[{"data":1,"prerenderedAt":217},["Reactive",2],{"NWB74q1rff":3,"8abgEPIvYj":7,"the-role-reversal":145,"_apollo:default":171},{"topBars":4},{"__typename":5,"data":6},"TopBarEntityResponseCollection",[],{"contents":8},{"__typename":9,"data":10},"ContentEntityResponseCollection",[11],{"__typename":12,"attributes":13},"ContentEntity",{"__typename":14,"slug":15,"isRestrictedContent":16,"contentUrl":17,"title":18,"blurb":19,"content":20,"publishDate":21,"timeToRead":22,"customCoversEnabled":16,"coverInsights":17,"languages":23,"countries":34,"thumbnail":51,"heroImage":91,"author":94,"content_category":126},"Content","the-role-reversal",false,null,"The Role Reversal","March 2026 upended months of established patterns. For the first time since September 2025, the Nasdaq CME Crypto Index (NCI) posted a positive monthly return","\u003Cp dir=\"ltr\">March 2026 upended months of established patterns. For the first time since September 2025, the Nasdaq CME Crypto\u003Csup>TM\u003C/sup> Index (NCI\u003Csup>TM\u003C/sup>) posted a positive monthly return, gaining 1.38% while traditional markets and gold reeled. The S&P 500 fell 5.09%, the Nasdaq-100 declined 4.89%, and gold posted its sharpest monthly decline in over a decade at -10.64%. After five consecutive months as the worst-performing major asset class, crypto didn’t just stabilize—it led.\u003C/p>\n\u003Cp dir=\"ltr\">The month’s macro backdrop was dominated by the US-Iran conflict and its energy market fallout. The disruption to shipping through the Strait of Hormuz sent Brent crude soaring above $116 per barrel—a 55% surge that the IEA characterized as the largest supply disruption in history. This oil shock transmitted directly into inflation expectations: the Federal Reserve’s March 18 FOMC meeting held rates at 3.50%-3.75% in an 11-1 vote, while raising its 2026 inflation forecast to 2.7% and cutting GDP growth projections to 0.9%. Chair Powell conditioned future cuts on “clear and sustained” inflation progress, confirming the higher-for-longer regime that has pressured risk assets since December.\u003C/p>\n\u003Cp dir=\"ltr\">Equities bore the brunt. The S&P 500’s -5.09% decline pushed year-to-date losses to -4.63%, while the Nasdaq-100 fell -4.89% (YtD: -5.98%)—extending a multi-week losing streak not seen in years. But the more dramatic reversal occurred in gold: after 15 months of virtually uninterrupted gains and an all-time high above $5,500 in January, gold fell 10.64% in March. Dollar strength, rising real yields, and what appears to be a systematic unwind of overcrowded positioning combined to end gold’s extraordinary run. The safe-haven champion saw its year-to-date gain compressed from 20.30% to 9.22%.\u003C/p>\n\u003Cp dir=\"ltr\">Bitcoin gained 1.23%—its first positive month since September 2025, ending six consecutive monthly declines. The recovery around the $66,000–72,000 range coincided with two structural shifts: BTC spot ETF flows turned positive for the first time in four months ($1.53 billion in net inflows), and on March 10, the 20 millionth Bitcoin was mined—leaving just 1 million BTC to be created over the next 114 years. While the scarcity milestone received less attention than the regulatory headlines, it reinforced Bitcoin’s disinflationary design precisely when traditional currencies face inflationary headwinds from the energy shock.\u003C/p>\n\u003Cp dir=\"ltr\">Ethereum surged 6.49%—its first positive monthly return since August 2025 and the strongest performance among NCI constituents. The catalyst was BlackRock’s March 12 launch of the iShares Staked Ethereum Trust ETF (ETHB)—the first institutional product combining price exposure with up to 3% staking yield. In a higher-for-longer rate environment, the “real yield” component of staked ETH attracted institutional interest that pure spot exposure had not, driving ETH ETF weekly inflows to a record $160.8 million. ETH rallied 20% over eight trading days following the ETHB launch, with the momentum carrying through month-end. Despite the strong March, Ethereum’s -29.42% year-to-date decline underscores how much ground remains to recover.\u003C/p>\n\u003Cp dir=\"ltr\">Solana declined 2.56% (YtD: -33.27%), still weighed by FTX/Alameda token distributions, while XRP fell 2.90% (YtD: -26.78%) despite positive regulatory developments. The classification of both assets as digital commodities on March 17 represents a structural positive that has yet to reflect in prices.\u003C/p>\n\u003Cp dir=\"ltr\">Thematic indices showed meaningful improvement from recent months’ capitulation. The Smart Contract Platform (Web3) index fell 1.48%, DeFi declined 2.77%, and Digital Culture (META) dropped 3.15%—all significantly milder than the double-digit declines of January and February. The Vinter Hashdex Risk Parity Momentum (HAMO) index delivered a positive 3.43%, its first positive month since August 2025, benefiting from systematic rebalancing that captured improved momentum signals.