This week's latest trends and insights in the digital asset market from our asset management team.
Market Commentary
Bitcoin’s price hits US$100,000 for the first time in history, hitting an all-week high after a relatively flat week. The surge followed Donald Trump’s election victory, fuelling optimism about a more crypto-friendly administration and reduced regulatory pressures. In a significant move, Trump has nominated former SEC Commissioner Paul Atkins to lead the agency, alongside pro-crypto figures Perianne Boring and Caroline Pham as potential CFTC chairs. Meanwhile, Ethereum ETFs experienced a record-breaking $333 million in inflows, outpacing Bitcoin funds as investors embraced the “catch-up trade.” Despite this, BlackRock’s spot Bitcoin ETF, IBIT, reached a milestone of over 500,000 Bitcoin under management—equivalent to more than 2% of Bitcoin’s total supply.
WisdomTree has entered the arena by filing for a spot XRP ETF with the SEC. The asset manager has also registered an XRP entity in Delaware, signaling its commitment to launching the WisdomTree XRP Fund, which would trade on the Cboe BZX Exchange pending regulatory approval. Other issuers joining the race include Bitwise, 21Shares, and Canary Capital, all seeking to bring spot XRP ETFs to market. This momentum is buoyed by the recent legal clarity provided by Judge Torres, who ruled that XRP did not violate securities laws. Coupled with the prospect of a more crypto-friendly regulatory environment under the incoming Trump administration, these factors could pave the way for the SEC’s approval of a spot XRP ETF.
El Salvador’s digital asset issuer, NexBridge, raises $30M via US Treasury offering. The offering of USTBL – the first publicly listed issuance – built on the Bitcoin blockchain and runs through the layer-2 protocol Liquid Network, targeting total issuance of $200 million worth of US Treasury securities. Subject to El Salvador’s securities laws, USTBL is a product overseen by the country’s digital assets agency, the National Commission for Digital Assets. In steps towards being traded in the secondary market, USTBL aims to capture market share from the proliferation of tokenised T-Bills in the market, primarily from BlackRock and Franklin Templeton.
CRYPTO TOP 20 7 DAY PRICE CHANGE
*All figures throughout are in USD unless otherwise specified
Market Updates
- Bitcoin price hits $100K for first time in history
- Bitcoin could hit as high as $124k before year-end, says ARK Invest analyst
- Ethereum ETFs see record $333M inflows, outpacing Bitcoin funds as catch-up trade gains momentum
- Bernstein believes Ethereum ETF staking yield is likely to be approved under crypto-friendly ‘Trump 2.0’ SEC
- MicroStrategy added 15.4K Bitcoin for $1.5B as Saylor pitches BTC to Microsoft
- XRP flips USDT as rally pushes market cap to all-time high
- Europe’s Coinbase users frustrated as MiCA forces sunset of USDC yield
- Japanese crypto exchange DMM Bitcoin to shut down after $305M hack
- BitGo unveils retail crypto custody platform
- Silk Road Bitcoin worth nearly $2B moved to Coinbase Prime
- Fidelity, Schwab, Citadel-backed crypto exchange EDX Markets appoints new CEO
- Polymarket retains loyal user base a month after election, data shows
- Coinbase plugs Apple Pay into its fiat ‘onramp’ for third-party crypto apps
- Nike-owned NFT wearables startup RTFKT is winding down
- Coinbase axe plans to expend into Turkey
- Brazil proposes to ban stablecoin withdrawals to self-custodial wallets
- Point72-backed exchange D2X debuts in Europe with regulated crypto derivatives
- Ethena partners with onchain derivatives protocol Derive, secures 5% of DRV token supply for sENA holders
- US govt moves $33 million in seized crypto from FTX to unknown addresses: Arkham
- Coinbase CEO says he will not work with law firms that hire crypto-hostile former SEC staff
- BlackRock’s spot ETF surpasses 500,000 Bitcoin in assets under management
- Crypto.com to launch Mastercard-powered card in Bahrain
The Next Wave
- APAC will lead the next phase of global crypto growth – Report
- WisdomTree files with SEC for spot XRP ETF
- Grayscale excludes staking rewards as it joins SOL ETF filing fray
Tinkering with Tokenisation
- Ethena, Securitize join race for Spark’s $1B liquidity with USDtb
- Hong Kong central bank to subsidize companies issuing tokenised bonds
- ECB advances digital euro project with new progress report
- PowerDime launching tokenised renewable energy platform with Chintai
- German fintech 21X gets EU license for tokenisation platform
- Tokenised Uranium goes live on the Tezos blockchain with Archax, Cameco involved
- El Salvador’s digital asset issuer raises $30M via US Treasury offering
Macro and Regulatory Environment
- Bitcoin is a competitor to gold, not the US dollar, reiterates Fed’s Powell
- South Korean president declares emergency martial law, triggering declines in local crypto markets
- Donald Trump nominates former SEC Commissioner Paul Atkins to chair agency
- Trump considers pro-crypto Perianne Boring, Caroline Pham as possible CFTC Chairs
- Brazilian congressman introduces bill for National Bitcoin Reserve
- Taiwan fast-tracks stricter crypto AML rules to take effect Nov. 30
- South Korea’s Democratic Party agrees to delay crypto tax by 2 years
- Central banks favour legacy instant payments systems over CBDCs
- Rep. French Hill pledges to investigate debanking following crypto executives’ complaints
- Missouri bill would ban CBDCs, make gold and silver legal tender
- Crypto compliance ‘no longer optional’ under Australia’s new draft guidelines
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.
