Hash Insider – Wöchentlicher Brief
Chart of the week
Seasoned investors are familiar with sayings like “sell in May and go away” or “wake me up when September ends,” which imply that certain times of the year tend to show recurring performance patterns. But does this really hold true in practice? Looking specifically at the latter in the context of crypto markets, we can see that the final quarter of the year has historically delivered strong results.
Change in crypto’s market capitalization
| October | November | December | 4th Quarter | |
|---|---|---|---|---|
| 2020 | 14.1% | 37.5% | 39.8% | 119.3% |
| 2021 | 42.9% | 0.2% | -15.2% | 21.4% |
| 2022 | 7.3% | -17.8% | -4.6% | -15.9% |
| 2023 | 18.6% | 12.4% | 16.3% | 55.0% |
| 2024 | 5.4% | 40.2% | 4.7% | 54.7% |
Past performance does not guarantee future results. Crypto market capitalization represents the theoretical total value of all cryptocurrencies. This figure is highly volatile and should be viewed as an estimate of network value at a point in time, not as the total amount of money invested in the market. Elaborated by Hashdex Asset Management with data from CoinGecko (from September 30, 2020 to December 31, 2024).
With the exception of 2022—when the collapse of FTX triggered the bear market of the previous cycle—every Q4 since the pandemic has posted aggregate returns above 20%, with three out of four exceeding 50%. Now, with several notable developments shaping 2025 and the market still broadly expecting that this cycle’s peak has not yet been reached, all eyes are on whether this year will follow the same pattern.
Market Highlights
SEC eases path for crypto ETFs
The SEC has approved new listing standards for crypto funds, a move celebrated by crypto advocates as a significant step forward.
This decision signals a more crypto-friendly stance from the SEC, simplifying the process for bringing these products to market, fostering greater investor choice and innovation in the digital asset space.
EU ministers pave the way for digital Euro
The European Union has reached a compromise on the digital euro, granting members influence over its potential launch while setting holding limits to reduce the risk of bank runs.
Marking a key step toward a digital euro, this initiative offers a strategic alternative to U.S.-dominated payment systems and highlights collaboration between the ECB and EU in shaping central bank digital currencies.
Treasury seeks input on stablecoin rules
The U.S. Treasury Department is asking for public comment on how to implement the recently passed GENIUS Act, the first crypto-specific legislation in the United States.
This is a critical step in creating clear regulations for stablecoins including important issues like stablecoins taxes, foreign companies issuing stable coins, and how to prevent the illegal use of digital assets.