\u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Ch3 dir=\"ltr\">\u003Cspan style=\"color: rgb(53, 152, 219);\">The Regime Shift: When Crypto Leads in a Risk-Off World\u003C/span>\u003C/h3>\n\u003Cp> \u003C/p>\n\u003Cp dir=\"ltr\">March’s most significant development was a structural change in relative performance. The table below reveals a pattern unseen since mid-2025:\u003C/p>\n\u003Cdiv dir=\"ltr\" align=\"left\">\n\u003Ctable>\u003Ccolgroup>\u003Ccol width=\"280\">\u003Ccol width=\"172\">\u003Ccol width=\"172\">\u003C/colgroup>\n\u003Ctbody>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Asset\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">March 2026\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Year-to-Date\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Ethereum\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">+6.49%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-29.42%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">HAMO\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">+3.43%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-17.90%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">NCI\u003Csup>TM\u003C/sup>\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">+1.38%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-24.07%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Bitcoin\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">+1.23%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-22.44%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Smart Contract (Web3)\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-1.48%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-29.94%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Solana\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-2.56%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-33.27%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">DeFi\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-2.77%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-27.30%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">XRP\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-2.90%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-26.78%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Digital Culture (META)\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-3.15%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-30.16%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Nasdaq-100\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-4.89%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-5.98%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">S&P 500\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-5.09%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-4.63%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Gold BTC Risk Parity\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-7.48%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-2.24%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003Ctr>\n\u003Ctd>\n\u003Cp dir=\"ltr\">Gold\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">-10.64%\u003C/p>\n\u003C/td>\n\u003Ctd>\n\u003Cp dir=\"ltr\">+9.22%\u003C/p>\n\u003C/td>\n\u003C/tr>\n\u003C/tbody>\n\u003C/table>\n\u003C/div>\n\u003Cp dir=\"ltr\">\u003Cstrong> \u003C/strong>\u003C/p>\n\u003Cp dir=\"ltr\">Every major cryptoasset outperformed the S&P 500, Nasdaq-100, and gold. The NCI’s +1.38% was over six percentage points above the S&P 500 and twelve above gold—a reversal so complete it inverted the hierarchy of the previous five months. Four crypto assets or indices posted positive returns, while no traditional benchmark finished in the green.\u003C/p>\n\u003Cp dir=\"ltr\">Three forces drove this shift. First, selling exhaustion: January and February’s combined $7.6 billion in ETF outflows had already flushed weaker holders, leaving a base of longer-horizon participants less sensitive to macro headlines. Second, regulatory clarity: the SEC-CFTC’s March 17 classification of 16 cryptoassets as digital commodities—the most consequential crypto regulation since the GENIUS Act—provided structural support even as prices initially sold the news. Third, gold’s reversal redirected the “alternative safe haven” narrative: with gold down 10.64%, the argument that physical gold always outperforms digital alternatives lost its empirical foundation.\u003C/p>\n\u003Cp dir=\"ltr\">The Gold Bitcoin Risk Parity strategy’s -7.48% March decline—dragging its year-to-date from February’s positive +5.34% to -2.24%—illustrates a critical portfolio construction lesson. February’s letter highlighted this strategy’s resilience when gold surged and Bitcoin fell. March demonstrated the symmetry: when gold corrects sharply, any strategy with significant gold exposure suffers proportionally. The shift from hero to casualty within a single month underscores why diversification across asset classes, not concentration in any single “safe haven,” remains the optimal approach.\u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Ch3 dir=\"ltr\">\u003Cspan style=\"color: rgb(53, 152, 219);\">March’s Historic Regulatory Month\u003C/span>\u003C/h3>\n\u003Cp> \u003C/p>\n\u003Cp dir=\"ltr\">Beyond performance data, March 2026 delivered more regulatory progress in 27 days than the previous 27 months combined. The SEC and CFTC signed a Memorandum of Understanding on March 11, formally ending years of jurisdictional conflict. On March 17, both agencies jointly classified 16 cryptoassets—including BTC, ETH, SOL, XRP, ADA, and LINK—as digital commodities under a five-category token taxonomy, definitively answering the commodity-versus-security question that had paralyzed institutional adoption. The CLARITY Act reached a bipartisan agreement on March 20, and the SEC ruled on 91 ETF applications on March 27. Kraken received a Fed master account on March 4, while Ripple and Crypto.com obtained OCC banking charters.