- Coinbase launches COIN50 index to track digital assets
- Ethereum developer Consensys plots token issuance in sign of Trump thaw
- Revolut expands crypto exchange across EU after successful launch in UK
- Consensys-incubated Layer 2 Linea plans token launch in Q1 2025
- Robinhood adds SOL, PEPE, ADA, XRP following Trump victory
- FBI raids home of Polymarket CEO Shayne Coplan: report
The Next Wave
- Detroiters will be able to pay their taxes in crypto next year using PayPal
- DWF Labs partners with UCLA for tokenised securities education
- Canary Capital files for first-of-its-kind Hedera HBAR spot ETF with SEC
- Bitwise launches first Aptos staking ETP
- Google Cloud dives deeper into blockchain with new BNB Chain and ZetaChain partnership
- SEC approves Coincheck as first Japanese crypto exchange on Nasdaq
Tinkering with Tokenisation
- UBS Digital Cash piloted for blockchain-based multi-currency payments
- Australia to trial whole CBDC for asset tokenisation in 2025. Invites participants
- Stablecoin giant Tether enters oil trade by financing $45M Middle Eastern crude deal
- BlackRock’s tokenised fund BUIDL expanding to Aptos, Arbitrum, Avalanche, Optimism and Polygon
- Chinese nationals gain access to stablecoin in Hong Kong via new trial
- Amazon simulates tokenised seller receivables settled with stablecoins
- Caisse des Dépôts issues €100m digital bond settled with pilot wCBDC
- Intesa Sanpaolo issues tokenised commercial paper as part of ECB DLT settlement trials
- ABN AMRO embraces intraday repo, wCBDC, in ECB DLT settlement trials
- China upgrades digital RMB CBDC hardware wallet
- Libeara, FundBridge launch US treasury fund on Avalanche
- UK likely to issue digital gilts within the next two years – report
- Copper to offer custody services for tokenised money market funds such as BlackRock’s BUIDL
- Coinbase acquires stablecoin payment processor Utopia Labs
- PayPal USD begins using LayerZero to enable transfers between Ethereum and Solana
- Fireblocks partners with South Korean bank on VAT tokenisation
- Curve Finance launches ‘Savings crvUSD’ yield-bearing stablecoin
Macro and Regulatory Environment
- Fed cuts rates by 25 basis points, Bitcoin price at record as Powell says Trump win has ‘no effect’ on policy
- US inflation stays firm for third month with 0.3pc core CPI gain
- Trump says Elon Musk and Vivek Ramaswamy will lead ‘Department of Government Efficiency’
- Pro-crypto Republicans win House seats as majority council still TBD
- Sen. John Thune to lead the Senate as majority leader following moves to back crypto legislation
- Sen. Warren takes the helm as top Democrat of the Senate Banking Committee amid scrutiny from crypto industry
- UK Lords echo support for Digital Assets Property Bill
- Central bank group BIS names Hernández de Cos as next general manager
- The Digital Chamber urges US lawmakers to pass stablecoin legislation immediately as usage grows
- Robinhood legal boss is being considered for SEC chair shortlist: report
- SEC again delays decision on spot Ethereum options
- SEC seeks dismissal of Kraken defenses in ongoing legal dispute
- FTX sues Binance, former CEO CZ for $1.8B
- Former Alameda co-CEO Sam Trabucco to forfeit $70 million and a yacht in proposed settlement with FTX bankruptcy estate
- France considers ban on crypto betting platform Polymarket
- Caroline Ellison begins serving two-year prison sentence in Connecticut for her role in the collapse of FTX
- Crypto.com faces scrutiny in Poland as regulator issues public warning
- South Korean police arrest 215 in suspected $232M crypto investment scam investigation: Yonhap
- Norway supports MiCA, considers CBDC for financial stability
- Coinbase launches Stand with Crypto advocacy group in Australia
- AFME proposes MiCA-like regulations for tokenisation to address CSDR issues with DLT
- Italy scales back plans to hike crypto tax rate: 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.
