This week's latest trends and insights in the digital asset market from our asset management team.
Market Commentary
Bitcoin has soared to new all-time highs, approaching US$98,000, buoyed by a pro-crypto stance from the incoming Trump’s. administration and the highly anticipated launch of Bitcoin ETF options this week. Dubbed the “Trump Trade,” the trend has seen an increasing number of public companies adding Bitcoin to their balance sheets. Notably, MicroStrategy expanded its holdings by acquiring an additional 51,780 BTC for US$4.6 billion, bringing its total to 331,200 Bitcoin. Meanwhile, BlackRock’s IBIT options debuted to tremendous demand, accumulating nearly US$2 billion in notional exposure. As the trading volume of options on spot Bitcoin ETFs increases, liquidity will improve, potentially leading to a reduction in Bitcoin’s volatility.
NYSE Arca has filed with the U.S. SEC to list a new Bitwise crypto index ETP. Bitwise Asset Management aims to transition its US$1.3 billion Bitwise 10 Crypto Index Fund (BITW) into an exchange-traded product. The fund features a portfolio of the top ten cryptocurrencies including Bitcoin (75.1%) and Ether (16.5%), Solana, XRP, Cardano, Avalanche, Bitcoin Cash, Chainlink, Uniswap, and Polkadot. This development is part of NYSE Arca’s broader push to list similar crypto funds, including a recent filing to convert the Grayscale Digital Large Cap Fund into an ETF, signalling increasing momentum for spot cryptocurrency products in regulated markets.
Securitize and Elixir have introduced DeFi vaults for tokenised securities, including BlackRock’s BUIDL token. This innovation enables holders to participate in DeFi using a liquid staking token (LST) while still earning yield from the underlying real-world asset collateral. By leveraging Elixir’s deUSD stablecoin, investors can enhance their yield opportunities and access greater composability within DeFi ecosystems. RWA.xyz highlights that “BUIDL holders can now mint sBUIDL and use it to interact with DeFi via deUSD” unlocking a range of DeFi-native protocols. This move effectively integrates more than US$1 billion of real-world assets issued by Securitize into the DeFi landscape, offering investors seamless exposure to both traditional and decentralised finance.
CRYPTO TOP 20 7 DAY PRICE CHANGE
*All figures throughout are in USD unless otherwise specified
Market Updates
- Bitcoin nears $97K, continuing wild ‘Trump Trade’ rally
- Bitcoin’s correlation to U.S. equities and Ether weakens: Van Straten
- MicroStrategy acquires another 51,780 Bitcoin for $4.6 billion, taking holdings to 331,200 BTC
- MARA Holdings upsizes convertible notes offering by $150M amid overwhelming investor demand
- Japan’s Metaplanet announces $11.3 million bond issuance to purchase more Bitcoin
- ‘DOGE’ could increase economic freedom in US – Coinbase CEO
- XRP price skyrockets past $1 as SEC faces legal troubles and favourable regulatory shift looms
- Chainlink introduces the ‘Chainlink Runtime Environment’ framework
- Coinbase CEO to meet Trump to discuss ‘personal appointments’: Wall Street Journal
- Goldman Sachs to spinout digital assets business within 12-18 months: Bloomberg
- Crypto.com to offer equities trading to Australians after acquiring Fintek
- Donald Trump’s media group eyes purchase of crypto exchange Bakkt: report
- Crypto exchange Gemini starts up in France with EU’s MiCA laws weeks from kicking in
- Paxos acquires Membrane Finance for EU stablecoin adoption
- Ethena sees $1B inflows as crypto rally brings back double-digit yields
- Coinbase to delist wBTC as Justin Sun gains influence over protocol, launches its own wrapped Bitcoin token
- Nansen 2 brings transparency, analytics to Tron ecosystem
- Crypto wallet Phantom outranks WhatsApp and Instagram among top free iPhone apps
- Arkham Intel to launch a spot trading platform in the United States
- BIS study questions decentralisation in DeFi liquidity provision
The Next Wave
- NFT brand Doodles partners with McDonald’s for holiday-themed physical and digital collectibles
- NYSE Arca files to list Bitwise crypto index ETP
- Goldman Sachs holds $710M in Bitcoin ETFs – SEC filing
Tinkering with Tokenisation
- UK to pilot Digital Gilt instrument leveraging distributed ledger technology
- Franklin Templeton expands tokenised money market fund to Ethereum
- Crypto exchange Archax to offer tokenised money market funds from State Street, Fidelity International and LGIM
- El Salvador is getting its first tokenised U.S. treasuries offering
- Securitize, Elixir launch DeFi vaults for BlackRock’s BUIDL
- Tether-backed Qantoz launches MiCA-compliant stablecoins USDQ, EURQ
- Siam Commercial Bank involved in Thai Baht stablecoin pilot as part of regulatory sandbox
- SocGen FORGE to launch its EURCV stablecoin in XRP ledger
- Digital SNB Bills premature says Swiss National Bank after DLT monetary policy trials
- EIB issues €100m digital bond to be settled with wholesale CBDC
- Philippines to distribute tokenised government bonds via GCash wallet, PDAX crypto exchange
- Sky, formerly Maker, deploys stablecoin on Solana
- Solana is excited about new stablecoin infrastructure provider Perena
- PayPal taps Xoom for cross-border stablecoin payments
- Chainlink, Microsoft, Banco Inter collaborate on Brazil’s CBDC pilot
- Mercado Bitcoin launches MBRL stablecoin on the TRON blockchain, pegged to the Brazilian Real
- Deutsche Bank, UBS settle tokenised deposit payments in Bundesbank Trigger solution experiment
Macro and Regulatory Environment
- President-elect Trump nominates Bitcoin-friendly RFK. Jr for US Secretary of Health
- Trump names former SEC Chair Jay Clayton to DOJ office, the same office that prosecuted SBF
- Trump expected to pick crypto-friendly Howard Lutnich to lead the US Department of Commerce: reports
- Senator Lummis says Treasury should convert gold for Bitcoin reserve
- Trump’s team is considering a new White House role focused on crypto policy: Bloomberg
- Stablecoin bill faces several challenges – former Senator Pat Toomey
- GOP state attorneys general side with crypto industry in suit against SEC
- Dogecoin lawsuit against Elon Musk dropped amid market surge
- Hong Kong regulator takes aim at crypto firms posing as banks
- Pennsylvania legislators introduce bill to invest in Bitcoin and crypto ETFs as a ‘hedge against inflation’
- NY prosecutor suggests office will scale back crypto cases
- 18 US states file lawsuit against SEC and Gary Gensler
- Judge rejects Kraken’s bid to challenge decision in SEC case
- Lawmakers urge Treasury crack down on crypto mixers amid Tornado Cash sanctions
- Polish presidential candidate pledges support for strategic Bitcoin reserve
- Russia proposes 15% tax on crypto income from trading and mining: report
- FTX co-founder won’t serve time in prison, judge rules
- SEC delays making a decision on Franklin Crypto Index ETF dubbed EZPZ
- Shanghai judge says cryptocurrency is a commodity, legal to own
- Russia ban crypto mining in certain territories for winter: report
- Japan passes stimulus package, commits to crypto tax reform
- South Korea to push 20% crypto tax in 2025 with higher exemption limit: 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.