\u003C/p>\n\u003Cp dir=\"ltr\">This regulatory infrastructure transforms the investment landscape for cryptoassets. Institutional allocators that previously faced compliance barriers now have explicit legal clarity to increase exposure. The impact of March’s regulatory framework will likely manifest in ETF product launches and institutional flows over the coming quarters rather than in immediate price appreciation.\u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Ch3 dir=\"ltr\">\u003Cspan style=\"color: rgb(53, 152, 219);\">Looking Ahead: From Stabilization to Recovery\u003C/span>\u003C/h3>\n\u003Cp> \u003C/p>\n\u003Cp dir=\"ltr\">As we enter April, the foundations for recovery are stronger than at any point since October 2025:\u003C/p>\n\u003Cp dir=\"ltr\">ETF Flow Reversal: March’s $1.53 billion in BTC ETF inflows—the first positive month since November—signals that institutional selling exhaustion has occurred. The 91 ETF rulings and commodity classification of 16 assets expand the investable product universe dramatically.\u003C/p>\n\u003Cp dir=\"ltr\">Oil Normalization: The energy shock that drove equity markets lower will eventually stabilize, either through diplomatic resolution or supply adjustments. Any normalization in oil prices would relieve pressure on equities and, by extension, risk assets including cryptoassets.\u003C/p>\n\u003Cp dir=\"ltr\">Fed Path: The FOMC’s updated projections signal one rate cut in the remainder of 2026. While higher-for-longer persists, any dovish shift in the June or July meetings could catalyze a broader risk asset recovery.\u003C/p>\n\u003Cp dir=\"ltr\">March proved that crypto’s two-quarter drawdown had largely exhausted forced selling pressure. The asset class that lost over 30% from October to February delivered positive returns when traditional safe havens and equity markets faced their own reckoning. For investors maintaining systematic exposure through vehicles like the NCI, March provided the clearest evidence yet that diversified crypto allocation can serve its intended portfolio role—not as a guaranteed hedge, but as a distinct asset class with increasingly independent price dynamics.\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cstrong id=\"docs-internal-guid-8cfc9c27-7fff-6f65-636a-60b171f5b074\">The reversal has begun. Whether it accelerates or consolidates, March demonstrated that crypto’s relationship to traditional markets continues evolving in ways that strengthen its case for portfolio diversification.\u003C/strong>\u003C/p>\n\u003Cp dir=\"ltr\"> \u003C/p>\n\u003Cp>\u003Cimg src=\"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/marchperformance_INGLES_29a7d1da57.png\" alt=\"\" width=\"618\" height=\"801\">\u003C/p>\n\u003Cp> \u003C/p>\n\u003Cp>____________________________\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>NCIQ: Effective January 20, 2026, the Fund changed its name from Hashdex Nasdaq Crypto Index US ETF (NCIQ) to Hashdex Nasdaq CME Crypto Index ETF \u003C/sup>\u003Csup>(NCIQ)\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>Effective January 20, 2026, the index changed its name from Nasdaq Crypto Index (NCI) to Nasdaq CME Crypto™ Index.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>This material expresses Hashdex Asset Management Ltd. and its subsidiaries and affiliates (“Hashdex”)'s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or ser vice. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team’s research and analysis. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or other wise make any commercial use of this material without Hashdex’s prior written consent.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>Investment in any investment vehicle and crypto assets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may var y substantially over time.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered “conservative,” “safe,” “risk free,” or “risk averse.” These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team’s research and analysis.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>Certain information contained herein (including financial information) has been obtained from published and unpublished sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes for ward-looking statements, which can be identified by the use of terms such as “may,” “ will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” (or the negatives thereof ) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such for ward-looking statements.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>As a result, investors should not rely on such for ward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulator y authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.\u003C/sup>\u003C/p>\n\u003Cp class=\"p1\">\u003Csup>Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.\u003C/sup>\u003C/p>","2026-04-02",4,{"__typename":24,"data":25},"LanguageRelationResponseCollection",[26,31],{"__typename":27,"attributes":28},"LanguageEntity",{"__typename":29,"Code":30},"Language","en",{"__typename":27,"attributes":32},{"__typename":29,"Code":33},"de",{"__typename":35,"data":36},"CountryRelationResponseCollection",[37,42,45,48],{"__typename":38,"attributes":39},"CountryEntity",{"__typename":40,"Code":41},"Country","KY",{"__typename":38,"attributes":43},{"__typename":40,"Code":44},"EU",{"__typename":38,"attributes":46},{"__typename":40,"Code":47},"CH",{"__typename":38,"attributes":49},{"__typename":40,"Code":50},"US",{"__typename":52,"data":53},"UploadFileEntityResponse",{"__typename":54,"attributes":55},"UploadFileEntity",{"__typename":56,"name":57,"url":58,"formats":59,"size":90},"UploadFile","Frame 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